Deutsche Bank Consensus Report 13 March 2018
Deutsche Bank Group P&L (in m) Average Minimum Maximum # est. Average Minimum Maximum # est. Average Minimum Maximum # est. Average Minimum Maximum # est. Revenues 7,645 7,287 8,206 12 27,555 26,893 28,302 13 28,277 27,293 29,005 13 29,033 27,755 30,207 13 Compensation and benefits (3,133) (3,295) (3,040) 11 (11,987) (12,475) (11,619) 11 (11,801) (12,367) (11,408) 11 (11,806) (12,185) (11,381) 11 Non-Compensation expenses (3,318) (3,546) (3,075) 11 (12,185) (12,813) (11,549) 11 (11,620) (12,498) (10,690) 11 (11,152) (11,997) (10,097) 11 Total noninterest expenses (6,453) (6,673) (6,115) 12 (24,182) (24,729) (23,600) 13 (23,429) (24,206) (22,651) 13 (22,930) (23,795) (22,100) 13 Restructuring and severance (132) (200) (29) 12 (556) (750) (200) 13 (372) (600) (200) 13 (201) (500) 0 13 Litigation (113) (300) 31 11 (633) (1,600) (280) 12 (408) (800) 0 12 (331) (600) 0 11 Other non-operating expenses (incl. Impairments) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Adjusted Costs (6,215) (6,508) (5,865) 12 (23,028) (23,415) (22,574) 13 (22,671) (23,256) (22,000) 13 (22,444) (23,195) (21,597) 13 Provision for credit losses (152) (215) (96) 12 (657) (859) (385) 13 (808) (1,075) (555) 13 (905) (1,200) (638) 13 IBIT reported 1,040 666 1,413 12 2,717 1,769 3,815 13 4,040 2,739 5,133 13 5,198 3,378 6,601 13 IBIT adjusted 1,277 878 1,613 12 3,871 3,090 4,872 13 4,798 3,379 5,848 13 5,684 3,932 7,216 13 Net income reported 662 363 943 12 1,646 870 2,243 13 2,603 1,645 3,439 13 3,445 2,297 4,475 13 Net income attributable to noncontrolling interests (27) (90) (4) 11 (121) (427) (20) 12 (146) (483) (20) 12 (157) (490) (20) 12 Net income attributable to DB shareholders and additional equity components 615 326 937 11 1,530 716 2,086 12 2,481 1,476 3,399 12 3,286 2,068 4,435 12 Net income adjusted 795 486 1,095 11 2,305 1,987 2,960 11 2,997 2,162 3,747 11 3,639 2,523 4,722 11 Ratios (in %) CIR 84.5% 80.3% 88.1% 12 87.8% 84.0% 90.5% 13 82.9% 79.4% 87.2% 13 79.0% 74.7% 84.8% 13 CIR adjusted 81.7% 78.4% 84.6% 12 83.7% 81.9% 86.0% 13 80.2% 76.9% 84.9% 13 77.3% 72.9% 82.8% 13 RoTE reported (post-tax) 4.5% 2.6% 6.6% 10 2.9% 1.6% 4.0% 12 4.5% 2.9% 5.8% 12 5.8% 3.9% 7.1% 12 RoTE adjusted (post-tax) 5.7% 3.8% 8.1% 10 4.1% 3.6% 5.3% 11 5.2% 3.7% 6.3% 11 6.1% 4.3% 7.5% 11 Per share data (in ) Fully diluted number of shares (period-end, in m) 2,129 2,075 2,195 10 2,118 2,075 2,152 11 2,116 2,075 2,152 11 2,114 2,067 2,152 11 EPS diluted (net income reported) 0.26 (0.02) 0.42 10 0.69 (0.07) 1.04 11 1.10 (0.05) 1.64 11 1.47 (0.05) 2.14 11 EPS diluted (net income adjusted) 0.36 0.23 0.52 10 1.10 0.95 1.38 10 1.42 1.01 1.81 10 1.71 1.18 2.28 10 Dividend per share n/a n/a n/a n/a 0.23 0.12 0.50 13 0.42 0.20 0.75 13 0.56 0.25 1.00 12 Tangible book value per share 25.88 24.50 26.47 10 26.59 25.18 27.82 12 27.44 25.77 28.73 12 28.48 26.66 30.22 12 Balance sheet (in bn) Total assets (IFRS) 1,492 1,434 1,565 10 1,482 1,434 1,520 12 1,488 1,435 1,565 12 1,504 1,436 1,612 11 Total loans (end of period) 402 391 409 10 406 391 423 12 411 391 432 12 417 391 440 11 Shareholders' equity 63 60 64 10 65 62 67 13 66 63 69 13 68 65 71 12 Tangible equity (for RoTE calculation) 54 51 55 10 56 54 58 12 57 54 60 12 59 55 63 12 CRD4 RWA (fully loaded) 348 334 358 10 354 346 364 12 368 352 390 12 380 358 420 12 CRD4 CET1 capital (fully loaded) n/a n/a n/a n/a 49 47 52 12 51 50 54 12 53 52 56 12 CRD4 CET1 ratio (fully loaded, in %) n/a n/a n/a n/a 13.9% 13.6% 14.8% 13 13.9% 13.0% 14.4% 13 14.0% 12.5% 14.8% 12 CRD4 leverage exposure 1,405 1,356 1,481 10 1,395 1,325 1,444 12 1,389 1,220 1,462 12 1,400 1,220 1,480 12 Leverage capital (Tier1 capital fully loaded) 53 48 58 10 55 52 59 12 57 55 60 12 59 56 62 12 CRD4 leverage ratio (fully loaded, in %) 3.7% 3.4% 4.0% 10 3.9% 3.5% 4.2% 12 4.0% 3.6% 4.8% 12 4.2% 3.8% 5.0% 12 Note: Quarterly RoTE figures are annualized 1
Corporate & Investment Bank Global Transaction Banking 974 916 1,025 11 3,949 3,780 4,100 12 4,068 3,886 4,452 12 4,167 3,924 4,541 12 Equity Origination 132 103 156 11 430 358 520 12 444 362 536 12 456 366 552 12 Debt Origination 371 300 411 11 1,318 1,150 1,393 12 1,340 1,150 1,421 12 1,359 1,150 1,450 12 Advisory 120 100 140 11 521 492 551 12 539 496 583 12 554 501 641 12 Financing 562 524 600 11 2,291 2,126 2,500 12 2,349 2,162 2,550 12 2,401 2,206 2,600 12 Sales & Trading (Equity) 653 537 705 11 2,137 2,000 2,230 12 2,189 2,050 2,280 12 2,236 2,050 2,330 12 Sales & Trading (FIC) 1,596 1,128 1,825 11 4,571 4,000 4,950 12 4,722 4,183 5,050 12 4,849 4,267 5,160 12 Other (52) (177) 0 11 (183) (708) 0 12 (168) (496) 0 12 (166) (417) 0 12 Revenues (reported) 4,356 3,673 4,707 10 15,019 14,476 15,786 11 15,456 14,714 15,977 11 15,808 15,005 16,273 11 Debt Valuation Adjustments (DVA) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Revenues (adjusted) 4,358 3,673 4,707 11 15,034 14,476 15,786 12 15,481 14,714 15,977 12 15,855 15,005 16,368 12 Total noninterest expenses (3,578) (3,902) (3,205) 11 (12,892) (13,557) (12,460) 11 (12,617) (13,203) (12,257) 11 (12,455) (13,028) (11,896) 11 Restructuring and severance n/a n/a n/a n/a (195) (400) 0 10 (112) (400) 0 10 (46) (175) 0 10 Adjusted cost base (3,487) (3,830) (3,092) 11 (12,524) (12,898) (12,074) 11 (12,422) (12,812) (12,095) 11 (12,319) (12,578) (11,896) 11 Provision for credit losses (65) (100) (25) 10 (271) (400) (100) 10 (363) (500) (242) 10 (428) (600) (321) 10 IBIT reported 692 393 1,219 10 1,770 1,038 3,223 11 2,394 1,604 3,319 11 2,856 1,898 3,859 11 IBIT adjusted 810 505 1,219 11 2,145 739 3,223 11 2,693 1,822 3,467 11 3,140 2,228 4,092 11 CRD4 RWA (fully loaded, in bn) n/a n/a n/a n/a 240 235 245 10 250 242 268 10 258 246 272 10 CRD4 leverage exposure (in bn) n/a n/a n/a n/a 1,035 978 1,072 10 1,019 803 1,082 10 1,027 803 1,100 10 2
Private & Commercial Bank Private & Commercial Clients 1,293 1,216 1,325 11 5,094 4,863 5,299 12 5,213 5,009 5,470 12 5,380 5,013 5,735 12 Postbank 795 765 830 11 3,161 2,825 3,304 12 3,210 2,800 3,461 12 3,272 2,850 3,625 12 Wealth Management 486 384 640 11 1,866 1,511 2,165 12 1,914 1,483 2,295 12 1,959 1,455 2,433 12 Revenues (reported) 2,560 2,469 2,709 10 10,093 9,787 10,406 11 10,287 9,725 10,771 11 10,543 9,664 11,082 11 Revenues (adjusted) 2,574 2,469 2,715 11 10,121 9,787 10,430 12 10,337 9,725 10,891 12 10,612 9,664 11,372 12 Total noninterest expenses (2,230) (2,300) (2,090) 11 (8,806) (9,030) (8,395) 11 (8,463) (8,725) (8,038) 11 (8,258) (8,870) (7,774) 11 Restructuring and severance n/a n/a n/a n/a (223) (400) 0 10 n/a n/a n/a n/a n/a n/a n/a n/a Adjusted cost base (2,174) (2,250) (2,090) 11 (8,591) (8,774) (8,395) 11 (8,292) (8,712) (7,938) 11 (8,142) (8,870) (7,672) 11 Provision for credit losses (83) (121) (66) 11 (351) (484) (265) 11 (399) (500) (312) 11 (439) (519) (316) 11 IBIT reported 239 138 431 10 917 537 1,319 11 1,460 667 1,906 11 1,920 882 2,556 11 IBIT adjusted 317 197 506 11 1,201 777 1,549 11 1,661 827 2,156 11 2,048 1,002 2,666 11 CRD4 RWA (fully loaded, in bn) n/a n/a n/a n/a 89 83 98 10 92 85 115 10 96 86 134 10 CRD4 leverage exposure (in bn) n/a n/a n/a n/a 345 327 354 10 349 328 365 10 355 330 376 10 Deutsche Asset Management Revenues (reported) n/a n/a n/a n/a 2,661 2,526 3,036 10 2,712 2,536 2,889 10 2,827 2,601 3,110 10 Revenues (adjusted) 698 620 1,188 10 2,660 2,526 3,036 11 2,716 2,536 2,889 11 2,830 2,601 3,110 11 Total noninterest expenses (446) (486) (408) 10 (1,811) (1,990) (1,725) 10 (1,823) (2,085) (1,637) 10 (1,858) (2,176) (1,647) 10 Restructuring and severance n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Adjusted cost base (440) (465) (408) 10 (1,775) (1,894) (1,642) 10 (1,808) (1,989) (1,629) 10 (1,843) (2,080) (1,639) 10 Provision for credit losses (0) (1) 0 10 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a IBIT reported n/a n/a n/a n/a 826 661 1,311 10 856 655 1,041 10 933 695 1,142 10 IBIT adjusted 253 176 748 10 853 674 1,311 10 864 655 1,041 10 945 695 1,142 10 Assets under management (in bn) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Net new money (in bn) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 3
Consolidation & Adjustments Revenues (reported) n/a n/a n/a n/a (293) (600) (100) 10 (293) (600) (140) 10 (293) (600) (140) 10 Revenues (adjusted) (87) (252) (25) 10 (303) (600) (100) 11 (303) (600) (140) 11 (303) (600) (140) 11 Total noninterest expenses (123) (425) (2) 10 (628) (1,650) (17) 10 (465) (1,300) (17) 10 (318) (1,000) 0 10 Restructuring and severance n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Adjusted cost base (35) (72) (2) 10 (126) (200) (17) 10 (129) (200) (17) 10 (122) (200) 0 10 Provision for credit losses n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a IBIT reported n/a n/a n/a n/a (910) (1,943) (332) 10 (734) (1,593) (332) 10 (587) (1,293) (332) 10 IBIT adjusted (128) (319) (75) 10 (425) (692) (300) 10 (426) (692) (250) 10 (420) (692) (200) 10 4
Disclaimer The consensus figures appearing in the above tables are the arithmetic averages for each financial item of the estimates Deutsche Bank received from research analysts. To enhance comparability among the divergent methods employed by various analysts that cover Deutsche Bank in preparing their estimates, Deutsche Bank requested the 34 analysts that, to the best of Deutsche Bank s knowledge, cover Deutsche Bank via written research reports on a regular basis to provide their estimates for each of the line items appearing in the table. Of these analysts, 13 have provided estimates in the format requested, and Deutsche Bank included the estimates of all of these analysts to arrive at the consensus figures in the table above. Deutsche Bank excluded submissions or parts of submissions that were incomplete, but included top-level figures where analysts elected not to provide the more detailed levels of figures. Figures are only shown in case 10 estimates have been provided for an individual figure. The opinions, estimates, forecasts and recommendations of analysts, and the consensus information appearing above derived from them, regarding Deutsche Bank s performance are those of the analysts alone and do not represent opinions, estimates or forecasts of Deutsche Bank or its management. By presenting the consensus information above, Deutsche Bank does not endorse or concur with any of such analysts opinions, estimates, forecasts or recommendations. Deutsche Bank has not verified any of the information it has received and none of Deutsche Bank, its affiliates or their respective directors, officers and employees make any representation or warranty, express or implied, as to, or accept any responsibility for, the accuracy or completeness of the consensus information or otherwise endorse or concur with any of the consensus information. Deutsche Bank does not assume any responsibility to update, revise or supplement such information. This consensus summary is being provided for informational purposes only and is not intended to, nor does it, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments. 5