DZ BANK Group Investors Presentation - April 2019 - DZ BANK AG
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DZ BANK Group Investors Presentation April 2019
Agenda 1. Full year results 2018 2. Capital and Liquidity 3. Asset Quality 4. Funding and Rating 5. Contact Page 2 April 2019 DZ BANK Group Investors Presentation
DZ BANK Group
Respectable result, good operating performance
Business performance Strategic development
Respectable financial performance: DZ BANK AG:
Profit before taxes of just under €1.4 billion – Completion of merger / migration
– 'Verbund First 4.0': Ambitious targets for earnings and costs
Good operating performance in all entities: DZ HYP:
Encouraging growth in the customer business Implementation of merger between DG HYP and WL BANK
Impact of negative one-off effects: DVB:
DZ PRIVATBANK, DVB, further development of – Substantial progress in 2018
DZ BANK AG – Stabilization, risk reduction, sale of parts of the business
Stable capital situation: VR Smart Finanz:
Common equity Tier 1 capital ratio of 13.7 percent Digital transformation on track
(December 31, 2017: 13.7 percent)
Very good credit rating: Further segments:
AA- (S&P / Fitch) – Integrated digitalization across the group
– Focus on growth and efficiency (e.g. 'growth through
change' program at R+V)
Page 3 April 2019 DZ BANK Group Investors Presentation
DZ BANK Group
Key figures
Profit before taxes Net profit Cost/income ratio
(€ million) (€ million) (%)
1,810 74.5
1,370 1,098 60.4
918
2017 2018 2017 2018 2017 2018
Average number of employees
Total Assets CET 1 ratio (fully loaded)
during the period
(€ billion) (%) (number)
505.6 518.7 13.7 13.7 30,279 30,732
31.12.2017 31.12.2018 31.12.2017 31.12.2018 31.12.2017 31.12.2018
Page 4 April 2019 DZ BANK Group Investors PresentationDZ BANK Group
Income statement
Jan. 1 - Jan. 1 - Change
€ million
Dec. 31, 2018 Dec. 31, 2017 (%)
Net interest income 2,799 2,941 -4.8
Net fee and commission income 1,955 1,864 4.9
Gains and losses on trading activities 285 506 -43.7
Gains and losses on investments 150 10 >100.0
Other gains and losses on valuation of financial instruments -120 289 -
Net income from insurance business 490 907 -46.0
Loss allowances -21 -786 -97.3
Administrative expenses -4,059 -3,959 2.5
Other net operating income -109 38 -
Profit before taxes 1,370 1,810 -24.3
Income taxes -452 -712 -36.5
Net profit 918 1,098 -16.4
Page 5 April 2019 DZ BANK Group Investors PresentationDZ BANK Group
Net interest income and net fee and commission income
Net interest income Net fee and commission income
(€ million) (€ million)
Net interest income down year Rise in net fee and
-4.8% on year commission income
compared with 2017
Decreases in net interest
income (excluding income UMH: Slightly higher figure
2,941
from long-term equity than in 2017, mainly due to
2,799 +4.9%
investments) at an increase in volume-related
DZ BANK AG, BSH, and income on the back of a rise
DZ HYP; countervailing rise in average assets under
at TeamBank 1,955 management; this increase
1,864 was partly offset by a sharp
Approx. one-third of the fall in income from
reduction is due to changes performance-related
to the recognition of sales management fees
commission at
DZ PRIVATBANK; CardProcess/VR Payment:
countervailing increase in net Consolidated for the first time
fee and commission income under IFRS
2017 2018 2017 2018
Page 6 April 2019 DZ BANK Group Investors PresentationDZ BANK Group
Gains and losses on trading activities and gains and losses
on investments
Gains and losses on trading activities Gains and losses on investments
(€ million) (€ million)
Year-on-year deterioration in Significant improvement in
gains and losses on trading gains and losses on
activities investments compared with
2017
DZ BANK AG: The
-43.7% deterioration in gains and DZ BANK AG: Higher
losses on trading activities income from the disposal of
was due to a decline in securities than in the prior
trading performance, but also
year
506 to other non-operational
factors that had a negative
impact overall (adjustment of Income from sales of long-
the valuation curves for the term equity investments at
bank's own issues, basis >100.0% DVB and VR Equitypartner
swap spreads, gains and
285 losses on exchange
differences)
150
10
2017 2018 2017 2018
Page 7 April 2019 DZ BANK Group Investors PresentationDZ BANK Group
Other gains and losses on investments and loss allowances
Other gains and losses on valuation of Loss allowances
financial instruments (€ million)
(€ million)
Marked year-on-year Loss allowances remained at
deterioration in other gains a low level, with small net
and losses on valuation of additions
financial instruments
Net reversals at
DZ HYP: Significantly smaller DZ BANK AG
-97.3%
measurement effects arising
from the wind-down portfolio DVB: Prior year
in 2018 compared with 2017, characterized by substantial
289
particularly in the case of net additions to loss
Italian government bonds allowances in the shipping
786 finance and offshore
DVB: IFRS-related segments
measurement effects
(temporary: hedge
accounting/cross-currency
swaps) and a negative
contribution to earnings
-120 21
2017 2018 2017 2018
Page 8 April 2019 DZ BANK Group Investors PresentationDZ BANK Group
Administrative expenses
Administrative expenses
(€ million)
+2.5% Slight rise in administrative expenses, much of
which was attributable to the first-time consolidation
of CardProcess/VR Payment (€50 million)
3,959 4,059
187 186 DZ HYP: Rise in consulting and project expenses in
connection with the merger
Growth-driven increase in costs at UMH
1,808 1,843
Sharp fall in costs at DZ BANK AG following
completion of the merger and migration in 2017
1,964 2,030
2017 2018
General and Staff expenses Depreciation/amortization
administrative expenses
Page 9 April 2019 DZ BANK Group Investors PresentationDZ BANK Group
Income statement by group company
Jan. 1 - Jan. 1 - Change
€ million
Jun. 30, 2018 Jun. 30, 2017 (%)
DZ BANK AG 522 752 -30.6
BSH 295 334 -11.7
R+V 413 795 -48.1
UMH 502 610 -17.7
DZ HYP 232 6371 -63.6
TeamBank 145 148 -2.0
DZ PRIVATBANK -151 20 -
VR Smart Finanz 1 -17 -
DVB -130 -774 83.2
Other/consolidation -459 -695 34.0
Profit before taxes 1,370 1,810 -24.3
Page 10 April 2019 DZ BANK Group Investors PresentationSegment DZ BANK AG
Profit before taxes1 Operating performance
€ million Income statement
Year-on-year decrease in profit before taxes
Lower income, particularly under gains and losses on trading activities (due to
capital markets), income from long-term equity investments, and other net
-30.6% operating income (provision for restructuring)
Profit boosted by effect of loss allowances and administrative expenses
752 Corporate Banking
Further increase in the lending volume in German corporate banking
Very fierce competition in the market with strong pressure on margins
Retail Banking
No. 2 in the overall market for investment certificates, with market share of
522 17.7 percent (2017: 16.6 percent)
No. 3 in the overall market in terms of trading volume, with market share of
11.1 percent (2017: 9.2 percent)
Sales of structured products of €6.0 billion (2017: €6.1 billion)
Capital Markets
Positive trend in money market products, bonds, and primary market business
Volume of securitizations rises by 6 percent year on year to €2.1 billion; conduit
business via CORAL up by 9 percent
Transaction Banking
Third-largest depositary in Germany with €215 billion in AuD
Securities services doing well in low-interest-rate environment; number of
securities accounts still falling
Increase in the number of credit cards under the cards growth initiative
2017 2018
1 Excl. gains and losses on intra-group valuations of long-term equity investments and loss transfers / income subsidies.
Page 11 April 2019 DZ BANK Group Investors PresentationSegment Home Savings business / Residential real
estate finance
Profit before taxes Operating performance
New home savings business Market share in Germany
€ million Market/environment – home € billion in %
savings: Expansion of overall
market – BSH's market share 28.0 29.7 30.9 30.6
is above 30 percent
Market/environment – home
-11.7% finance: Overall market held
steady – continued growth for
BSH
Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018
334
Profit before taxes at a
295 Home finance volume
satisfactory level – net
€ billion
interest income adversely
affected by low interest rates
14.6 15.2
Dec. 31, 2017 Dec. 31, 2018
Stability for BSH in terms of market performance;
low interest rates continue to pose a challenge
2017 2018
Page 12 April 2019 DZ BANK Group Investors PresentationSegment Insurance
Profit before taxes Operating performance
Market: According to the German
€ million Insurance Association (GDV), Life/health Property / Casualty Reinsurance
premiums grew by 2.1 percent in Profit before taxes Profit before taxes Profit before taxes
2018 (2017: 1.7 percent) € million € million € million
Robust rise in life/health 457.3
411.9
insurance premiums, but profit
before taxes down significantly 232.8
-48.1% year on year due to a marked
158.2
21.6
deterioration in gains and losses
on investments held by insurance 31.12.2017 31.12.2018 31.12.2017 31.12.2018 -74.0
795 companies 31.12.2017 31.12.2018
Profit before taxes in non-life Gross premiums Gross premiums Gross premiums
insurance down significantly year written
written written
on year due to a deterioration in
gains and losses on investments € billion € billion € billion
held by insurance companies and 7.6 7.9
higher claims expenses 5.6 5.9
413
Profit before taxes in reinsurance 2.1 2.3
squeezed by one-off items and
claims in 2017/2018
Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018
Profit before taxes of R+V
Group down overall compared Good growth in premiums across all segments;
with 2017, mainly due to a marked sharp fall in the group's profit before taxes, mainly
deterioration in gains and losses due to gains and losses on investments held by
on investments held by insurance
companies insurance companies
2017 2018
Page 13 April 2019 DZ BANK Group Investors PresentationSegment Asset Management
Profit before taxes Operating performance
€ million Negative performance of the Assets under management Net inflows from institutional
asset markets in 2018 € billion customers
€ billion
AuM at end of 2018 were on
a par with the end of 2017: 323.9 323.4 15.2
High net inflows against a
backdrop of negative market 7.8
-17.7%
performance, particularly in the
fourth quarter
Net inflows from retail
610 customers mainly driven by Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018
PrivatFonds, fund-linked
502 savings plans, and real estate Net inflows from retail customers
funds € billion
Net inflows from institutional 9.9
customers remained at a high 7.5
level, driven by new
institutional customers in
Germany and abroad, capital
preservation strategies, and
sustainability funds
Dec. 31, 2017 Dec. 31, 2018
Overall decrease in profit
before taxes, although it
remained healthy overall, Good operating and financial performance
mainly due to high performance
2017 2018 fees in 2017
Page 14 April 2019 DZ BANK Group Investors PresentationSegment Real Estate Finance Business
Profit before taxes Operating performance
Real estate sector remains New business with commercial New business with housing sector
€ million real estate investors € billion
stable, although the market
environment is becoming € billion
increasingly challenging 7.1 7.7 1.0
1.0
Year-on-year growth in the
volume of new business
-63.6% across all segments of real
estate finance and local
authority loans
637 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018
New joint credit business
with local cooperative New business with retail clients, Total volume of real estate finance*
banks slightly lower than the funds, and institutionals € billion
robust level in 2017 € billion
2.0 2.2
Costs rise as envisaged in 42.5 44.5
the budget due to merger-
related consultancy and IT
migration work
232
Strong fluctuations in fair
value gains and losses in
the wind-down portfolio; Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018
widening spreads on Italian DZ HYP's core business delivers a solid performance
government bonds are having
an adverse effect despite additional work in connection with the
merger; volatility of fair value gains and losses
2017 2018
* Increase partly due to transfer of portfolio from DZ BANK
Page 15 April 2019 DZ BANK Group Investors PresentationSegment Consumer finance
Profit before taxes Operating performance
€ million Market/environment: easyCredit new business Loans and advances to
Fierce competition based on € billion customers (IFRS)
terms and predatory pricing € billion
8.0 8.4
2.95 2.98
New business below the
budgeted figure but slightly
higher than the prior-year
-2.0% level
Stable level of loss Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018
allowances Number of customers
148 145
Thousands
Stable level of profit before 877
taxes 833
Dec. 31, 2017 Dec. 31, 2018
Stable operating performance at TeamBank
2017 2018
Page 16 April 2019 DZ BANK Group Investors PresentationSegment Private Banking
Profit before taxes Operating performance
Market/environment:
€ million Persistently tough market Assets under Management Gross inflows
conditions with increasing € billion € billion
regulatory requirements, fierce 17.3 16.7
competition for market share,
and pressure on margins;
interest rates remain low 3.3 3.1
Lower volumes, mainly due to
capital market conditions
20 Profit before taxes before one- Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018
off items was on a par with 2017
Assets under custody Lending volume
One-off items resulted in a loss € billion € billion
before taxes (no impact on
capital): 108.8
− Impairment of goodwill in an 101.6
amount of around €128 million 5.0 5.0
− Impairment of recognized
customer relationships in an
amount of around €41 million;
this will reduce some of the
financial impact in subsequent Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018
years
Stable operating performance; very challenging
-151 competitive environment; lower volumes primarily due
to market conditions; one-off items having an impact
2017 2018
Page 17 April 2019 DZ BANK Group Investors PresentationSegment Leasing
Profit before taxes Operating performance
€ million Market: Performance of the New equipment leasing business Existing equipment leasing
leasing sector reflected that of € billion business
the economy as a whole, with € billion
positive expectations for new 1.1 1.2 2.9 3.0
business
Small rise in new business
compared with 2017
Profit before taxes included Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018
one-off items in connection Factoring sales Central settlement sales
with the transformation into a
€ billion € billion
digital provider of finance for
the self-employed and small 3.2 3.4 8.1 8.1
1 businesses
Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018
Small rise in new business, significant progress
-17 with VR LEASING's transformation
2017 2018
Page 18 April 2019 DZ BANK Group Investors PresentationSegment Transport Finance
Profit before taxes Operating performance
€ million Market situation remains Volume of new business New transactions
difficult in maritime sectors; € billion Number
overcapacity in main shipping 3.2 3.7
144
segments, situation in the 122
offshore segment is
+83.2% particularly difficult
Overall stable volume of new
business, but reduced Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018
volume of customer loans
due to downsizing in the non- Customer lending volume
-130 core segment € billion
19.4
Other 0.6 16.6
Negative impact as a result of Land Transport 1.4 0.5
temporary measurement Aviation 6.1 1.5
effects under IFRS 5.2
Strategic options being Shipping 11.3 9.4
examined, in particular the
partial sale of portfolios
Dec. 31, 2017 Dec. 31, 2018
Stabilization of the risk situation, moderate
-774
business performance, strategic options being
examined
2017 2018
Page 19 April 2019 DZ BANK Group Investors PresentationAgenda 1. Full year results 2018 2. Capital and Liquidity 3. Asset Quality 4. Funding and Rating 5. Contact Page 20 April 2019 DZ BANK Group Investors Presentation
DZ BANK Group
Current capital situation
Capital ratios (fully loaded) Capital requirements
(%) (%) 16.8
18.3 18.8
17.2 T2 2.5
AT1 13.25
16.8 0.6
2.0 T2
15.1 1.5 AT1
13.8 14.3 14.3
14.5 CET1 13.7 CET1
13.7 13.7 Pillar 1 requirements 4.50%
13.0 9.75
Pillar 2 requirements 1.75%
Combined buffers 3.5%1
Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 Capital ratios 2019 SREP
Total capital ratio Tier 1 capital ratio CET 1 capital ratio Dec 31, 2018 requirements
Regulatory capital Leverage Ratio (fully loaded)
(€ million) 22,066 22,702 22,210 (%)
18,429 3,077 3,904 3,344
1,835 706 708
3,127
1,748
4.4 4.3
18,092 18,158 4.0 4.1
17,154
13,554
2 2
Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018
CET 1 capital Additional Tier 1 capital Total Tier 2 capital
1 Excl. countercyclical capital buffer in an amount of 0.05% (as at 31.12.2018)
2 Change of disclosure to CRR fully-loaded figures
Page 21 April 2019 DZ BANK Group Investors PresentationDZ BANK Group
Current liquidity situation
Liquidity coverage ratio – LCR
Regulatory minimum requirement of 100
(%) 161.7 percent (previous year: 80 percent) was
151.0 significantly exceeded on every reporting date
141.4
125.8
Dec 31, 2015 Dec 31, 2016 Dec 31, 2017 Dec 31, 2018
Economic liquidity adequacy
Minimal liquidity surpluses in stress scenario Measured as at the reporting date on the basis
(€ billion) of a forecast period of one year, the minimum
32.5 liquidity surplus for the stress scenario with
defined limits that had the lowest minimum
23.3 24.8 22.5 liquidity surplus (economic liquidity adequacy),
19.6 19.2 was €12.0 bn (Dec 31, 2017: €16.1 bn)
19.1
16.8 15.7
13.2 13.0
16.1
14.5
12.0 Economic liquidity adequacy was maintained
11.2
8.9 at all times in the reporting period
Dec 31, 2015 Dec 31, 2016 Dec 31, 2017 Dec 31, 2018
Downgrading Corporate crisis Market crisis Combination crisis
Page 22 April 2019 DZ BANK Group Investors PresentationAgenda 1. Full year results 2018 2. Capital and Liquidity 3. Asset Quality 4. Funding and Rating 5. Contact Page 23 April 2019 DZ BANK Group Investors Presentation
DZ BANK Group – Bank sector*
Portfolio structure
Lending volume by sector Lending volume by country group
€ bn € bn
375.2 378.9 375.2 378.9
9.2 9.7 2.2 2.8
9.1 10.1
65.3 59.6 60.8 58.6
Industry conglomerates Supranatinal
114.4 125.5 institutions
Retail
Emerging markets
Corporates
Public sector Advanced economies
54.2 46.7 307.4
303.1
Financial sector
Germany
131.6 136.8
Dec 31, 2017 Dec 31, 2018 Dec 31, 2017 Dec 31, 2018
*Bank sector (excl. R+V Insurance)
Page 24 April 2019 DZ BANK Group Investors PresentationDZ BANK Group – Bank sector*
Rating structure of credit portfolio
Lending volume by rating class DZ BANK Group credit portfolio shows stable
(Matching of DZ BANK‘s internal credit ratings to the ratings used by rating structure
Standard & Poor‘s)
78% of the total lending volume with
Default investment grade ratings, 20% with non-
Not rated investment grade ratings
Defaults accounted for 1% of the total lending
B+ volume
to
BB+ to CCC+ As at Dec 31, 2018, the 10 counterparties
BB- associated with the largest lending volumes
AAA to accounted for 7% of total lending
AA-
10 largest counterparties largely comprised
BBB+ to predominantly public-sector borrowers with
BBB- Investment Grade ratings
Collateralization rate of 39.7% (Dec 31, 2017:
A+ to A- 39.5%)
*Bank sector (excl. R+V Insurance)
Page 25 April 2019 DZ BANK Group Investors PresentationDZ BANK Group – Bank sector*
Key figures for the volume of non-performing loans
Volume of non-performing loans1 NPL ratio2 Risk cover ratio3
(€ bn) 6.2 (%) (%) 54.5
50.1
5.0
1.7
1.3
31.12.2017 31.12.2018 31.12.2017 31.12.2018 31.12.2017 31.12.2018
Loss allowances Balance of loss allowances Loss allowance ratio4
(€ mln) 786 (€ bn) (%)
3.1
2.7 0.8
0.7
21
2017 2018 31.12.2017 31.12.2018 31.12.2017 31.12.2018
1 Volume of non-performing loans excl. collateral, 2 Volume of non-performing loans as a proportion of total lending volume (€ 378.9 bn), 3 Balance of loan loss allowances as a proportion of the volume of non-performing loans,
4 Balance of loan loss allowances as a proportion of total lending volume (€ 378.9 bn)
*Bank sector (excl. R+V Insurance)
Page 26 April 2019 DZ BANK Group Investors PresentationDZ BANK Group – Bank sector*
Maritime sectors / Shipping finance portfolio
Lending volume in maritime sectors
(€ billion)
Shipping Finance
Exposure of € 8.7bn (Dec 31, 2017: € 10.2bn) –
primarily at DVB (€ 8.1bn), DZ BANK with
11.9 substantially lower proportion (€ 0.6bn)
Significant decline mainly due to repayments and run-
1.8 10.0 off of non-strategic portfolio
Strategic options are being examined, in particular
1.3
portfolio sales
Offshore Finance
10.2 Exposure of € 1.3bn (31 Dec, 2017: € 1.8bn) – solely
8.7 at DVB
Since 2017 DVB no longer takes on any new business
in the offshore segment
Value preserving run-off of existing exposure
2017 2018
Shipping finance Offshore finance
*Bank sector (excl. R+V Insurance)
Page 27 April 2019 DZ BANK Group Investors PresentationAgenda 1. Full year results 2018 2. Capital and Liquidity 3. Asset Quality 4. Funding and Rating 5. Contact Page 28 April 2019 DZ BANK Group Investors Presentation
DZ BANK Group
Diversified funding base
Money market funding
Funding structure*
Liquidity surplus of local cooperative banks
provides the main basis for short-term
€ 319.3 bn funding in the unsecured money markets
€ 293.4 bn € 285.5 bn
Corporate customers and institutional clients
45.4 % 43.6% are another important source of funding
42.5 %
45.4 % 45.5 % DZ BANK and DZ PRIVATBANK use
Senior Unsecured 48.6 % groupwide multi-issuer euro commercial
Funding >1Y
16.8 % 15.5
16.7%% paper program to issue money market
16.8 % 16.9 %
Secured Funding >1Y 13.3 % products based on debt certificates
37.8 42.0 % Furthermore collateralized money market
37.8 %
38.1 % 37.4%% 39.7%
Short-term Funding activities
Q4 2016 Q4 2017 Q2 2018 Structural liquidity (>1Y)
Funding via structured and non-structured
Unsecured short-term and medium-term funding capital market products
Commercial paper Products offered for local cooperative banks‘
(institutional investors) 16% own-account and customer-account
securities business and to institutional clients
Corporate customers, Secured funding through issuance of
15% Local cooperative Pfandbriefe / DZ BANK BRIEFE by
institutional customers 55%
banks DZ BANK, DZ HYP and DVB on a
decentralized basis
Other banks, 14% Long-term funding requirements in foreign
central banks
currencies are covered through the basis
swap market, ensuring matching maturities
* Data as at Dec 31, 2018 not yet availabe
Page 29 April 2019 DZ BANK Group Investors PresentationDZ BANK Rating overview
Bank ratings
Issuer Credit Rating AA-* Aa1 AA-*
Outlook stable stable stable
Short-Term Rating A-1+* P-1 F1+*
Long Term Counterparty Risk Assessment / - Aa1 AA-
Derivative Counterparty Rating
Issuance ratings
Covered Bonds AA+ Aaa -
Long Term Deposits - Aa1 AA-
Preferred AA- Aa1 AA-
Senior Unsecured
Non-preferred A+ A1 AA-
Tier 2 A A3 A+
April 2, 2019
* joint rating for the Cooperative Financial Services Network
Page 30 April 2019 DZ BANK Group Investors PresentationAgenda 1. Full year results 2018 2. Capital and Liquidity 3. Asset Quality 4. Funding and Rating 5. Contact Page 31 April 2019 DZ BANK Group Investors Presentation
IR Contact
Dr. Kirsten Siersleben
(Head of Corporate General Secretariat)
kirsten.siersleben@dzbank.de
Phone: +49 69 7447 1005
Markus Stachel (Group Head Investor Relations)
markus.stachel@dzbank.de
Phone: +49 69 7447 9841
Daniela Pauly
daniela.pauly@dzbank.de
Phone: +49 69 7447 42373 DZ BANK AG
INVESTOR RELATIONS
Platz der Republik
60265 Frankfurt am Main
Germany
dzbank.com
ratings.dzbank.com
Page 32 April 2019 DZ BANK Group Investors PresentationDisclaimer This document is for information purposes only. This document has been prepared by DZ BANK AG Deutsche Zentral- Genossenschaftsbank (“DZ BANK”) and may only be distributed outside Germany in accordance with the local legal requirements, and persons coming into possession of this information and these materials should inform themselves about and observe the local legal requirements. This document constitutes neither a public offer nor a solicitation of an offer for the purchase of securities or financial instruments. DZ BANK does not act as investment adviser or portfolio manager. This document does not constitute a financial analysis. All evaluations, opinions or explanations contained herein are those of the author of the document and do not necessarily correspond with those of third parties. DZ BANK assumes no liability for damages caused directly or indirectly by the distribution and/or use of this document and/or for damages which are in any way connected with the distribution/use of this document. Any investment decision with respect to securities or any other financial instruments should be based on an individual advice and a prospectus or information memoranda and under no circumstances on this document. The contents of this document correspond to the status at the point in time at which the document was drafted. Future developments may render them obsolete without the document’s having been changed accordingly. Page 33 April 2019 DZ BANK Group Investors Presentation
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