SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank
Annual Report 2010 on Form 20-F
Item 5: Operating and Financial Review and Prospects 69
Private Clients and Asset Management Group Division
The following table sets forth the results of our Private Clients and Asset Management Group Division (PCAM) for
the years ended December 31, 2010, 2009 and 2008, in accordance with our management reporting systems.
in € m.
(unless stated otherwise) 2010 2009 2008
Net revenues:
Discretionary portfolio/fund management 2,560 2,083 2,433
Advisory/brokerage 1,745 1,531 2,045
Credit products 2,708 2,605 2,232
Deposits and payment services 2,029 1,875 1,968
Other products 1,001 167 353
Total net revenues 10,043 8,261 9,031
therein:
Net interest income and net gains (losses) on financial assets/liabilities at fair value
through profit or loss 4,708 4,157 3,861
Provision for credit losses 789 806 668
Total noninterest expenses 8,258 6,803 7,971
therein:
Policyholder benefits and claims – – 18
Impairment of intangible assets – (291) 580
Restructuring activities – – –
Noncontrolling interests 6 (7) (20)
Income (loss) before income taxes 989 658 411
Cost/income ratio 82 % 82 % 88 %
Assets 412,477 174,739 188,785
Average active equity 1 10,635 8,408 8,315
Pre-tax return on average active equity 9 % 8 % 5 %
Invested assets 2 (in € bn.) 1,179 880 816
1 See Note 05 “Business Segments and Related Information” to the consolidated financial statements for a description of how average active equity is allocated to the
divisions.
2 We define invested assets as (a) assets we hold on behalf of customers for investment purposes and/or (b) client assets that are managed by us. We manage
invested assets on a discretionary or advisory basis, or these assets are deposited with us.
The following paragraphs discuss the contribution of the individual corporate divisions to the overall results of
the Private Clients and Asset Management Group Division.