Deutsche Bank well prepared for future challenges

Deutsche Bank turned in a respectable performance in 2001 and in the first few months of 2002. "We proved the strength of our core business, even though we cannot be satisfied with the overall result. We are confident that the difficult overall conditions will lead over into a better environment in the second half of 2002 and that we can resume the positive trend of the preceding years," said Dr. Rolf-E. Breuer, Spokesman of the Board of Managing Directors of Deutsche Bank, at the General Meeting in Frankfurt am Main. In 2001 the Bank had initiated and implemented many activities. In the process, it had captured market share from which it would profit when the markets recovered. On this basis, the Board of Managing Directors and Supervisory Board proposes to the General Meeting that a dividend of Euro 1.30 per share be paid, as in the previous year.

In the first few months of 2002, Deutsche Bank held up well in what continued to be a difficult environment for the financial markets and achieved a substantial improvement on the two preceding quarters. The Spokesman of the Board of Managing Directors pointed out that the cost containment programme was continuing to take an increasing effect: non-interest expenses fell by Euro 944 million compared with the first quarter of 2001 to Euro 6 billion, a decrease of 14 percent. Breuer: "Our cost problem is not just a matter of doing business more economically at all levels or of rediscovering modesty. It’s more a question of reducing unnecessary complexity and restructuring entire processes. In many respects, Deutsche Bank has to reinvent itself if it wants to survive."

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