entire - Deutsche Bank Annual Report 2012

Deutsche Bank 01 – Management Report 11
Financial Report 2010 Operating and Financial Review
in € m.
(unless stated otherwise) 2010 2009
2010 increase (decrease)
from 2009
in € m. in %
Net interest income 15,583 12,459 3,124 25
Total net gains (losses) on financial assets/
liabilities at fair value through profit or loss 3,354 7,109 (3,755) (53)
Total net interest income and net gains (losses)
on financial assets/liabilities at fair value through profit or loss 18,937 19,568 (631) (3)
Breakdown by Group Division/CIB product: 1
Sales & Trading (equity) 2,266 2,047 218 11
Sales & Trading (debt and other products) 9,204 9,725 (521) (5)
Total Sales & Trading 11,469 11,772 (302) (3)
Loan products 2 778 777 1 0
Transaction services 1,497 1,180 317 27
Remaining products 3 336 240 97 40
Total Corporate & Investment Bank 14,081 13,969 112 1
Private Clients and Asset Management 4,708 4,157 550 13
Corporate Investments (184) 793 (977) N/M
Consolidation & Adjustments 331 649 (317) (49)
Total net interest income and net gains (losses)
on financial assets/liabilities at fair value through profit or loss 18,937 19,568 (631) (3)
N/M – Not meaningful
1 This breakdown reflects net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss only. For a discussion of the group
divisions’ total revenues by product please refer to “Results of Operations by Segment”.
2 Includes the net interest spread on loans as well as the fair value changes of credit default swaps and loans designated at fair value through profit or loss.
3 Includes net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss of origination, advisory and other products.
Corporate & Investment Bank (CIB). Combined net interest income and net gains (losses) on financial assets/
liabilities at fair value through profit or loss from Sales & Trading were € 11.5 billion in 2010, compared to
€ 11.8 billion in 2009. The main driver for the decrease were lower revenues in Money Markets and Rates mainly
due to lower bid-offer spreads and subdued client activity as a result of sovereign risk concerns. In addition, net
interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss were down
in Emerging Markets, due to less favorable market conditions compared to 2009. Partly offsetting these decreases
were lower mark-downs from legacy positions and lower trading losses in Equity Derivatives in 2010 compared
to 2009. Loan products were virtually unchanged, while in Transaction services, combined net interest income
and net gains (losses) on financial assets/liabilities at fair value through profit or loss increased by € 317 million.
This increase was attributable to growth across all businesses in Global Transaction Banking (including the
aforementioned acquisition). Remaining products increased by € 97 million, mainly in Origination & Advisory.
Private Clients and Asset Management (PCAM). Combined net interest income and net gains (losses) on
financial assets/liabilities at fair value through profit or loss were € 4.7 billion in 2010, an increase of € 550 million,
or 13 %, compared to 2009. The increase was mainly driven by the first-time consolidation of Postbank. In
addition, the increase included higher net interest income from Credit products as well as from Deposits and
Payment services.