entire - Deutsche Bank Annual Report 2012

Deutsche Bank 01 – Management Report 13
Financial Report 2010 Operating and Financial Review
Commissions and fee income. Total commissions and fee income was € 10.7 billion in 2010, an increase of
€ 1.8 billion, or 20 %, compared to 2009. Commissions and fees from fiduciary activities increased € 604 million
compared to the prior year, driven by higher asset based fees and performance fees in AM. Underwriting and
advisory fees improved by € 381 million, or 22 %, mainly from a number of large initial public offerings (IPOs).
Brokerage fees increased by € 43 million, or 3 %, primarily driven by the first time consolidation of Sal. Oppenheim/
BHF-BANK as well as a stronger performance in PBC compared to the prior year. This positive development is
partly offset by a decrease in CB&S. Fees for other customer services were up by € 730 million, or 29 %, from
increased business activity.
Net gains (losses) on financial assets available for sale. Net gains on financial assets available for sale were
€ 201 million in 2010, versus net losses of € 403 million in 2009. The gains in 2010 mainly resulted from the sale
of Axel Springer AG shares in CB&S, which had been pledged as loan collateral, and from the disposal of an
available for sale security position in PBC. The losses in 2009 were primarily attributable to impairment charges
related to investments in CB&S and to AM’s real estate business.
Net income (loss) from equity method investments. Net loss from equity method investments was € 2.0 billion
in 2010 versus a net gain of € 59 million in 2009. The net loss in 2010 included a charge of € 2.3 billion, partly
offset by a positive equity pick-up, both related to our investment in Postbank. In 2009, the net income from
equity method investments included gains from our investment in Postbank, partly offset by impairment charges
on certain equity method investments in our commercial real estate business in CB&S.
Other income (loss). Total Other income (loss) was a gain of € 764 million in 2010 versus a loss of € 183 million
in 2009. The development was mainly driven by significantly reduced impairments on The Cosmopolitan of Las
Vegas, higher results from derivatives qualifying for hedge accounting and a gain representing negative goodwill
related to the commercial banking activities acquired from ABN AMRO in the Netherlands.