Facts and Figures

The Group at a Glance 2008 2007
Share price at period end € 27.83 € 89.40
Share price high € 89.80 € 118.51
Share price low € 18.59 € 81.33
Basic earnings per share € (7.61) € 13.65
Diluted earnings per share1 € (7.61) € 13.05
Average shares outstanding, in m., basic 504 474
Average shares outstanding, in m., diluted 504 496
Return on average shareholders’ equity (post tax) (11.1) % 17.9 %
Pre-tax return on average shareholders’ equity (16.5) % 24.1 %
Pre-tax return on average active equity2 (17.7) % 29.0 %
Book value per basic share outstanding(basic)3 € 52.59 € 79.32
Cost/income ratio4 134.6 % 69.6 %
Compensation ratio5 71.2 % 42.7 %
Noncompensation ratio6 63.4 % 26.9 %
in € m. in € m.
Total net revenues 13,490 30,745
Provision for credit losses 1,076 612
Total noninterest expenses 18,155 21,384
Income (loss) before income taxes (5,741) 8,749
Net income (loss) (3,896) 6,510
Dec 31, 2008
in € bn.
Dec 31, 2007
in € bn.
Total assets 2,202 1,925
Shareholders’ equity 30.7 37.9
Tier 1 capital ratio7 10.1 % 8.6 %
Number Number
Branches 1,981 1,889
thereof in Germany 981 989
Employees (full-time equivalent) 80,456 78,291
thereof in Germany 27,942 27,779
Long-term rating
Moody’s Investors Service Aa1 Aa1
Standard & Poor’s A+ AA
Fitch Ratings AA- AA-

1Including numerator effect of assumed conversions.

2We calculate this adjusted measure of our return on average shareholders equity to make it easier to compare us to our competitors. We refer to this adjusted measure as our “Pre-tax return on average active equity”. However, this is not a measure of performance under IFRS and you should not compare our ratio to other companies’ ratios without considering the difference in calculation of the ratios. The item for which we adjust the average shareholders’ equity of € 34,442 million for 2008 and € 36,134 million for 2007 are the average unrealized net gains on assets available for sale/average fair value adjustment on cash flow hedges, net of applicable tax of € 619 million for 2008 and € 3,841 million for 2007 and the average dividend accruals of € 1,743 million for 2008 and € 2,200 million for 2007. The dividend payment is paid once a year following its approval by the general shareholders’ meeting.

3Book value per basic share outstanding is defined as shareholders’ equity divided by the number of basic shares outstanding (both at period end).

4Total noninterest expenses as a percentage of total net interest income before provision for credit losses plus noninterest income.

5Compensation and benefits as a percentage of total net interest income before provision for credit losses plus noninterest income.

6Noncompensation noninterest expenses which is defined as total noninterest expenses less compensation and benefits, as a percentage of total net interest income before provision for credit losses plus noninterest income.

7The Tier 1 capital ratio shown for 2008 is pursuant to the German Banking Act (“KWG”) and the Solvency Regulation (“Solvabilitätsverordnung”) which adopted the revised capital framework presented by the Basel Committee in 2004 (“Basel II”) into German law, while the ratio presented for 2007 is based on the Basel I framework. Basel II Tier 1 capital excludes transitional items pursuant to KWG section 64h (3).


Annual Report 2008
Interim Report as of September 30, 2009

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Last Update: January 27, 2010
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