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Asset Based Finance weighed down by impairment on Greece<br />
and further de-risking in Public Finance<br />
Operating profit<br />
in € m<br />
-85<br />
Q1<br />
-248<br />
Q2<br />
-403<br />
<strong>Q3</strong><br />
-532<br />
Q4<br />
Eric Strutz CFO <br />
Frankfurt <br />
November 4th, <strong>2011</strong><br />
-138<br />
Q1<br />
-921<br />
2010 <strong>2011</strong><br />
-1,494<br />
Q2 <strong>Q3</strong><br />
<strong>Q3</strong> 10 Q2 11 <strong>Q3</strong> 11 9M 10 9M 11<br />
Ø equity (€ m) 6,440 5,195 5,415 6,425 5,407<br />
Op. RoE (%) -25.0 -70.9 -110.4 -15.3 -63.0<br />
CIR (%) 61.5 n/a n/a 50.4 n/a<br />
P&L at a glance<br />
in € m <strong>Q3</strong> 10 Q2 11 <strong>Q3</strong> 11 9M 10 9M 11<br />
Revenues before LLP 234 -544 -1,097 879 -1,384<br />
LLP -493 -233 -254 -1,172 -728<br />
Operating expenses 144 144 143 443 441<br />
Operating profit -403 -921 -1,494 -736 -2,553<br />
› Revenues before LLP down q-o-q due to:<br />
- Lower NII resulting from asset reduction<br />
- Impairment on Greek sovereign bonds of €798m<br />
- Realized losses from the sale of PF assets<br />
- Value adjustment on equity position<br />
› Risk provisions down y-o-y<br />
18
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