in EUR million 2000 Change on
Net interest income 6,811 +3% Provision for losses on loans and advances 438 -29% Net commission income 11,468 +42% Trading profit1 6,891 +52% Net income from insurance business 382 -1% Net income from investments 3,107 +55% Operating expenses 21,037 +34% Balance of other income / expenses -455 -68 % Profit before taxes 6,729 +75% Income taxes 1,780 +28% Net income 4,949 +102%
1 In accordance with the resolution on Interpretation SIC-16 of the Standing Interpretations Committee, which took effect at the beginning of the 2000 financial year, no loss or gain is recognized in the Income Statement for trading in own shares (treasury shares). Pursuant to SIC-16, the respective results must be presented in the financial statements as a change in equity. The comparative figures have been adjusted accordingly.
All Divisions contributed to the outstanding results, with a particularly strong performance coming from GCI. The tax rate of 26 % (last year 36 %) benefitted, inter alia, from the tax free capital gain of the reduction of our Allianz holdings.
The growth of operating expenses in the 4th quarter was influenced by the enlargement of the group of consolidated companies, necessary adaptions of our reporting to US-GAAP, strategic expenses with investment character, e.g. e-Commerce projects, and special depreciation allowances for IT software. Adjusted for these items the operating expenses were below the level of 4Q1999. The cost/income ratio decreased by 1.1% points to 73.3%.
The proposal for an increase in the dividend reflects also the Board's confidence in the future development of Deutsche Bank based on the newly aligned structure, which will lead to sustained growth.
Segmental reporting 2000
|in EUR million (change on previous year in %)||Revenues||Net income |
|Retail and Private Banking||5,714 (+19%)||920 (+356%)|
|Corporates and Real Estate||3,450 (+13%)||1,054 (+20%)|
|Global Corporates and Institutions||14,651(+51%)||3,975 (+79%)|
|Asset Management||1,981 (+29%)||703 (+17%)|
|Global Technology and Services||1,539 (+67%)||169 k.A.|
|Total Group||28,659 (+33%)||6,729 (+75 %)|
Deutsche Bank will publish its Consolidated Financial Statements for the financial year 2000 on 29 March 2001. We shall not be making further comment on these figures until then.