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Deutsche Bank Releases Q1 Earnings Early

Tyler Durden's picture





 

Moments after reporting its surprising 10% equity dilution, DB proceeds to release it Q1 earnings early. Some of the highlights:

  • Revenue €9.4 bn, Est. €9.23 bn, up €197MM Y/Y
    • Banking and Securities revenues down €209MM Y/Y to €4.6 BN
    • Global Transaction Banking revenues up €25MM to €992MM
    • Revenues in Non-Core Operations Unit up 76% to €427MM, compared to €243MM in Q1 2012
      • NCOU revenue was driven by de-risking activities, fair value movements and impairments as well as increases in underlying net interest margin and revenues on operating assets
    • Consolidation and Adjustments revenue -€261, up €121 MM from prior year
  • Non-Interest expenses €6.6Bn, down 5% Y/Y
  • Net Income €1.661 billion, up €253MM Y/Y
  • Diluted earnings per share €1.71
  • Provision for credit losses at €354MM, up €40 MM from prior year, but down €79MM from Q4.
  • Sales and Trading(debt and other products) down €438MM, or -14% Y/Y
    • "Improved performances in Flow Credit, Client Solutions and emerging markets were more than offset by lower revenues in Global Liquidity Management and notably in European Rates, as macroeconomic uncertainty impacted client activity"
  • Origination and Advisory net revenues increased by EUR 38 million, or 6%, compared to the first quarter 2012
  • Current capital measures expected to add approximately EUR 2.8 billion to Core Tier 1 capital, taking Basel 3 fully loaded pro forma Core Tier 1 ratio to approximately 9.5%
    • Potential further creation of approximately EUR 2 billion of subordinated capital planned over next twelve months

Tabular:

Full press release below (link):

 

And the far more informative supplement which is not a PR release:

 


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Mon, 04/29/2013 - 12:46 | Link to Comment buzzsaw99
buzzsaw99's picture

well i'm so very happy 4 them. [/sarc.]

Mon, 04/29/2013 - 12:50 | Link to Comment nope-1004
nope-1004's picture

FASB, bitchez.  What we are told and what lies under the rug are two completely different things.

 

Mon, 04/29/2013 - 12:49 | Link to Comment Ahmeexnal
Ahmeexnal's picture

der Kaiser hat keine Kleider!

Mon, 04/29/2013 - 12:54 | Link to Comment Political_Savage
Political_Savage's picture

Not a good day to be a DB employee - that's gotta hurt the deferred comp.

Mon, 04/29/2013 - 13:18 | Link to Comment FieldingMellish
FieldingMellish's picture

I'm weeping for them. /sarc

Mon, 04/29/2013 - 12:54 | Link to Comment buzzsaw99
buzzsaw99's picture

Spell it any way you want it still means bonus time is here again.

Mon, 04/29/2013 - 13:03 | Link to Comment GolfHatesMe
GolfHatesMe's picture

All spelled SPV to me. Total bullshit

Mon, 04/29/2013 - 12:44 | Link to Comment camaro68ss
camaro68ss's picture

so why the need to sale shares? makes you go hummmm.....

Mon, 04/29/2013 - 13:08 | Link to Comment kridkrid
kridkrid's picture

Screened in porch? New deck?  Landscaping?  Manscaping?

Mon, 04/29/2013 - 12:49 | Link to Comment slaughterer
slaughterer's picture

Something hideous is being covered up by this earnings release.

Mon, 04/29/2013 - 12:51 | Link to Comment LawsofPhysics
LawsofPhysics's picture

My thoughts exactly, bank failures coming, for real this time?  Trying to be optimistic.

Mon, 04/29/2013 - 12:51 | Link to Comment ekm
ekm's picture

They called collateral on monte dei paschi. Why? Why?

 

If the italian gov didn't pay, monte dei paschi would have defaulted.

 

Question: Who else have they called collateral from and being defaulted on?

 

Mon, 04/29/2013 - 12:52 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Maybe China's "Drakken" family has decided to end the charade and crash DB.

Mon, 04/29/2013 - 13:06 | Link to Comment ekm
ekm's picture

Possilbe, and I'm being serious.

Mon, 04/29/2013 - 14:02 | Link to Comment fonzannoon
fonzannoon's picture

ekm all I see here is db raising cash (successfully) and recapping itself. what am i missing?

Mon, 04/29/2013 - 14:08 | Link to Comment ekm
ekm's picture

Angela Merkel's phone number, that's what we're missing.

 

Somebody's going down, I guess it's not going to be DB, but somebody will have to hold the hot potato.

 

Look what I discovered:

http://www.reuters.com/article/2009/08/31/china-derivatives-idUSSP47327420090831

 

There you have the proof for all QEs. Check the date of the article. Right when QE1 started.

Mon, 04/29/2013 - 14:16 | Link to Comment fonzannoon
fonzannoon's picture

they issued new shares. That's all. I am not trying to be a wiseass, i am just ignorant here i guess. I see them issuing stock, and the market buying it. where is there a collateral pull involved?

Mon, 04/29/2013 - 14:16 | Link to Comment ekm
ekm's picture

There is no market. Somebody was given the money to buy them, same as when BAC issued stocks and other primary dealers bought them.

 

As to collateral, we will find out. That stuff wouldn't show up anywhere.

Check my link.

Mon, 04/29/2013 - 12:49 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

This will be revised after they have your money. 

Mon, 04/29/2013 - 12:50 | Link to Comment Jekyll_n_Hyde_Island
Jekyll_n_Hyde_Island's picture

"Liquitidy Reserves were EUR 230 Billion, of which 56% being in cash and cash equivalents and primarily held at central banks."

 

   Huh.  FMITA.  Deep.

Mon, 04/29/2013 - 12:51 | Link to Comment Colonel Klink
Colonel Klink's picture

You can't spell bankrupt without bank!

Mon, 04/29/2013 - 13:15 | Link to Comment I need more cowbell
I need more cowbell's picture

HOGAN!!

Mon, 04/29/2013 - 12:57 | Link to Comment slaughterer
slaughterer's picture

Still leveraged 36:1?  C'mon, fess up.

Yeah, results were so FUCKING GREAT that we will dilute our equity by 10% and add another $2billion in subordinated debt!

FTMFW

Mon, 04/29/2013 - 13:38 | Link to Comment fonzannoon
fonzannoon's picture

What's the big deal. DB is Germany. DB ain't going anywhere.

Mon, 04/29/2013 - 12:59 | Link to Comment B2u
B2u's picture

Where can I get some of that 0% interest money?

Mon, 04/29/2013 - 13:02 | Link to Comment piliage
piliage's picture

And Cyprus' banks passed the stress tests with flying colors a couple months before they went belly up. I'm sure DB's balance sheet is just fine.

Mon, 04/29/2013 - 13:03 | Link to Comment Everybodys All ...
Everybodys All American's picture

Sales and Trading(debt and other products) down €438MM, or -14% Y/Y

There is literally very few broker dealers/banks making the same kind of money from retail traders. Elvis has left the building and yet the markets are at all time highs on many of the major indexes. At what point do we find out the Fed is buying ES minis daily?

Mon, 04/29/2013 - 13:29 | Link to Comment scatterbrains
scatterbrains's picture

Well the buying of /es by the fed with money created out of thin air is a matter of national security. Once everyone realizes this gold shoots to 10k and the /ES drops to maybe a half dozen trade volume per day just to mark it to the fantasy that they've created for themselves.

Mon, 04/29/2013 - 13:59 | Link to Comment yogibear
yogibear's picture

Of course Dudley and the Fed are buying equities through their banks.

The US dollar is now backed by fantasy. Crash and burn it. The Fed cane keep printing while it's dying. Like pouring gasoline in a fire,

Mon, 04/29/2013 - 13:06 | Link to Comment Fuh Querada
Fuh Querada's picture

Where is the derivatives book (last year €59 trillion, predominantly interest rate swaps)?

Mon, 04/29/2013 - 13:24 | Link to Comment reload
reload's picture

And now it is not so easy to fix libor......

they even note themselves that `european rates` trading has been less than ok.

Mon, 04/29/2013 - 13:38 | Link to Comment FieldingMellish
FieldingMellish's picture

We are not in Kansas anymore (haven't been for awhile, actually):

(courtesy of RanSquak)

 

PIMCO's El-Erian says economic situation not as good as markets suggest

 

Update details:

- Nonetheless S&P has made a new all time high this afternoon with strength being to attributed to the stabling political situation in Italy and with rate decisions from both the Fed and ECB with bets on that they will provide further stimulus to the market.

 

Which, of course, jives perfectly with the meme of gold's dumping being due to stimulus being withdrawn.

Mon, 04/29/2013 - 14:08 | Link to Comment PontifexMaximus
PontifexMaximus's picture

But should be good for deep green territory, this are goood figures, and by the way, who cares, today DBK, tomorrow another story, but the overall picture is +++. It needs to be +++, US, JPN and EU need it.

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