Deutsche Bank - Letters from the Chairman

Letters from the Chairman

March 31, 2009

In the first quarter of 2009, we saw some signs of stabilization in the world’s financial markets. Compared with the extremely turbulent conditions of the final months of 2008, global capital markets were less volatile, and liquidity returned in some areas. Nevertheless, conditions in the wider economy remained very difficult. We saw continued evidence of recessionary forces at work in major industrialized nations, and slowing growth in emerging economies. In the United States and other key markets, unemployment continued to rise, house prices declined further, and the credit environment deteriorated significantly. In our home market, Germany, exports and industrial production faced pressure from declining trade volumes and lower consumption around the world. Investor confidence remained fragile for much of the quarter.

Deutsche Bank once again demonstrated its strength, as we have consistently throughout the crisis. But in this quarter, we also proved our earnings power. We achieved net revenues of € 7.2 billion after absorbing legacy-related charges of € 1.5 billion. We delivered a pre-tax profit of € 1.8 billion and net income of € 1.2 billion, or € 1.92 per share on a diluted basis. Our pre-tax return on average active equity, per our target definition, was 25 %. Furthermore, we raised our Tier 1 capital ratio to 10.2 %, above our stated target of 10 %, and further reduced the size of our balance sheet. This enabled us to make further progress in reducing our balance sheet leverage. We continue to maintain a substantial and high-quality funding base, as we have throughout the crisis, and a substantial liquidity reserve. [more]

Dates

Letters from the Chairman

March 31, 2009

“...In the first quarter of 2009, we saw some signs of stabilization in the world’s financial markets. Compared with the extremely turbulent conditions of the final months of 2008, global capital markets were less volatile, and liquidity returned in some areas....” [more]

IR Releases on Financial Results 2009

1Q2009

IR Releases on Financial Results 2008