Deutsche Bank AG · XETR:DBK
Deutsche Bank — Debt Investor Presentation (June 2009)
28 slides from Deutsche Bank's debt investor presentation, Jun 23, 2009
Slide 1: Fixed Income Investor Roadshow
Deutsche Bank Fixed Income Investor Roadshow New York / Philadelphia / Boston / Chicago 23 - 26 June 2009
Slide 2: Agenda
Agenda 1 G Group Performance P f 2 Funding and Capital Management Investor Relations / Treasury 06/09 · 2
Slide 3: We remain a relative winner through the crisis
We remain a relative winner through the crisis 3Q2007-1Q2009, reported, in EUR bn Aggregate net income Fair value gains on own debt ((1)) (2) (3) (4) (1) 3Q07-4Q08 3Q07 4Q08 based on diverging fiscal year (2) 3Q07-4Q07 3Q07 4Q07 net income based on diverging fiscal year year, 3Q07 3Q07-4Q08 4Q08 FV
Slide 4: Intrinsic capital strength
Intrinsic capital strength Impact of state capital injections Tier I ratio as of 31 March 2009, in % Tier I ratio excluding state capital injections (1) (2) (1) Based on Basel I (2) As of 31 December 2008 Source: Company data Investor Relations / Treasury 06/09 · 4
Slide 5: Strong revenue generation in the first quarter 2009
Strong revenue generation in the first quarter 2009 In EUR bn Significant g p property p y impairment p Mark-downs Monolines 0.8 * 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2007 2008 2009 * Includes EUR 0.9 bn of mark-downs Investor Relations / Treasury 06/09 · 5
Slide 6: Substantial profitability, even after mark-downs
Substantial profitability profitability, even after mark-downs In EUR bn Income before income taxes Net income (6 2) (6.2) (4 8) (4.8) 1Q 2Q 3Q 4Q 1 2 3 4 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Q Q Q Q 2007 2008 2009 00 2007 008 2008 009 2009 Investor Relations / Treasury 06/09 · 6
Slide 7: Significant reduction in balance sheet leverage
Significant reduction in balance sheet leverage Total assets, in EUR bn 30 June 2008 31 Mar 2009 Leverage ratio(2) 38 (653) (1,122) IFRS Netting(1) U.S. GAAP IFRS Netting(1) U.S. GAAP 30 Jun 31 Dec 31 Mar ‘pro-forma’ ‘pro-forma’ 2008 2008 2009 (1) Based on netting rules applied per 30 Sep 2008; for
Slide 8: Provision for credit losses have risen, partly reflecting transfers ...
Provision for credit losses have risen risen, partly reflecting transfers ... In EUR m Single counterparty relationship Related to IAS 39 reclassified assets 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2007 2008 2009 Thereof: CIB (20) (42) (19) 190 (11) (9) 66 361 357 117 124 124 136 125 145 169 229 169 Thereof: PCA
Slide 9: ... but remain relatively low
... but remain relatively low In EUR bn Loan book Provision for credit losses As of 31 December 2008 FY2008 CIB / Other Private clients other Private clients mortgages Note: Private Clients reflects for CS: "Consumer Consumer loans“; loans ; UBS: “Global Global Wealth Management & Business Banking”;
Slide 10: Significant de-risking in key areas
Significant de-risking in key areas 31 Dec 2007 31 Mar 2009 In EUR bn CDO Subprime U S RMBS U.S. (74)% (64)% (56)% (62)% Gross Net Gross Net CRE Leveraged Finance (74)% (86)% (99)% (99)% (1),(2) (1) Gross Net Gross Net CDO / RMBS: Exposure represents our potential loss in the event of a 100% default
Slide 11: Monoline exposure in summary
Monoline exposure in summary As of 31 Mar 2009, in EUR bn Notional Fair value Provision Fair value pre-provision after provision U.S. RMBS 5.4 2.2 (0.2) 2.0 Investment related Grade Other 11.6 2.1 (0.2) 2.0 U.S. U S RMBS 1.9 0.8 (0.6) 0.2 Non-investment related Grade Other 16.9 3.9 (1.3) 2.6 U.S.
Slide 12: Agenda
Agenda 1 G Group Performance P f 2 Funding and Capital Management Investor Relations / Treasury 06/09 · 12
Slide 13: Capital ratios have been strengthened
Capital ratios have been strengthened 10.3 10.2 10.1 Target: g 8.7 8.8 9.2 9.3 ~10% 8.4 8.6 72 7.2 75 7.5 7.0 7.1 7.1 6.9 6.9 7.0 6.8 329 319 316 308 311 308 303 305 285 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2007 2008 2009 Tier 1 ratio, in % Core Tier 1 ratio, in % RWA, in EUR bn Note: 2007 based on Basel I, f
Slide 14: Increasing Tier 1 capital during the crisis
Increasing Tier 1 capital during the crisis €12.2bn of capital raised crisis-to-date EUR 12.2 bn of capital raised1) 30 June 2007 Net Equity Hybrid Other Other 31 March 2009 income1) Capital Capital Capital measures Raisings Raisings2) Raisings3) & effects4) 1) Includes €1.8bn sales of industrial ho
Slide 15: Funding
Funding Strong growth of stable funding sources Growth in retail deposits & clearing balances Stable deposit p growth g by y business line,, in € bn – PBC: Strong organic deposit growth – GTB: Organic growth and ‘flight-to-quality’ inflows PWM GTB PBC – PWM: Increase through deposit campaigns and
Slide 16: Funding
Funding Unsecured funding by source I EUR b In bn 511 495 Cash and liquidity reserves exceed 15% 75 short-term wholesale 153 30% f di funding + 62 420 358 30 JJune 2007 31 M Mar 2009 Short-term wholesale funding Capital markets Fiduciary clearing & other deposits Fiduciary, Retail deposits Note: Fig
Slide 17: Liquidity Management
Liquidity Management Structural liquidity profile positive across all term buckets The liquidity profile aggregates all Liquidity Profile (as of December 2009), in €bn assets and liabilities across the maturity profile and calculates the 300 cumulative net position per bucket Assets 250 Equity A
Slide 18: Liquidity Management
Liquidity Management Strategic Liquidity Reserve (SLR) Deutsche Bank has created a Strategic Strategic Liquidity Reserve Liquidity Reserve which it has substantially 70 increased between Dec-07 and Dec-08 60 (+€48bn) The SLR constitutes portfolios of liquid 50 securities and other measures that
Slide 19: Funding Plan 2009 ~ 75% completed
Funding Plan 2009 ~ 75% completed Capital market issuance €16bn; total stable funding €33bn Modest requirements for 2009 in light of nearly Funding Plan 2009 €100b iissuance iin 2007 €100bn 2007-2008 2008 in EUR bn Plan YTD Capital 2 0 Key demand drivers for funding plan Plain Vanilla Senior 4 3
Slide 20: Additional information
financial transparency. Additional information Roadshow A Passion to Perform. Deutsche Bank
Slide 21: Deutsche Bank's credit ratings profile
Deutsche Bank’s Bank s credit ratings profile As of 19 June 2009 Senior unsecured debt Aa1 A+ AA- Outlook Negative Stable Watch Negative Short term debt P1 P-1 A1 A-1 F1+ Investor Relations / Treasury 06/09 · 21
Slide 22: IFRS balance sheet: Development by category
IFRS balance sheet: Development by category Positive market values In EUR bn from derivatives 1,624 Trading securities Other trading assets 1 516 1,516 Reverse repos / securities borrowed Loans des. at FV Other financial assets des. at FV through P&L Financial assets at FV through P&L Loans Cash and
Slide 23: Loan book
Loan book xx IAS 39 impact on CIB loan book In EUR bn 32% CI 38 25 34 CIB PCAM 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 2008 2009 Note: Total incl. CI / Other; figures may not add up due to rounding differences Investor Relations / Treasury 06/09 · 23
Slide 24: Problem loans
Problem loans Problem loans not considered impaired under IFRS In EUR bn IFRS impaired loans(1) IFRS impaired loans coverage ratio(2) 31 Mar 30 Jun 30 Sep 31 D Dec 31 M Mar 2008 2009 (1) IFRS impaired loans include loans which are individually impaired under IFRS IFRS, ii.e. e for which a specific l
Slide 25: Listed holdings
Listed holdings In EUR m Stake Market value (in %) 31 Mar 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 2009 2008 2008 2008 2008 2009 Daimler AG 2.5% 1,567 1,027 943 692 509 Allianz SE - 867 584 - - - Linde AG 0.2% 571 570 418 250 16 Other - 141 122 135 129 117 Total market value 3,147 2,303 1,497 1,071 642 To
Slide 26: Deutsche Postbank: Considerable strategic optionality
Deutsche Postbank: Considerable strategic optionality Clients of German retail banks as of 2008, in million* Sparkassen ~50.0 Volksbanken ~30.0 14.1 11.0 Cooperation As of 2008 (figures for Germany only) Branches 856 930 10.1 Mobile sales force ~4,260 ~1,600 6.7 FTE ~21,130 ~15,460 ~4.0 3.3 * Source
Slide 27: Balance sheet leverage ratio (target definition)
Balance sheet leverage ratio (target definition) In EUR bn 31 Mar 31 Dec 2009 2008 Total assets (IFRS) 2,103 2,202 Adj t derivatives Adjust d i ti according di tot U.S. U S GAAP netting tti rules l (1 020) (1,020) (1 097) (1,097) Adjust pending settlements according to U.S. GAAP netting rules (97) (
Slide 28: Cautionary statements
Cautionary statements Unless otherwise indicated, the financial information provided herein has been prepared under International Financial Reporting Standards (IFRS). (IFRS) This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical fact
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