Deutsche Bank Consensus Report 14 August 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 6,247 5,988 6,723 10 25,917 25,302 26,920 11 25,887 25,028 26,665 11 26,583 25,392 27,449 11 Compensation and benefits (2,893) (3,112) (2,640) 10 (11,826) (12,068) (11,275) 10 (11,251) (11,954) (10,242) 10 (11,095) (11,938) (10,115) 10 Non-Compensation expenses (2,878) (3,038) (2,646) 10 (12,130) (12,463) (11,526) 10 (11,454) (12,233) (10,880) 10 (10,980) (11,471) (10,116) 10 Total noninterest expenses (5,799) (5,978) (5,572) 10 (24,058) (24,345) (23,635) 11 (22,732) (23,515) (22,300) 11 (22,110) (23,161) (21,550) 11 Restructuring and severance (239) (280) (169) 10 (757) (838) (550) 11 (333) (600) 0 11 (221) (425) 0 11 Litigation n/a n/a n/a n/a (315) (523) 10 10 (292) (510) 0 10 (206) (500) 0 10 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 (5,450) (5,624) (5,292) 10 (22,973) (23,296) (22,753) 11 (22,133) (22,913) (21,775) 11 (21,702) (22,651) (21,111) 11 Provision for credit losses (140) (185) (101) 10 (508) (675) (385) 11 (694) (1,000) (394) 11 (835) (1,100) (609) 11 IBIT reported 308 93 860 10 1,351 868 2,106 11 2,461 1,455 3,378 11 3,638 2,190 4,545 11 IBIT adjusted 657 418 1,122 10 2,331 1,924 3,000 11 3,060 2,121 3,850 11 4,046 2,700 5,234 11 Net income reported 166 19 591 10 559 (190) 1,203 11 1,450 733 2,160 11 2,344 1,533 3,073 11 Net income attributable to noncontrolling interests (29) (41) (22) 10 (108) (129) (91) 11 (135) (150) (105) 10 (151) (189) (117) 10 Net income attributable to DB shareholders and additional equity components n/a n/a n/a n/a 581 102 1,109 10 1,486 845 2,029 10 2,351 1,383 2,956 10 Net income adjusted 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 Ratios (in %) CIR 92.9% 84.5% 96.0% 10 92.8% 89.9% 94.8% 11 87.8% 84.7% 91.5% 11 83.2% 80.2% 87.9% 11 CIR adjusted 87.5% 80.6% 90.6% 10 89.7% 86.3% 92.5% 11 85.6% 83.0% 89.0% 11 81.8% 78.0% 86.0% 11 RoTE reported (post-tax) n/a n/a n/a n/a 1.0% (0.4)% 2.2% 11 2.6% 1.4% 3.6% 11 4.1% 2.8% 5.3% 11 RoTE adjusted (post-tax) 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 Per share data (in ) Fully diluted number of shares (period-end, in m) 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 EPS diluted (net income reported) 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 EPS diluted (net income adjusted) 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 Dividend per share n/a n/a n/a n/a 0.09 0.00 0.15 10 0.19 0.00 0.33 10 0.34 0.17 0.53 10 Tangible book value per share n/a n/a n/a n/a 25.57 24.81 26.13 10 25.98 25.09 26.99 10 26.74 25.88 27.71 10 Balance sheet (in bn) Total assets (IFRS) n/a n/a n/a n/a 1,424 1,367 1,489 10 1,414 1,320 1,504 10 1,416 1,275 1,534 10 Total loans (end of period) n/a n/a n/a n/a 398 390 414 10 403 394 426 10 408 396 439 10 Shareholders' equity n/a n/a n/a n/a 63 62 64 11 63 62 65 11 65 63 67 11 Tangible equity (for RoTE calculation) n/a n/a n/a n/a 54 53 57 10 54 53 56 10 56 54 58 10 CRD4 RWA (fully loaded) n/a n/a n/a n/a 350 340 362 10 355 328 374 10 363 336 382 10 CRD4 CET1 capital (fully loaded) n/a n/a n/a n/a 48 47 49 10 49 47 50 10 50 48 52 10 CRD4 CET1 ratio (fully loaded, in %) n/a n/a n/a n/a 13.7% 13.3% 14.4% 11 13.8% 12.6% 15.0% 11 13.9% 12.8% 15.0% 11 CRD4 leverage exposure n/a n/a n/a n/a 1,324 1,300 1,359 10 1,314 1,258 1,368 10 1,306 1,214 1,378 10 Leverage capital (Tier1 capital fully loaded) n/a n/a n/a n/a 53 51 54 10 54 53 57 10 56 55 59 10 CRD4 leverage ratio (fully loaded, in %) n/a n/a n/a n/a 4.0% 3.8% 4.1% 10 4.1% 3.9% 4.3% 10 4.3% 4.0% 4.6% 10 Note: Quarterly RoTE figures are annualized 1
Corporate & Investment Bank Global Transaction Banking 965 916 1,018 10 3,866 3,739 3,972 11 3,949 3,739 4,104 11 4,086 3,776 4,269 11 Equity Origination 80 59 100 10 354 303 400 11 353 302 410 11 361 298 420 11 Debt Origination 286 259 301 10 1,239 1,182 1,300 11 1,231 1,108 1,288 11 1,241 1,052 1,290 11 Advisory 121 100 156 10 487 451 561 11 476 399 578 11 485 419 595 11 Sales & Trading (Equity) 480 430 552 10 1,976 1,850 2,111 11 1,886 1,600 2,069 11 1,914 1,693 2,154 11 Sales & Trading (FIC) 1,354 1,198 1,658 10 5,803 5,434 6,650 11 5,735 5,271 6,900 11 5,824 5,234 7,025 11 Other (22) (70) 0 10 15 (168) 86 11 (92) (200) 0 11 (90) (200) 0 11 Revenues (reported) 3,265 3,063 3,676 10 13,752 13,219 14,595 11 13,538 12,941 14,415 11 13,841 13,073 14,685 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) 3,259 3,063 3,676 10 13,639 12,961 14,595 11 13,538 12,941 14,415 11 13,841 13,073 14,685 11 Compensation and benefits (972) (1,024) (873) 10 (4,054) (4,269) (3,858) 10 (3,750) (4,036) (3,375) 10 (3,722) (4,036) (3,235) 10 Non-Compensation expenses (1,989) (2,103) (1,803) 10 (8,671) (8,924) (8,310) 10 (8,110) (8,519) (7,607) 10 (7,890) (8,434) (7,463) 10 Total noninterest expenses (2,981) (3,264) (2,800) 10 (12,783) (13,310) (12,220) 10 (11,871) (12,534) (11,246) 10 (11,622) (12,538) (11,120) 10 Restructuring and severance n/a n/a n/a n/a (440) (662) (202) 10 n/a n/a n/a n/a n/a n/a n/a n/a Adjusted cost base (2,816) (3,014) (2,658) 10 (12,220) (12,592) (11,833) 10 (11,630) (12,354) (11,033) 10 (11,461) (12,358) (10,782) 10 Provision for credit losses (49) (80) (12) 10 (128) (251) (32) 10 (231) (350) 0 10 (314) (406) (108) 10 IBIT reported 231 59 602 10 776 98 1,242 11 1,380 167 1,838 11 1,846 128 2,516 11 IBIT adjusted 390 210 727 10 1,174 699 1,691 10 1,577 347 2,227 10 1,970 308 2,749 10 CRD4 RWA (fully loaded, in bn) n/a n/a n/a n/a 235 222 246 10 238 213 254 10 241 203 260 10 CRD4 leverage exposure (in bn) n/a n/a n/a n/a 972 927 1,077 10 959 897 1,087 10 952 852 1,098 10 2
Private & Commercial Bank Private and Commercial Business (Germany) 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 Private and Commercial Business (International) 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 Wealth Management (Global) 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 Exited businesses 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 (reported) 2,472 2,407 2,584 10 10,145 10,011 10,390 11 10,156 9,774 10,330 11 10,450 9,705 10,816 11 Revenues (adjusted) 2,472 2,407 2,584 10 10,073 9,774 10,390 11 10,156 9,774 10,330 11 10,450 9,705 10,816 11 Compensation and benefits (972) (1,003) (940) 10 (3,910) (4,000) (3,846) 10 (3,761) (3,880) (3,600) 10 (3,655) (3,872) (3,400) 10 Non-Compensation expenses (1,219) (1,355) (1,147) 10 (4,968) (5,155) (4,808) 10 (4,889) (5,100) (4,691) 10 (4,661) (4,907) (4,316) 10 Total noninterest expenses (2,199) (2,335) (2,087) 10 (8,892) (9,074) (8,725) 10 (8,680) (8,806) (8,564) 10 (8,336) (8,625) (8,146) 10 Restructuring and severance n/a n/a n/a n/a (134) (281) (31) 10 n/a n/a n/a n/a n/a n/a n/a n/a Adjusted cost base (2,144) (2,210) (2,087) 10 (8,799) (9,000) (8,643) 10 (8,476) (8,730) (8,200) 10 (8,192) (8,520) (7,800) 10 Provision for credit losses (90) (124) (67) 10 (363) (423) (309) 10 (432) (535) (350) 10 (495) (612) (400) 10 IBIT reported 183 10 314 10 877 675 1,118 11 1,064 763 1,319 11 1,637 1,129 2,078 11 IBIT adjusted 238 135 339 10 882 465 1,172 10 1,246 844 1,716 10 1,765 1,249 2,392 10 CRD4 RWA (fully loaded, 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 CRD4 leverage exposure (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 Asset Management Revenues (reported) 575 549 593 10 2,295 2,233 2,420 11 2,423 2,308 2,637 11 2,520 2,366 2,676 11 Revenues (adjusted) 575 549 593 10 2,297 2,233 2,420 11 2,423 2,308 2,637 11 2,520 2,366 2,676 11 Compensation and benefits (186) (198) (136) 10 (763) (790) (664) 10 (771) (804) (684) 10 (782) (820) (724) 10 Non-Compensation expenses (249) (288) (222) 10 (1,033) (1,100) (971) 10 (983) (1,107) (890) 10 (983) (1,114) (837) 10 Total noninterest expenses (436) (486) (388) 10 (1,798) (1,876) (1,704) 10 (1,757) (1,898) (1,664) 10 (1,768) (1,898) (1,635) 10 Restructuring and severance n/a n/a n/a n/a (22) (75) (10) 10 n/a n/a n/a n/a n/a n/a n/a n/a Adjusted cost base (427) (480) (384) 10 (1,722) (1,821) (1,640) 10 (1,744) (1,874) (1,580) 10 (1,755) (1,898) (1,635) 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 129 76 172 10 456 308 638 11 613 340 737 11 693 381 806 11 IBIT adjusted 138 76 197 10 535 362 702 10 633 340 779 10 717 381 848 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
Corporate & Other Revenues (reported) (65) (113) 22 10 (275) (380) (101) 11 (230) (370) 100 11 (229) (370) 100 11 Revenues (adjusted) (65) (113) 22 10 (275) (380) (101) 11 (230) (370) 100 11 (229) (370) 100 11 Compensation and benefits (763) (902) (563) 10 (3,099) (3,387) (2,711) 10 (2,968) (3,600) (2,035) 10 (2,936) (3,600) (2,035) 10 Non-Compensation expenses 580 165 800 10 2,542 1,874 2,965 10 2,529 1,725 3,100 10 2,553 1,725 3,100 10 Total noninterest expenses (183) (504) (22) 10 (553) (1,348) (147) 10 (439) (1,156) (48) 10 (383) (786) (61) 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 (62) (150) 5 10 (206) (413) 128 10 (263) (600) (5) 10 (268) (600) (9) 10 Provision for credit losses 0 0 2 10 (0) (0) 0 10 0 0 0 10 0 0 0 10 IBIT reported (244) (604) (72) 10 (779) (1,642) (180) 11 (632) (1,456) 0 11 (576) (1,086) 0 11 IBIT adjusted (142) (373) (3) 10 (509) (1,290) 95 10 (539) (1,492) 0 10 (540) (1,492) 0 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 31 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, 11 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