Deutsche Bank’s trading and risk management business includes significant activities in interest rate instruments and related derivatives. Under U.S. GAAP, interest revenues earned from trading activities (e.g., coupon and dividend income) as well as funding costs on net trading assets are part of net interest revenues. Our trading activities can periodically shift revenues between trading revenues and interest income, depending on a variety of factors, including risk management strategies. Therefore, going forward we want to provide a more business-focused explanation by analyzing the combined interest and trading revenues by group division, and within CIB by product.
For the five quarters from 1Q2002 to 1Q2003, please refer to the table attached.
The 2Q2003 results will be released on Thursday, 31 July 2003.