Deutsche Bank publishes Annual Report 2003

Deutsche Bank today published its report for the 2003 financial year. For the first time, the report consists of an Annual Review and a Financial Report. The illustrated Annual Review gives detailed information on Deutsche Bank, its strategy, organizational structure and individual divisions. The bank reports on its activities related to shareholders, customers, staff and society. The Annual Review also contains a summary of the financial results for 2003.

'Last year, Deutsche Bank attained a new level of operating strength. We considerably improved our risk profile and bolstered our strategic and competitive positions in our core businesses,' writes Dr. Josef Ackermann, Spokesman of the Board of Managing Directors, in his letter to shareholders. 'We improved the most important target figure, the underlying pre-tax return on equity, from 4% in 2002 to 13% last year. The goal we want to achieve in the next two years is 25%.'

The Board of Managing Directors and the Supervisory Board will together propose to the Annual General Meeting on June 2, 2004 that the dividend be increased by 15 per cent to Euro 1.50 be per share for the 2003 financial year. 'This dividend proposal confirms our trust in the efficiency of our staff and the solidity of our franchise. It also underlines our confidence that we shall be able to further increase the bank´s revenue strength. The positive start to 2004 is encouraging,' said Dr. Ackermann.

The Financial Report contains the audited consolidated financial statements of Deutsche Bank for the 2003 financial year, which were prepared - as in previous years - according to U.S. GAAP.

Integrated into the Financial Report is the Corporate Governance Report containing information required by the German Corporate Governance Code. Among other things, Deutsche Bank again publishes the individual compensation paid to the members of the Board of Managing Directors. In 2003, the total compensation paid to the Board of Managing Directors was Euro 28.0 million.

Deutsche Bank achieved income before income tax expense of € 2.8 billion in 2003. Net income was € 1.4 billion, more than three times the previous year’s figure. Adjusted for gains and losses in connection with non-core assets, underlying pre-tax profit was € 3.6 billion, up 163% from the previous year. Underlying revenues amounted to € 21.9 billion. Adjusted for foreign exchange effects and the first time impact of consolidations and deconsolidations this means an increase of 9%. Basic earnings per share were up 281% compared with the previous year to € 2.44.

i>Source: Deutsche Bank

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