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Portfolio Restructuring Unit impacted by increased CDAs<br />
Operating profit<br />
in € m<br />
161<br />
Q1<br />
95<br />
Q2<br />
314<br />
<strong>Q3</strong><br />
105<br />
Q4<br />
Eric Strutz CFO <br />
Frankfurt <br />
November 4th, <strong>2011</strong><br />
63 64<br />
Q1<br />
2010 <strong>2011</strong><br />
-212<br />
Q2 <strong>Q3</strong><br />
<strong>Q3</strong> 10 Q2 11 <strong>Q3</strong> 11 9M 10 9M 11<br />
Ø equity (€ m) 1,136 938 807 1,250 906<br />
Op. RoE (%) 110.6 27.3 -105.0 60.8 -12.5<br />
CIR (%) 8.9 20.8 n/a 11.8 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 347 77 -212 705 -51<br />
LLP -2 3 17 -52 21<br />
Operating expenses 31 16 17 83 55<br />
Operating profit 314 64 -212 570 -85<br />
› <strong>Q3</strong> revenues were driven by increased CDAs primarily on<br />
interest rate hedges and other trading reserves (-€205m)<br />
› P&L impact of Structured Credit was immaterial as gains and<br />
losses within the portfolio were largely offset<br />
20
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