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1、DeutscheBankAnnualReview2011CreatingvalueinanewenvironmentCreatingvalueinanewenvironmentOurcorporateidentityisallaboutbeingsuccessful,settingourselvesambitioustargetsandcreatingexceptionalvalue,notonlyforourshareholders,ourclientsandouremployees,butalso–asagoodcorporatecitizen–
2、forsociety.DeutscheBankoperatesgloballyandacceptsresponsibilityforitspartners.Thisappliesingoodtimesandinbad,eveninavastlychangedeconomicenvironment.Today,conditionsareshapednotonlybyincreasedregulatoryrestrictionsandthefinancialandeconomiccrises,butalsobytheprosperingemergingma
3、rketeco-nomiesandourstronghomemarketinGermany.Andtomorrownewchallengesarecertaintocome.Toliveuptotheseresponsibilities,nowandinthefuture,wehavefundamentallyrecalibratedourbusinessmodel.Ahigherequitycapitalratio,alongwithgreaterliquidityreservesandaleanerriskprofileareelementstha
4、tformasolidfoundationforenhancingstabilityandbuildingtrust.Trustthatisessentialforcreatingvalueinthelongterm.Wediscussedourannualtopic“Creatingvalueinanewenvironment”withourshareholderDr.JuneRin,Singapore(pages20/21);ourclientMargaretheWeidner,Regensburg(pages34/35);ourcolleagu
5、eAbdullahAldawood,DeutscheSecuritiesSaudiArabiaLLC,Riyadh(pages58/59);andBenHecht,President&CEO,LivingCities,NewYork(pages64/65).DeutscheBankTheGroupataglance20112010Sharepriceatperiodend1€29.44€39.10Sharepricehigh1€48.70€55.11Sharepricelow1€20.79€35.93Basicearningspershare2€4.
6、45€3.07Dilutedearningspershare2€4.30€2.92Averagesharesoutstanding,inm.,basic2928753Averagesharesoutstanding,inm.,diluted2957791Returnonaverageshareholders'equity(post-tax)8.2%5.5%Pre-taxreturnonaverageshareholders'equity10.2%9.5%Pre-taxreturnonaverageactiveequity310.3%9.6%Bookv
7、alueperbasicshareoutstanding€58.11€52.38Cost/incomeratio78.2%81.6%Compensationratio39.5%44.4%Noncompensationratio38.7%37.3%in€m.20112010Totalnetrevenues33,22828,567Provisionforcreditlosses1,8391,274Totalnoninterestexpenses25,99923,318Incomebeforeincometaxes5,3903,975Netincome4,
8、3262,330in€bn.Dec31,2011Dec31,2010Totalassets2,1641,90
