Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 992 billion in assets and 63,427 employees, Deutsche Bank offers unparalleled financial services in 73 countries throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

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Deutsche Bank reports third quarter 2009 net income of EUR 1.4 billion
Net revenues of EUR 7.2 billion 
Income before income taxes of EUR 1.3 billion 
Tier 1 capital ratio of 11.7%; core Tier 1 ratio of 8.1% 
Best-ever third quarter revenues in Sales & Trading 
PCAM: Net new money inflows of EUR 11 billion 
Total assets, on a U.S. GAAP pro-forma basis, stable at EUR 915 billion, down by 31% since 30 September 2008 
Frankfurt am Main, October 29, 2009
Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today reported results for the third quarter and first nine months of 2009. Net income for the quarter was EUR 1.4 billion, up from EUR 414 million in the third quarter 2008. Expected taxation on pre-tax income was more than offset by specific tax items during the quarter. These items represent EUR 369 million of net tax benefits and mainly relate to tax audit settlements for prior years, which were partly offset by the revaluation of deferred tax positions. Diluted earnings per share were EUR 2.10, up from EUR 0.83 in the prior year period. Income before income taxes was EUR 1.3 billion, up from EUR 93 million in the third quarter 2008. Pre-tax return on average active equity for the quarter was 15%, compared to 1% in the prior year quarter. Per the Group's target definition, which excludes significant gains and charges, pre-tax return on average active equity was 14%. 
For the first nine months of 2009, net income was EUR 3.6 billion, compared with EUR 918 million in the first nine months of 2008. Income before income taxes was EUR 4.4 billion, versus EUR 481 million in the prior year period. Diluted earnings per share were EUR 5.62, versus EUR 1.85 in the first nine months of 2008. Pre-tax return on average active equity was 17%, compared to 2% in the prior year period, while per target definition, pre-tax return on average active equity was 18%, versus negative 3% in the prior year period. 
Dr. Josef Ackermann, Chairman of the Management Board, said: "In this quarter, we again delivered a solid profit, whilst maintaining balance sheet discipline and further bolstering our capital strength; in addition, we took important steps in expanding our platform. All our business segments were profitable in the quarter. Across our sales and trading platform, we maintained and extended the reductions in balance sheet and risk-weighted assets which reflect our strategic decision to reduce levels of trading risk, even at the expense of short-term revenue gains in some business areas."
He added: "Deutsche Bank has proved its resilience in an exceptionally tough environment, and has indeed emerged stronger from the crisis. This creates opportunities for us to bolster our long-term competitive position. Looking ahead, we see challenges and opportunities in the environment. We are well-prepared for both." 

Deutsche Bank reports second quarter 2009 net income of EUR 1.1 billion
Net revenues of EUR 7.9 billion 
Income before income taxes of EUR 1.3 billion 
Tier 1 capital ratio of 11.0% 
Risk-weighted assets reduced by EUR 21 billion, or 7%, to EUR 295 billion 
Balance sheet reduced by 6% during quarter and by 31% since 30 June 2008 (U.S. GAAP pro-forma) 
Level 3 assets reduced by EUR 16 billion, or 20%, during the quarter 
Leverage ratio, per target definition, further reduced to 24
Frankfurt am Main, July 28, 2009
Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today reported results for the second quarter and first half of 2009. Net income for the quarter was EUR 1.1 billion, up 67% versus EUR 645 million in the second quarter 2008. Diluted earnings per share were EUR 1.64, versus EUR 1.27 in the prior year quarter. Income before income taxes was EUR 1.3 billion, up 105% versus EUR 642 million in the prior year quarter. The current quarter result was affected by the absorption of EUR 1.4 billion of specific charges, mainly in noninterest expenses and provision for credit losses, which were in part counterbalanced by EUR 758 million of specific positive revenue effects. Pre-tax return on average active equity, on a reported basis was 15%, and as per the bank's target definition, which excludes significant gains and charges, was 16%. 
For the first six months of 2009, net income was EUR 2.3 billion, versus EUR 504 million in the first six months of 2008. Income before income taxes was EUR 3.1 billion, versus EUR 388 million. Pre-tax return on average active equity was 19%, versus 3%, while per the firm's target definition, pre-tax return on average active equity was 20%, versus negative 4%. Diluted earnings per share were EUR 3.53, versus EUR 1.01 in the first six months of 2008. 
Dr. Josef Ackermann, Chairman of the Management Board, said: "In conditions which contained both opportunities and challenges, Deutsche Bank turned in very satisfactory results. The outlook for the remainder of 2009 is strongly influenced by progress in the global economy. In an uncertain environment, Deutsche Bank is well prepared. We have taken good advantage of improved conditions on financial markets, but we have also reduced costs and balance sheet risks, and strengthened our capital and liquidity base, all of which leaves us well-placed to confront near-term challenges. Whilst we continue to maintain strict balance sheet discipline, we also remain committed to supporting customers in a difficult credit environment. For private customers of Deutsche Bank branches in Germany, new mortgage lending is up by over 50% since a year ago, and our volume of loans to 'Mittelstand' companies is now around EUR 3 billion higher than at the onset of the crisis in late 2007."
Ackermann added: "We have witnessed stabilization of the world's banking industry and financial markets. Increased liquidity and lower volatility in financial markets are both supportive for our business. Our strategic focus and proven business model, our leading franchises in critical areas, and our financial strength, all position us well to take full advantage of opportunities, as and when business conditions improve."
Group Highlights
Net revenues for the quarter were EUR 7.9 billion, up 46% versus EUR 5.4 billion, after mark-downs of EUR 2.3 billion, in the second quarter of 2008. Net revenues in the current quarter included EUR 176 million of fair value losses on Deutsche Bank's own debt, compared with a fair value gain of EUR 15 million in the prior year quarter.
In the Corporate and Investment Bank (CIB), net revenues for the quarter were EUR 5.3 billion, up 84% versus the second quarter of 2008.
In Corporate Banking & Securities (CB&S), net revenues for the quarter were EUR 4.6 billion, up 110% versus the prior year quarter, driven predominantly by revenues in Sales & Trading, which were EUR 3.5 billion, compared to revenues of EUR 1.4 billion, after EUR 2.1 billion of mark-downs, in the prior year quarter. Revenues in Sales & Trading (debt and other products) were EUR 2.6 billion, reflecting substantial year-on-year growth in 'flow' products, including interest rate trading and money markets, and significant year-on-year gains in emerging markets debt trading. In credit trading, losses from legacy proprietary trading positions were significantly reduced versus the first quarter of 2009. In Sales & Trading (equity), revenues were EUR 903 million, the highest level for the last six quarters, and compared to EUR 830 million in the prior year quarter. This development primarily reflects a significant year-on-year improvement in equity derivatives trading, mainly in European flow and structured products, and solid volumes in cash equity trading, in an environment of rallying equity indices and increasing primary equity issuance during the quarter. Revenues in Origination were EUR 654 million, versus EUR 266 million in the prior year quarter, driven in part by increased volumes of both debt and equity issuance, an improving market environment for high-yield debt origination, and the non-recurrence of mark-downs of EUR 204 million related to leveraged loans and loan commitments  in the second quarter 2008. Advisory revenues were EUR 72 million, down from EUR 125 million in the prior year quarter, against a backdrop of the lowest quarterly market volumes of global M&A activity since the third quarter 2004.

In Global Transaction Banking (GTB), net revenues were EUR 653 million, down 3% versus the prior year quarter. This development reflects the negative impact of lower interest rates, partly counterbalanced by a positive impact of EUR 55 million from a revision of the bank's risk-based funding framework and market share gains in key product areas. Revenues grew in Trade Finance year-on-year despite lower volumes of world trade in more difficult economic conditions.
 

Deutsche Bank reports second quarter 2006 pre-tax profit of EUR 1.9 billion, up 32% 

• Net income of EUR 1.2 billion, up 29% 
• Total revenues of EUR 6.8 billion, up 15%
• Pre-tax return on equity, per target definition, of 29% for the second quarter, 35% for the first six months of 2006
• Diluted earnings per share of EUR 2.17 for the second quarter, EUR 5.57 for the first six months of 2006
• Substantial year-on-year profit growth in both Corporate and Investment Bank (CIB) and Private Clients and Asset Management (PCAM)
FRANKFURT AM MAIN, 1 August 2006 – Deutsche Bank (XETRA: DBKGn. DE/
NYSE: DB) reported income before income taxes of EUR 1.9 billion for the second quarter 2006, up 32% versus the second quarter 2005. Net income was EUR 1.2 billion, up 29%. Reported pre-tax return on average active equity was 29%, compared to 23% in the prior year quarter. Pre-tax return on average active equity per the bank’s target definition, which excludes restructuring charges and substantial gains on the sale of industrial holdings, was 29%, compared to 25% for the prior year quarter. Diluted earnings per share were up 14% to EUR 2.17.
For the first six months, income before income taxes was EUR 4.5 billion, up 40% versus the first six months of 2005. Net income was EUR 2.9 billion, up 43%, while pre-tax return on average active equity, per target definition, was 35%, compared to 29% for the first six months of 2005. Diluted earnings per share were EUR 5.57, up 37%.
Dr. Josef Ackermann, Chairman of the Management Board, said: “We proved our ability to deliver in challenging conditions in the second quarter. Despite volatile markets in May and June, Deutsche Bank turned in a quarter which was significantly ahead of the same period in 2005, and as a result, an outstanding first half year.” 
He added: “We have built leading franchises in those areas where we compete. We remain committed to growth by organic investment and by focused incremental acquisitions. In both developed and emerging markets across the world, we are well-placed in areas of long-term strategic potential.” 

Group Highlights
Net revenues for the quarter were EUR 6.8 billion, up 15% versus the second quarter 2005. Revenues in the Corporate and Investment Bank (CIB) rose 27% to EUR 4.5 billion. Revenues in Sales and Trading (Debt and other products) were the best ever for a second quarter, rising 46% to EUR 2.4 billion, against a backdrop of better markets in credit trading and strong customer activity in the foreign exchange, money markets and rates businesses. Revenues in Sales and Trading (Equity) rose 23% to EUR 743 million, with growth in derivatives, cash and prime services. In challenging equity markets, CIB’s equity proprietary trading unit gave up some of the gains recorded in the first quarter, resulting in a second-quarter trading loss, but nevertheless remained solidly positive for the first six months of 2006. Revenues in Origination and Advisory rose 33% to EUR 732 million, driven primarily by record revenues in Origination, with high-yield debt issuance recovering strongly from the challenging conditions of the second quarter 2005. 
Revenues in Private Clients and Asset Management (PCAM) rose 15% to EUR 2.3 billion, mainly reflecting substantial performance fees in the real estate Asset Management business, while revenues in both Private Wealth Management and Private and Business Clients also grew year-on-year. 
For the first six months, Group net revenues were EUR 14.8 billion, up 18% versus the first six months of 2005.
Provision for credit losses, which includes provisions for both loan losses and off-balance sheet positions (the latter reported in noninterest expense), was EUR 78 million for the quarter, slightly down from the second quarter 2005. Provision for credit losses in PCAM grew in line with business growth in consumer lending, while provision for credit losses in CIB continued to benefit from successful workouts. Problem loans at the end of the quarter were EUR 3.5 billion, down from EUR 3.6 billion at the end of the first quarter 2006, the lowest level for more than five years. 
Noninterest expenses for the quarter were EUR 4.8 billion, compared to EUR 4.4 billion in the second quarter 2005. The reported cost/income ratio was 71%, down from 75% in the second quarter 2005, while restructuring charges were EUR 57 million, down from EUR 116 million. The operating cost base, which excludes restructuring charges and other items, was EUR 4.8 billion in the second quarter, up 12% versus the second quarter 2005. Compensation costs rose by 17% to EUR 3.1 billion, reflecting higher performance-related compensation, and resulting in an underlying compensation ratio of 46%, up from 45% in the second quarter of 2005 but stable compared to the first quarter 2006. Non-compensation operating costs were EUR 1.7 billion, up by 4% versus the second quarter 2005, reflecting business investments including marketing and promotional expenses. For the first six months, noninterest expenses were EUR 10.2 billion, up 12% versus 2005, while the operating cost base was EUR 10.1 billion, up 15%, with both increases reflecting higher bonus accruals consistent with improved operating performance. The underlying cost/income ratio for the first six months improved to 69%, down from 72% in the first six month of 2005.
Income before income taxes for the quarter was EUR 1.9 billion, up 32% versus the second quarter 2005. Reported pre-tax return on average active equity was 29%, up from 23% in the prior year period. Per the bank’s target definition (which excludes restructuring charges of EUR 57 million in the current quarter and EUR 116 million in the second quarter 2005), pre-tax return on average active equity was 29%, compared to 25% in the prior year period. For the first six months, pre-tax return on average active equity, per target definition, was 35% versus 29% in 2005.
Net income for the quarter was EUR 1.2 billion, up 29% from EUR 947 million in the second quarter 2005. The effective tax rate was 34%, compared to 33% for the second quarter 2005. Diluted earnings per share for the quarter were EUR 2.17, up 14% versus the second quarter 2005. For the first six months, net income was EUR 2.9 billion, up 43% versus 2005, while diluted earnings per share were EUR 5.57, up 37%.
The BIS Tier 1 ratio was 8.7%, compared to 8.8% at the end of the first quarter, and comfortably within the bank’s target range of between 8 and 9%. Deutsche Bank reaffirmed its capital management strategy of maintaining core capital strength, funding business growth, and generating attractive returns for shareholders. The bank grew its risk position by EUR 6 billion to EUR 263 billion during the quarter, while also repurchasing 12.3 million shares, at an average price of EUR 91.03 per share. At the Annual General Meeting on 1 June, shareholders approved a new buyback program, authorizing the repurchase of up to a further 10% of outstanding shares, which was started on 2 June 2006, replacing the previous program.