Deutsche Bank reports third quarter 2009 net income of EUR 1.4 billion

Frankfurt, October 29, 2009

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

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."

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