January 19, 2014

Deutsche Bank reports preliminary full year and fourth quarter 2013 results

Frankfurt am Main, 19 January 2014 – Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today reported preliminary results.

Full year 2013 results

  •  Group income before income taxes (IBIT) of EUR 2.1 billion,
    up 154% from 2012
  • IBIT for Core Bank, which excludes the Non-Core Operations Unit, of EUR 5.3 billion, up 41%
  • Group net revenues of EUR 31.9 billion fell 5% and Core Bank net revenues of EUR 31.0 billion were 5% lower, both largely reflecting revenue declines in CB&S
  • Group noninterest expenses of EUR 27.8 billion
  •  Adjusted cost base of EUR 23.2 billion for Group, and EUR 21.3 billion for Core Bank were down 6% and 7% respectively
  •  Operational Excellence program achieved cumulative savings of EUR 2.1 billion, cost-to-achieve (CtA) was EUR 1.3 billion in the year
  • Litigation expenses of EUR 2.5 billion in 2013 as the bank put many major legacy issues behind it. Litigation reserves were EUR 2.3 billion at year end
  • Total assets (adjusted) at year end fell 11% to EUR 1.1 trillion for Group, and Core Bank adjusted assets fell 8% to EUR 1.0 trillion
  • CRD 4 leverage exposure of EUR 1.5 trillion was 14% lower and risk-weighted assets of EUR 355 billion were 11% lower than at end 2012
  • CRD 4 Common Equity Tier 1 capital ratio was 9.7% (fully loaded)
  • CRD 4 leverage ratio was 3.1% (adjusted fully-loaded)
  • Post-tax return on average active equity in 2013 was 2% for the Group and 7% for the Core Bank

Fourth quarter 2013 results

  • Group revenues were EUR 6.6 billion, down 16% from the prior year, largely reflecting CB&S results
  •  Group loss before income taxes of EUR 1.2 billion
  •  Group IBIT included material charges of EUR 623 million for Credit Valuation Adjustment (CVA), Debt Valuation
  • Adjustment (DVA) and Funding Valuation Adjustment (FVA), EUR 509 million of CtA, and EUR 528 million for litigation Core Bank loss before income taxes was EUR 26 million
  • Core Bank IBIT adjusted for CVA/DVA/FVA, CtA, litigation and Other items in the quarter was EUR 1.3 billion

All figures reported are preliminary and unaudited. The Annual Report 2013 and Form 20-F, including the audited financial statements, are scheduled to be filed and published on 20 March 2014.

Jürgen Fitschen and Anshu Jain, Co-Chief Executive Officers, said: “2013 was the second successive year in which we have invested in the bank’s future growth and in further strengthening our controls while addressing legacy issues. These factors impacted our financial results. Nonetheless, underlying core business profitability was amongst the highest of the past decade, and we have made Deutsche Bank fitter, safer and better balanced. We expect 2014 to be a year of further challenges and disciplined implementation; however, we are confident of reaching our 2015 targets and delivering on our strategic vision for Deutsche Bank.”

Deutsche Bank AG
Taunusanlage 12
60325 Frankfurt am Main
ISIN: DE0005140008
WKN: 514000

Listed: Regulated market in Berlin-Bremen, Duesseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich und Stuttgart; EUREX; NYSE

The International Securities Identification Numbers (ISINs) of further financial instruments issued by Deutsche Bank AG, and admitted to trading on a domestic organized market or for which such admission has been applied for, are listed in the attached PDFs.