Strong underlying performance of approximately EUR 950 million (more than 70% over 1Q2002)
Based on the regular review of principal investments, and taking into account the difficult market conditions in 1Q 2003, Deutsche Bank has recorded net charges in the quarter of approximately EUR 725 million. These net charges are comprised of the following:
As a result of continued strong performance in its main business activities, the Bank expects to announce an underlying pre-tax profit of approximately EUR 950 million resulting in a reported pre-tax profit of approximately EUR 225 million. Due to the non tax- deductible nature of most of the losses mentioned above, the Group expects a net loss after tax of approximately EUR 200 million.
The full set of results will be released on 30 April 2003 before the European markets open. A conference call with Clemens Boersig, the Chief Financial Officer, is scheduled for 13.30 CET that day and will also be broadcasted live via the Internet.
This Investor Relations Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Any statement in this Investor Relations Release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a for-ward-looking statement. These statements are based on plans, estimates and projections as they are cur-rently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; the implementation of our restructuring including the envisaged reduction in headcount; the reliability of our risk manage-ment policies, pro-cedures and methods; and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of March 27, 2003 on pages 9 through 13 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.