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2002 2003
I II III IV I II III
181
54
-75 -215
172194
101
72
2
-129
-243
3
70
20
Operating profit
Net profit
‡ commerzbank – figures, facts, targets ‡INVESTOR reLATIONS
3rd quarter 2003
*) before revaluation
‡ operating profit per quarter ‡Commerzbank group, in tt m
*
Commerzbank AGCorporate Communications Department
D-60261 Frankfurt am Mainwww.commerzbank.com
Investor RelationsJürgen AckermannDr. Ingolf HegnerSimone NuxollEvelyn Noll (Secr.)Telephone 69-136-222 55Telefax 69-136-294 92E-mail [email protected]
Regulated by FSA for the Conduct of Investment Business in the UK
This publication appears four times a year to accompany the quarterly results and the annual financial statements.
This presentation can also be found on Commerzbank’s web site, in German and English.German: www.commerzbank.deInvestor RelationsPräsentationenEnglish: www. commerzbank.comInvestor RelationsPresentations
Completed on November 11, 2003
3
All figures – if not stated otherwise – according to IAS
Commerzbank’s strategic emphasis
Branch structureof Commerzbank AG _____________ 4
Structure of Commerzbank Group ____________ 5
Two double pillars comprisingsales and production
Results of the Parent Bankand of the major subsidiaries ______ 6
Completing phase 1 of the restructuring in 2003
Rationale for revaluation of participation portfolio __________ 7
Commerzbank’s361,000 shareholders
Equity and market capitalization __________ 8
Performance of the Commerzbank share
Trading volume of the Commerzbank share _____________ 9
Balance-sheet total
Claims on customers _____________ 10
Retail Banking: Rating of credit limits
Corporate Banking: Rating of credit limits _____________ 11
Breakdown of assets
Breakdown of liabilities and shareholders’ equity _____________ 12
Shareholdings in the non-financial sector
Development ofrevaluation reserve ______________ 13
Commerzbank Group’s equity
Risk-weighted assetsand capital ratios _________________ 14
Income statement _______________ 15
Net interest income
Breakdown of net commission income _____________ 16
Trading profit
Operating expenditure ___________ 17
Development of provisioning Provision for possibleloan losses _____________________ 18
Loan loss coverage ratio
Loan loss provisions by banking departments ____________________ 19
Operating profit per quarter
Assets under Management _______ 20
Breakdown of results, by banking department ___________ 21
Development of individual banking departments
Corporate banking in Germany _____ 22
comdirect bank: customer baseand strategic highlights
Five-point-programfor raising efficiency _____________ 23
Cost-cutting offensive plus
Commerzbank’s cost-cutting success _____________ 24
Equity ratios,according to BIS
Profitability ratios ________________ 25
Key figures of the Commerzbank share
Basic Commerzbank data _________ 26
‡ commerzbank – figures, facts, targets ‡
Content
4
Commerzbank’s strategic emphasis
*) of which: 87 regional distribution units for corporate customer business**) of which: 75 local sales offices for corporate customer business
■ to be the efficient provider of financial services for demanding private customers in Germany
■ to become the number one bank for the successful German Mittelstand and the creative relationship bank for major corporates and institutions in Europe as well as multinationals from all over the world
■ to integrate our investment and corporate banking activities more strongly
■ to concentrate our range of products
■ to allocate equity capital to reflect the growth potential of business areas
■ to reduce strategically unnecessary shareholdings
Branch structure of Commerzbank AG in Germany
as of 31.12.2000:924 offices
20
132
772
10391*
615**673
20
20
as of 31.12.2001:796 offices
as of 30.9.2003:726 offices
Main branches
Regional branches
Branch offices
5
Structure of Commerzbank Group
B O A R D O F M A N A G I N G D I R E C T O R S
Corporate divis ions
Group
Management
Retail Banking
and Asset Management
● Asset Management● Credit Operations
Private Customers● Private Banking● Retail Banking
Domestic and foreign branch network
Corporate
and Investment Banking
● Corporate Banking● Financial Institutions● Global Credit Operations● Multinational Corporates● Real Estate ● Securities
Cooperation in bancassurance area
● ComInvest Asset Management GmbH
● ADIG Investment Luxemburg S.A.● AFINA Bufete de Socios
Financieros, S.A.● Caisse Centrale
de Reéscompte, S.A.● Commerz International Capital
Management (Japan) Ltd.● Commerzbank Europe (Ireland)● Jupiter International Group plc
● comdirect bank AG● COMMERZ PARTNER Beratungs-
gesellschaft für Vorsorge- und Finanzprodukte mbH
● Commerz Service GmbH
● Commerzbank International S.A.● Commerzbank (Switzerland) Ltd● Commerzbank (South
East Asia) Ltd.
● Hypothekenbank in Essen AG
● Erste Europäische Pfandbrief- und Kommunalkredit-bank AG
● EUROHYPO AG● Korea Exchange Bank
● BRE Bank SA● Commerzbank (Budapest) Rt.● Commerzbank (Eurasija) SAO● Commerzbank International
(Ireland)● Commerzbank (Nederland) N.V.● Commerzbank (East Asia) Ltd.● P.T. Bank Finconesia● Banque Marocaine du Commerce
Extérieur● Unibanco – União de Bancos
Brasileiros S.A.
● Commerz Grundbesitz-gesellschaft mbH
● CommerzLeasing und Immobilien AG
● CBG Commerz Beteiligungs-gesellschaft Holding mbH
● Commerzbank Capital Markets Corp.
● Commerzbank Capital Markets (Eastern Europe) a.s.
● Commerz Futures, LLC● Commerz Securities (Japan)
Co. Ltd.
● Commerz Business Consulting AG
● pdv.com Beratungs- GmbH
● SOLTRX Solutions for financial business GmbH
● TC Trust Center AG
Services
Service departments
● Global OperationsInvestment Banking
● IT Development● IT Investment
Banking● IT Production● IT Support● Organization● Transaction Banking
Banking departmentsStaff departments
● Accounting and Taxes● Compliance and
Security● Financial Controlling● Group Treasury● Corporate
Communications and Economic Research
● Human Resources● Internal Auditing● Legal Services● Risk Control● Strategy and
Controlling
Group companies and major holdings
as of September 2003
6
Two double pillars comprising sales and production
Results of the Parent Bank and of the major subsidiaries
All figures are based on IAS according to Commerzbank Group reporting
Retail
Banking
Asset
Management
Corporate
Banking
Investment
Banking
Balance-sheet total Pre-tax profit1.1.-30.9.
in h m 30.9.2003 31.12.2002 2003 2002
Commerzbank AG 293,309 319,987 -1,636 1,460
comdirect bank 3,444 2,596 32 -28
CommerzLeasing und Immobilien AG 760 779 36 37
Hypothekenbank in Essen AG 79,126 76,097 114 120
Caisse Centrale de Réescompte, S.A. 4,731 6,558 22 19
COMINVEST Asset Management GmbH 309 343 68 28
ADIG Investment Luxembourg S.A. 181 181 22 20
Commerzbank Europe (Ireland) Unltd. 4,323 5,131 27 13
Commerzbank International S.A. 13,124 14,776 97 99
Commerzbank (Switzerland) Ltd 576 624 15 16
Jupiter International Group PLC 332 356 17 27
BRE Bank SA 5,498 6,149 14 27
The best choice
for private clients
in Germany
The creative relationship bank
■ for successful entrepreneurs/companies in Germany
■ for clients with a good credit standing in Europe and USA
„Leading distribution platform in the heart of Europe“Systematic focus on adding value through distribution➠
7
Rationale for revaluation of participation portfolio
Objectives
■ Improved transparency and clarity of financial accounts
■ Increases flexibility to exit participations
■ The future amortization of goodwill will be reduced
■ Each disposal will also reduce the funding costs
■ Improved rating outlook
■ More scope for strategic acquisitions in core activities
■ No realized book losses in future to impede internal growth
■ Return to shareholder-friendly dividend policy
} Both factors will help to raise the operating
result above our cost of capital in 2005
Completing phase 1 of the restructuring in 2003
Strategic agenda 2002
■ Strategic Review of all divisions
■ Cost offensive■ Strengthening of
Tier 1 Ratio■ Credit portfolio review■ Structural initiatives and
headcount reduction
Strategic agenda 2003
■ Restructuring of alldivisions
■ Implementation ofmore than 200 definedinitiatives
■ Cost offensive plus■ Reduction of bulk risk■ Reduction of non-core
assets■ Implementation of
state-of-the-art financialsteering tools andfinancial discipline
Financial revaluation
■ Thorough review of allassets:– Loan book– Participations– Others
■ Write-down of bookvalues andstrengthening of thebalance sheet
■ Preparation foraccelerated disposal ofnon-core assets
■ Improvement offinancial and strategicflexibility
Strategic agenda 2004
■ Repositioning ofcorporate banking
■ Implementation ofrevenue growth initiative – Grow to win (Retail)– Mittelstandsinitiative–Value offensive large
corporates („Wertof-fensive Grosskunden“)
■ Accelerated disposals ofnon-core assets
■ Permanent costmanagement
■ Selective acquisitions■ Continued strategic
review
Phase 2: Exploitation ofprofitable growth opportunities
within tight financial control
Phase 1: Stabilization of franchise in difficult market environment
Fresh impetus from new management team
2002 2003 2004
8
Commerzbank’s 361,000 shareholders
31.12.2000 31.12.2001 31.12.2002 30.9.2003
12.5
16.7
11.8
9.5 8.8
4.0
8.7
6.8
Equity
Market capitalization
Equity and market capitalization
Commerzbank Group, in h bn
as of 30.9.2003
Abroad
Private investors 4.0%
Generali 9.9%
SCH 3.7%
Mediobanca 1.6%
Intesa 0.8%
Institutional investors 15.5%
Germany
14.0% Institutional investors
5.5% WCM
10.4% Munich Re
34.6% Private investors
9
I II III IV I II III IV I II III
4.2
3.73.5
2.6 2.5
1.9 1.92.2
1.2
3.02.8
On 30.9.2003, the Commerzbank share
had an index weighting of 1.48%
in the DAX index and 1.44% in
the DJ Euro Stoxx Banks.
2001 2002 2003
Trading volume of the Commerzbank share
in e bn
1999 2000 2001 2002 2003*20
40
60
80
100
120
140
160
Commerzbank share price
DJ Euro Stoxx banks
CDAX (banks)
Performance of the Commerzbank share
Month-end figures, January 1999 = 100
*) until October 31, 2003
10
31.12.2000 31.12.2001 31.12.2002 30.9.2003
459.7
224.8
501.3
220.3
422.1
148.5
391.3
147.1
Balance-sheet total
Claims on customers
Balance-sheet total and claims on customers
Commerzbank Group, in h bn
31.12.1999 31.12.2000 31.12.2001 31.12.2002
24.0%
22.7%
27.0%
3.1%
23.2%
21.9%
22.3%
26.1%
3.4%
26.3%
16.3%
18.0%
32.9%
3.7%
29.1%
10.5%
22.8%
31.2%
2.4%
33.1%
Public authorities
Retail customers
Corporate customers
Public authorities
Corporate andretail customers
Do
me
stic
Fo
reig
n 220.3bnt203.5bn 148.5bnt224.8bnt t
Claims on customers
Commerzbank Group
11
R0 R1 R2 R3 R4 R5 R6
Credit rating
49.3
6.5
15.4
26.7
14.0
35.6
8.6
16.7
4.4 5.51.0
1.0
7.2 8.0as of 31.12.2001
as of 30.9.2003
Retail Banking (Germany): Rating of agreed credit lines
in %
Due to the introduction of a new scoring procedure in connection with Basel II, the proportion of unrated borrowers or those not requiring arating (RO) continued to fall.
R0 R1 R2 R3 R4 R5 R6
Credit rating
1.51.0
16.7
13.0
39.538.0
27.829.7
6.87.6
1.8 2.1
5.88.6
as of 31.12.2001
as of 30.9.2003
Corporate Banking (Germany): Rating of agreed credit lines
in %
12
30.9.2003 31.12.200213,950
187,835
141,459
43,4424,572
391,258
14,437
201,750
143,138
54,343
8,466
422,134
Other assets
Assets held for dealing purposes/financial investments
Claims on customers (after provisioning)
Claims on banks
Liquid funds
Balance-sheet total
Breakdown of assets
Commerzbank Group, in h m
30.9.2003 31.12.2002
99,573
17,369
83,190
99,494
91,632
391,258
99,411
19,307
92,732
95,700
114,984
422,134
Other liabilities
Liable funds
Securitized liabilities
Liabilities to other creditors
Liabilities to banks
Balance-sheet total
Breakdown of liabilities and shareholders’ equity
Commerzbank Group, in h m
13
Commerzbank’s shareholdings in the non-financial sector
(5% of capital and above) as of 30.9.2003
Alno AG
Pfullendorf/Baden
28.7% 7*
Heidelberger
Druckmaschinen AG
Heidelberg
10.0%1) 213*
Linde AG
Wiesbaden
10.0% 422*
MAN AG
Munich
6.8%1) 163*
Neschen AG
Bückeburg
6.8% 2*
Ferrari S.p.A.
Maranello, Modena
10.0% not listed
1) held indirectly and directly2) held indirectly*) market price of Commerzbank’s holding on 30.9.2003 in h m
03/02 06/02 09/02 12/02 03/03 06/03 09/03
307
-640
-1,282
-769
-1,100
-258
650
postrevaluation
Development of revaluation reserve
as of 30.9.2003,in h m
14
Commerzbank Group’s equity (BIS)
as of 30.9.2003
*) including market risks
Risk-weighted assets and capital ratios (as defined by BIS)
Commerzbank Group, in h m
30.9.2003 31.12.2002
Risk-weighted assets 144,035 156,540
Capital charge for market risks 4,638 3,650
Items to be risk-weighted 148,673 160,190
Elements of equity for supervision purposes
Core capital 11,571 11,691
Eligible own funds 19,199 19,662
Capital ratios for supervision purposes in %
Core capital ratio* 7.8 7.3
Equity capital ratio 12.9 12.3
After the consolidated loss has been set off, the core capital ratio (including the market-risk position) will be reduced to 6.4%and the own funds ratio to 11.5%
Tier III fundsh0.124bn
Supplementary capitalh7.504bn
Core capitalh11.571bn
hh19.199bn
15
Major items from Commerzbank Group’s income statement
1.1.-30.9.2003 1.1.-30.9.2002 Change
in h m in h m in h m in %
Net interest income 2,113 2,455 -342 -13.9
Provisions for possible loan losses -828 -998 170 -17.0
Net interest income after provisioning 1,285 1,457 -172 -11.8
Net commission income 1,545 1,630 -85 -5.2
Net result on hedge accounting 37 -2 39 .
Trading profit 616 453 163 36.0
Net result on investments andsecurities portfolio 223 -379 602 .
Other operating result 159 936 -777 -83.0
Operating expenses 3,398 3,935 -537 -13.6
Operating profit 467 160 307 .
Regular amortization of goodwill 89 83 6 7.2
Profit from ordinary activities before
restructuring expenses and expenses
due to special factors 378 77 301 .
Restructuring expenses 104 32 72 .
Expenses due to special factors 2,325 – – .
Profit from ordinary activities after
restructuring expenses and expenses
due to special factors -2,051 45 -2,096 .
Extraordinary profit – – – .
Pre-tax profit -2,051 45 -2,096 .
Taxes on income 110 38 72 .
After-tax profit -2,161 7 -2,168 .
Profit/loss attributable tominority interests -71 -62 -9 14.5
Net loss -2,232 -55 -2,177 .
16
32.0% 38.8% 35.6% 29.6%
2000 2001 2002 1.1.-30.9.2003
390
134122164
585
1,329
2,724
246
122127
333
526
913
2,267
22080
140
346
511
823
2,120
14566
117
283
345
589
1,545
Other commissions
Income from syndicated business
Guarantees
Foreign commercial business andpayments transactions
Asset Management
Securities business
generated abroad
Breakdown of net commission income
Commerzbank Group, in h m
2000 2001 2002 1.1.-30.9.2003
3,516
685
2,831
3,581
927
2,654
3,133
1,321
1,812
2,113
828
1,285Net interest income beforeprovisioning
Loan-loss provisions
Net interest income afterprovisioning
-11.8%
-13.9%
-17.0%
2,455
998
1,457
Net interest income
Commerzbank Group, in h m
17
2000 2001 2002 1.1.-30.9.2003
3,007
1,970
500
3,066
2,216
573
2,679
1,909
567
1,854
1,164
380
Personnel expenses
Other expenses
Depreciation on fixed andintangible assets
3,3985,477 5,855 5,155
-11.2%
-17.2%
-16.1%
2,089
1,387
459
Operating expenditure
Commerzbank Group, in h m
2000 2001 2002 1.1.-30.9.2003
809
122
18
981
20
163
33
500
25 40
-21
601
-4
52
-33
Securities
Treasury
Others
Derivative financial instruments
949 1,197 544 616
Trading profit
Commerzbank Group, in h m
There have been several changes in the areas covered by the respective departments; the 2000 figures have not been adjusted.
18
0.7
1.3
0.7
0.5
0.6
0.5 0.5
0.3
0.29
0.39
0.77
0.120.11
0.15
0.17 0.29
0.46
0.210.15
0.35
0.28
0.48
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
provisioning ratio1)
write-off ratio2)
Commerzbank Group’s provision for possible loan losses
Value adjustments and loan losses (excl. country risks) 1992-2002
1) Net provision for risks as a ratio of average commercial loan portfolio, with value adjustments deducted;2) Write-offs as a percentage of average commercial loan portfolio
Development of provisioning
Commerzbank Group, in h m
2003 2002
As of January 1 5,705 5,946
Allocations 997 1,194
Deductions 644 767
utilized 380 557
written back 264 210
Changes in the list of consolidated companies (Rheinhyp) – -550
Changes in foreign-exchange rates/transfers -54 2
As of September 30 6,004 5,825
19
Retailbanking
Corporatesand institutions
Mortgagebanks
Total
335359
544 44 44
203230
330305
205
256
219
182547
133 3 10
254
308
436
323
252
303273
Q1/02
Q2/02
Q3/02
Q4/02
Q1/03
Q2/03
Q3/03
Loan loss provisions by banking departments
Commerzbank Group,in h m
31.12.2001 31.12.2002 30.9.2003
5,838
983
544
4,975
6,502
6,846
1,683
385
5,320
7,388
6,939
1,818
367
5,637
7,822
Non-performing loans(excl. Rheinhyp)
Collateral
Country LLP andgeneral provision
Loan-loss provision
Commerzbank’s loan-loss coverage ratio
in h m
*) Increase in collateral from Dec 2001 to Dec 2002 due to changed ratings for highly collateralized domestic corporate customers.
111.4%
107.9% 112.7%
In excess:h664m
In excess:h542m
In excess:h883m
*
20
2002 2003
I II III IV I II III
181
54
-75 -215
172194
101
72
2
-129
-243
3
70
20
Operating profit
Net profit
Operating profit per quarter
Commerzbank Group, in h m
*) before revaluation
*
COMINVESTAsset
Management
CCR Group JupiterGroup
PrivateAsset
Management
CICM Dublin CAMAsia Pacific
Other units
48.2
13.4 14.5
7.3
2.9 3.4
11.7
Germany
France
United Kingdom
Other units
Assets under management
in 7 bn, as of 30.9.2003
total: h 101.4bn
21
Breakdown of results, by banking department
Commerzbank Group, 1.1.-30.9.2003, in h m
Retail Asset Corporate Secu- Group Mort- Others/ Total
banking manage- customers rities treasury gage consoli-
ment and banking dation
institutions
Net interest income 810 -15 1,207 47 225 195 -356 2,113
Provisions forpossible loan losses -132 – -680 – – -16 – -828
Net interest income after provisioning 678 -15 527 47 225 179 -356 1,285
Net commission income 692 291 520 74 -1 -9 -22 -1,545
Net result on hedgeaccounting – 1 0 0 1 35 – 37
Trading profit 4 10 33 582 1 -53 39 616
Net result on investmentsand securities portfolio* 3 17 42 5 36 64 56 223
Other operating result* 13 7 52 -5 – -1 93 159
Operating expenses* 1,202 238 916 697 48 24 273 3,398
Operating profit 188 73 258 6 214 191 -463 467
Balance on expenses/income – – – – – – 2,325 2,325
Regular amortization of goodwill – 63 6 0 – 16 4 89
Restructuring expenses – 8 25 34 – – 37 104
Pre-tax profit 188 2 227 -28 214 175 -2,829 -2,051
Average equity tied up 1,811 660 5,218 1,007 107 886 1,850 11,539
Operative return on equity (%)** 13.8 14.7 6.6 0.8 266.7 28.7 – 5.4
Cost/income ratio in operating business (%) 79.0 76.5 49.4 99.1 18.3 10.4 – 72.4
Return on equity of pre-tax profit (%)** 13.8 0.4 5.8 -3.7 266.7 26.3 – -23.7
Staff (average no.) 10,913 1,645 9,328 1,406 42 155 9,873 33,362
*) excluding special factors; **) annualized
22
197152
120
-16
152109
-3
33 5
110
21
117
29
68
4 9 3
37 33
8471
15
-43-86
-182
45 17
-56
1731
-17 -18
15 16
42
156
592
64 5680
55
Development of individual banking departments
operating profit per quarter (in h m)
Co
rpo
rate
cu
sto
mers
an
d
insti
tuti
on
s
Asset
man
ag
em
en
t
Reta
il
ban
kin
g
Secu
riti
es
Tre
asu
ry
Mo
rtg
ag
e
ban
kin
g
Corporate banking in Germany
Target groups in German corporate banking
Mittelstand
h2.5 - h250mMarket:133,000
companies
percentagewith
Commerzbank
Public sector
Market:9,600clients
percentagewith
Commerzbank
Largecorporates
< h5,000mMarket:2,800
companies
percentagewith
Commerzbank
Multinationalcorporates
117 definedclients
percentagewith
Commerzbank
Institutionalinvestors
Market:4,800clients
percentagewith
Commerzbank
38%75%
100%
40% 20%
2002 2003 2002 2003
23
31.12.1999 31.12.2000 31.12.2001 31.12.2002 30.9.2003
226,200
277,100
539,200
577,500615,200
648,600
594,700
622,200
589,000
629,700
of which: direct-brokerage customers
comdirect bank: customer base and strategic highlights
Five-point-programme for raising efficiency
■ Cost-cutting offensive implementation better than planned
■ Credit check problem loans identified and
solutions set in motion
■ Pricing offensive first positive effects through wider margins,
termination of special terms and conditions
■ Structural and personnel measures some new recruitments for key positions
■ Disposal of non-strategic interests interests in financial and industrial
companies reduced or sold
✓
✓
✓
✓
✓
Turnaround in operative business in 2002
Distinct profit planned for 2003
Future success based on three key areas:
Online investment
Direct banking
Financial and portfolio advice
24
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
39,481 38,665 38,017 37,176 36,566 35,38433,850 33,3271,487
1,398
1,308
1,229 1,2201,179
1,1411,078
staff (end-quarter figures) Operating expenses in euro m
Commerzbank’s cost-cutting success
Further boost to profitability from “cost-cutting offensive plus”
The project launched in Q1 2003 focuses on:All head-office unitsForeign units and subsidiaries
Aggregate potential savings amount to h688m
of which: h381m personnel expenses of which: h307m other expensesSavings in 2003: h460mAdditional savings in 2004: h195mAdditional savings in 2005: h33m
1,500 jobs to be shed in Germanyin addition to the already resolved or initiated reduction of 500 jobs
1,100 jobs to be shed abroad
2001 2002 2003 2004
t5,155mto
t4.5bn
25
Equity ratios, according to BIS
in %
Profitability ratios
in %
*) annualized
2000 2001 2002 1.1.-30.9.2003
71.8
81.177.3
72.4
13.5
3.4
1.6
5.4cost/income ratio inoperating business
operative return on equity
*
5.7 6.0
7.37.8
6.56.2
7.58.0
9.910.3
12.312.9
31.12.2000 31.12.2001 31.12.2002 30.9.2003
core capital ratio,incl. market-risk position
core capital ratio,excl. market-risk position
own funds ratio
26
1.97
0.08
-0.70
0.50
1.10
0.19
-0.56
0.17
1.00
0.40
0.10
0
20001) 2001 20023) 30.9.20033)5
4
3
2
1
0
-1
Pre-tax profit
Net income
Dividend2)
4)
4)
Key figures per Commerzbank share
in h
1) excluding comdirect IPO/dividend including h0.20 bonus; 2) excluding tax credit; 3) incl. restructuring expenses; 4) figures as of 30.9.2003before expenses due to special factors
Basic Commerzbank data
year-end figures
Commerzbank Group 1999 2000 2001 2002
Branches 1,064 1,080 981 904
Customers 5.20 m 5.70 m 6.00 m 6.00 m
Employees 34,870 39,044 39,481 36,566of whom: in Germany 30,557 31,716 31,899 28,603
abroad 4,313 7,328 7,582 7,963
Parent Bank
Branches 960 945 816 753of which: in Germany 939 924 796 733
abroad 21 21 20 20
Employees 29,190 29,611 30,021 28,343of whom: in Germany 27,068 27,225 27,469 25,739
abroad 2,122 2,386 2,552 2,604
number of outstanding shares in m 541.8 541.8 542.2 544.5
27
Notes
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