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S
Financial Report 2010
Financial Report 2010
Finanzgruppe
Deutscher Sparkassen-und Giroverband
S
www.dsgv.de
KEY FINANCIALS
of the Savings Banks Finance Group
Selected balance sheet items
As of
31 Dec. 2010
in EUR billion
As of
31 Dec. 2009
in EURbillion
Change
in EURbillion
Change
in %
Loans to banks (MFIs
1
) 544.9 615.9 −71.0 −11.5
Loans to non-banks (non-MFIs
1
) 1,214.3 1,200.5 +13.8 +1.2
Liabilities to banks (MFIs
1
) 598.5 649.5 −51.0 −7.9
Liabilities to non-banks (non-MFIs
1
) 1,164.7 1,160.1 +4.6 +0.4
Balance sheet total
2
2,601.7 2,582.8 +18.9 +0.7
for information: total assets (excluding trading derivatives) 2,455.7 2,582.8 −127.1 −4.9
Selected income statement items
2010
3
in EUR billion
2009
in EURbillion
Change
in EURbillion
Change
in %
Net interest income 34.843 35.045 −0.202 −0.6
Net commission income 7.357 6.948 +0.409 +5.9
Net earnings from fi nancial transactions 0.517 1.079 −0.562 −52.1
Administrative expenses 26.022 26.936 −0.914 −3.4
Earnings before valuation 17.025 16.767 +0.258 +1.5
Valuation result (excluding equity interests) −6.172 −10.592 +4.420 –
5
Earnings after valuation 10.853 6.175 +4.678 +75.8
Balance of other and extraordinary income/expenses
4
−2.157 −6.463 +4.306 +66.6
Net income / loss for the year before taxes 8.696 −0.289 +8.985 –
5
Taxes on income 2.665 2.571 +0.094 +3.7
Net income / loss for the year after taxes 6.031 −2.860 +8.891 –
5
of which net income of Savings Banks after taxes 4.099 2.463 +1.636 +66.4
of which net income / loss of Landesbanken after taxes 1.810 −5.457 +7.267 –
5
of which net income of Landesbausparkassen after taxes 0.122 0.134 −0.012 −9.0
1
Monetary fi nancial institutions.
2
Total assets as at the end of December 2010 included derivative fi nancial
instruments held in the trading portfolio (trading derivatives), due to
the fi rst-time application of the German Accounting Modernisation Act
(“ BilMoG”). Trading derivatives of EUR 146.0 billion were carried by
Landesbanken and reported under “Other liabilities”.
3
Provisional data from partly non-audited annual fi nancial statements
prepared in accordance with German GAAP (converted to conform with the
system of the German Bundesbank).
4
Including the balance of gains on the sale of fi nancial investments and
investments held as fi xed assets as well as write-downs/write-ups on
fi nancial investments and investments held as fi xed assets.
5
Calculation is immaterial.
IMPRINT
Publisher
Deutscher Sparkassen-und Giroverband
Charlottenstrasse 47
10117 Berlin
Germany
Phone: +49-30-20225-0
Fax: +49-30-20225-250
www.dsgv.de
Contact
Financial Market Relations
Dr Thomas Keidel
Phone: +49-30-20225-5281
Fax: +49-30-20225-5285
Conception and design
Kirchhoff Consult AG, Hamburg
www.kirchhoff.de
Photography
Steffen Jänicke, Berlin
Translation
Ralf Lemster, Financial Translations GmbH
Printing
DCM Druck Center Meckenheim
Copy deadline
20 June 2011
You can fi nd the online version of our Annual Report on:
www.annualreport2010.dsgv.de
60 Savings Banks Finance Group market set-up
|
FinancialReport 2010
SAVINGS BANKS FINANCE GROUP MARKET SET-UP
As of 31.12.2010
Savings Banks Finance Group
No. of companies 610
1
No. of branch offi ces
2
20,920
5
Employees
3
363,000
5, 6
Business volume
4
EUR 3,300bn
5
20,850
7
348,500
6, 7
EUR 3,080bn
7
4 Other leasing
companies
8
Cost value EUR 49.9bn
Employees
9
545
7 Investment companies
of the Landesbanken
Employees 250
DSV-Group
(Deutscher
Sparkassenverlag)
Income EUR 0.87bn
Employees 1,731
Finanz Informatik
Employees 5,237
SIZ Informatikzentrum der
Sparkassenorganisation
Employees 87
429 Savings Banks
Balance sheet total EUR 1,084bn
No. of branch offi ces
(incl. self-service) 15,626 Employees 248,137
Additional staff
at directly held
Savings Banks
subsidiaries 9,239
75 Equity investment
companies
Equity interests 1,412
Total volume EUR 1.7bn
Employees 230
3 Factoring companies
Annual turnover EUR 16.5bn
Employees 211
8 Consultancies
advising corporate and
municipal clients
Employees 70
10 LBS property
companies
Property volume EUR 4.6bn
Employees 450
Deutsche Leasing Group
No. of contracts 363,000
Cost value EUR 26.8bn
Employees 1,923
11 Public Primary
Insurance Groups
Gross premium income EUR 19.7bn
Employees 30,000
1
0 Landesbausparkassen (LBS)
(regional building societies)
Balance sheet total EUR 54bn
Employees 9,004
8 Landesbank Groups
LBBW, BayernLB, LBB, HSH Nordbank, Helaba,
NORD/LB (with Bremer Landesbank), SaarLB, WestLB
Balance sheet total EUR 1,546bn
Employees 48,925
DekaBank
Deutsche Girozentrale
Balance sheet total
EUR 130bn
Employees
3,683
No hierarchical presentation/no indication of
shareholding/shareholder structure.
1
Including associations and other institutions; numbers rounded.
2
Branches/advice centres.
3
Number of staff employed in internal functions/in the mobile
sales force, excluding part-time sales staff; numbers rounded.
4
Business volume, defi ned as: total assets/aggregate holdings/
fund assets/volume of shareholdings; numbers rounded.
5
Including international branches, plus domestic and
international subsidiaries of Landesbank Groups.
6
Including 3,434 employees of associations, related
institutions and other institutions.
7
Excluding international branches, as well as domestic and
international subsidiaries of Landesbank Groups.
8
Including three companies which form a group.
9
Excluding staff numbers included in Landesbanken
consolidated fi gures.
PRESIDENT’S REPORT
THE SAVINGS BANKS FINANCE GROUP
The Savings Banks Finance Group
Our business model
Our mission
Our partners within the Group
The Joint Liability Scheme
Marketable ratings
2010 IN REVIEW
MANAGEMENT REPORT
Economic environment
Major markets and positioning
Business development and fi nancial position
Staff report
Social involvement report
Risk report
Outlook
2
5
5
6
8
9
10
11
12
15
15
17
21
34
36
38
48
CONTENTS
The Savings Banks Finance Group unites around
610enter prises, collaborating closely in order to pro vide
fi nancial services and support to all sections of society.
We apply the profi ts not required to strengthen our
reserves to our varied commitment in the regions in
which we operate
AGGREGATED FINANCIAL STATEMENTS
EXPLANATORY NOTES ON AGGREGATION
DEUTSCHER SPARKASSEN-UND
GIROVERBAND (DSGV)
SAVINGS BANKS FINANCE GROUP
MARKET SET-UP
51
54
55
60
2
With a successful year behind it, the Savings Banks Finance
Group proved in no uncertain terms that it had done more
than successfully weather the fi nancial markets crisis during
2010. In fact, the 429 Savings Banks were able to signifi cantly
increase their operating profi ts – once again posting notable
growth in their capital bases, and reaffi rming the value of
their principles of decentralisation with a business focus on
local regions and the real needs of the local population, even
in diffi cult times.
Throughout the most challenging economic crisis in Ger-
many’s post-war period, the Savings Banks held true to their
roots – a sustainable business philosophy oriented towards
the common good. Working together with fellow Group mem-
bers, they consistently provided SMEs with suffi cient capital,
thereby playing a pivotal role in Germany’s rapid and unparal-
leled recovery.
The Savings Banks did not retreat when the storm raged –
quite the contrary. They once again extended signifi cantly
more new loans to companies and the self-employed – total-
ling EUR64.2 billion – and strengthened regional structures
with uninterrupted funding, to the benefi t and welfare of the
people living there.
As such, it comes as no surprise that numerous surveys high-
light the considerable trust that is placed in the Savings
Banks, and that their value for economic and social develop-
ment is widely – and increasingly – recognised. The fi nancial
markets crisis made the general public and decision-makers
alike aware of the importance of acting according to sound
principles, and it also led to a marked realignment in social
values. The concept of maximising profi ts without taking
account of people’s needs, desires and concerns is now seen
to have been an expensive error of judgement. Customer
orientation, social responsibility, security and sustainability
are once again in demand. These core values have held true
for the Savings Banks for more than 200 years.
The present and profound resonance of the values by which
we have lived, and the wider acceptance of our business mod-
el, motivate the Savings Banks to steadfastly and effi ciently
meet the diverse challenges that our Group currently faces.
This applies fi rst and foremost to a new and effi cient Landes-
bank structure. The capacity of the Landesbanken must be
reduced to a size that can be fully utilised by stable business
segments. This should also alleviate the pressure to venture
into overly risky business segments due to excess capacity.
PRESIDENT’S REPORT
President’s report
|
FinancialReport2010 59Financial Report2010
|
DeutscherSparkassen-und Giroverband
Members of the Board of Managing Directors
DekaBank Deutsche Girozentrale
Franz S. Waas, PhD
Chairman of the Management Board of DekaBank Deutsche
Girozentrale, Berlin and Frankfurt/Main
Bundesverband öffentlicher Banken Deutschlands e. V.
(Association of German Public Sector Banks)
Dr Gunter Dunkel
Chairman of the Management Board of Norddeutsche Landesbank
Girozentrale, Hanover/Braunschweig/Magdeburg
Deutscher Sparkassen-und Giroverband e. V.
(German Savings Banks Association)
Dr Karl-Peter Schackmann-Fallis
Executive member of the Board of Management of
Deutscher Sparkassen-und Giroverband, Berlin
Werner Netzel
Executive member of the Board of Management of
Deutscher Sparkassen-und Giroverband, Berlin
Bernd M. Fieseler
Executive member of the Board of Management of
Deutscher Sparkassen-und Giroverband, Berlin
Elected members of the Board
Dr Christian Badde
Chairman of the Management Board of
LBS Westdeutsche Landesbausparkasse, Münster
Michael Breuer
President of Rheinischer Sparkassen-und Giroverband, Düsseldorf
Carsten Claus
Chairman of the Management Board of Kreissparkasse Böblingen
Gerhard Grandke
Executive President of Sparkassen-und Giroverband
Hessen-Thüringen, Frankfurt/Main and Erfurt
Claus Friedrich Holtmann
Executive President of Ostdeutscher Sparkassenverband, Berlin
Dr Heinz-Werner Schulte
Chairman of the Management Board of Kreissparkasse Ludwigsburg
Georg Sellner
Chairman of the Management Board of Stadt- und
Kreis-Sparkasse Darmstadt
Beate Läsch-Weber
President of Sparkassenverband Rheinland-Pfalz, Budenheim
Hans-Jörg Vetter
Chairman of the Management Board of Landesbank
Baden-Württemberg, Stuttgart/Karlsruhe/Mannheim
Dietrich Voigtländer
Chairman of the Management Board of WestLB AG, Düsseldorf
Alexander Wüerst
Chairman of the Management Board of Kreissparkasse Köln
3
This process is underway. The total assets of the Landesbanken,
as well as their risk-weighted assets and number of employ-
ees, have already been reduced considerably. The objective of
the Savings Banks is to decrease the number of their associ-
ated Landesbanken, and ultimately to reduce risk-weighted
assets signifi cantly through mergers.
Similarly, the current discussions regarding tighter fi nancial
market regulation, or changes to the banking supervision
regime, are of fundamental importance to the Savings Banks
Finance Group. It would be a fatal economic error to hold
the institutions that contributed greatly to quickly overcom-
ing the crisis fi nancially liable – such as the Savings Banks –
whilst those who caused the crisis get off lightly and return to
testing the limits of the fi nancial markets.
It falls to us to continue actively shaping the Group’s continued
viability. The changing needs of a digital society demand
intelligent answers – from regionally anchored Savings Banks
in particular. Without relinquishing the benefi ts offered by
local decision-making, we will take advantage of the synergy
potential afforded by a stronger network to further unleash
the combined strength of the Savings Banks Finance Group in
the interest of our customers.
The past few years have borne witness to the fact that the
Savings Banks are highly effi cient pillars of economic and
social responsibility. In 2010, they laid a solid foundation
for continued success for 2011. These are excellent reasons
to greet the challenges that confront us with optimism and
determination.
With kind regards,
Berlin, June 2011
Heinrich Haasis
President of the German Savings Banks Association
Heinrich Haasis, President
of the German Savings Banks
Association (DSGV)
Financial Report2010
|
President’s report
by the Savings Banks in 2010. EUR2.5 billion of this was in the form of income tax
and around EUR500 million from funding and sponsorships within the framework of
their social commitment. This tangible contribution to German society is higher than
for any other segment of the German fi nancial services sector. It provides concrete
support towards improving living conditions in municipalities and regions. Moreover,
Savings Banks are the largest employer in the German banking sector, and the largest
non-government sponsor of culture and sports in Germany. We are where life happens –
close to the people.
WERE RAISED FOR SOCIETY
5Financial Report2010
|
The Savings Banks Finance Group
THE SAVINGS BANKS FINANCE GROUP
Joint strength
The business model of the Savings Banks Finance Group once
again demonstrated its solid reliability in 2010. With approxi-
mately 363,000 employees, 610 independent enterprises and
a business volume of roughly EUR3,300 billion, the Savings
Banks Finance Group is one of the largest fi nancial services
groups in the world.
For more than 200 years, the 429 Savings Banks – the heart
of the Group – have been active in the German market and
rooted in small communities. As at 31 December 2010, the
Savings Banks had total assets of roughly EUR1,084 billion.
With 15,626 branch offi ces, they are present throughout Ger-
many to provide local service to their 50 million customers.
The institutions within the Savings Banks Finance Group work
together with combined strength. They act as independent
institutions, but jointly coordinate their range of services. This
enables a single Savings Bank to offer lending, investment,
building society and retirement provision services to meet
virtually all the needs of every demographic group, without
having to organise and furnish every aspect of the service
itself. This network of different partners makes it possible for
us to offer integrated advisory and fi nancing solutions for
start-ups, cross-border support for export-oriented com-
panies, and assistance in complex municipal development
projects. Unlocking these synergies is at the heart of the
Group’s focus, effi ciency and strength.
The integrated Group comprises
Savings Banks,
Landesbanken and the DekaBank Group,
Landesbausparkassen (regional building societies),
public primary insurance groups, as well as
leasing and factoring companies, equity capital
providers and consultancies.
In 2009, the Savings Banks ensured the provision of fi nancing
despite the crisis in the fi nancial sector and the real economy,
and thus successfully prevented a credit crunch in Germany.
In 2010, they worked with their partners to fi nance the eco-
nomic recovery, while further expanding their market lead in
fi nancing businesses. The Savings Banks and Landesbanken
provided the German economy with aggregate new loans in
excess of EUR64 billion in 2010 – 3.4% more than in 2009.
6 The Savings Banks Finance Group
|
FinancialReport 2010
Regional focus, retail orientation and solidarity are the core
values underpinning the Savings Banks Finance Group’s
business model. A business model that has endured for more
than 200 years, not only on the market but also as the very
fi bre that binds our Group. It defi nes our structure and how
we see ourselves and also, increasingly, what people have
come to expect from our institutions.
Savings Banks are, by nature, decentralised institutions.
Decisions are made locally and thus close at hand to our
customers. Their local nature makes it possible for quick deci-
sions to be reached in the best interests of their respective
business area; decisions that take into account their know-
ledge of the political, economic and social issues of their
differ ent regions. It is a union of customer proximity, effi -
ciency and a high level of expertise.
Within the defi ned business area of each Savings Bank, their
specifi c and legally defi ned task is to provide every demo-
graphic group and all businesses with the services of a uni-
versal bank, and to offer them fi nancial planning options. The
mission of the Savings Banks also encompasses contributing
to the economy and overall prosperity of their region.
Savings Banks compete with other German credit institu-
tions on a daily basis. They are also subject to a tremendous
amount of public attention – not only from their 50 million
customers. Their business model therefore brings high re-
quirements with regard to customer orientation and effi -
ciency. Both are shaped by a commitment to sustainability:
Savings Banks refi nance themselves predominantly with
their customers’ deposits; they must therefore earn their
trust on an ongoing basis. They succeeded in doing so
impressively in 2010: customer deposits increased by
EUR15.6 billion to a total of nearly EUR768 billion.
Savings Banks are members of a community of solidarity,
as are Landesbanken and Landesbausparkassen, namely
the Joint Liability Scheme of the Savings Banks Finance
Group. The Joint Liability Scheme assures the continued
existence of our institutions and ensures that they will
always be able to meet their commitments.
Their regional roots make Savings Banks effi cient; they
afford a keen insight into their customers’ needs and risk
situations. This local effi ciency also makes it possible to
optimally tailor products and react swiftly.
Their ties to a specifi c business community means that
Savings Banks have a personal stake in its future wel-
fare. This makes them committed supporters of structural
change, cultural and social projects, and underpins their
commitment as “the provider of fi nance to German SMEs”.
Broad business support geared towards abiding
long-term values
Savings Banks are catalysers of “regional economic cycles”.
They transform locally generated customer deposits into
loans to fi nance housing construction and corporate invest-
ments within their business area. The returns generated are
ultimately put towards enhancing their capital base, and
public welfare-oriented projects. As one of Germany’s largest
taxpayers, the Savings Banks and Landesbanken also make an
important contribution to municipal budgets. Savings Banks’
funds remain in their regions, securing the foundation of their
business.
OUR BUSINESS MODEL
Regional focus, retail orientation and solidarity
7Financial Report2010
|
The Savings Banks Finance Group
Importantly, Savings Banks can be found everywhere in Ger-
many – not merely in strong economic regions, but nation-
wide. They function according to the principle that what is
good for the region is good for the Savings Bank. This is why
it is in Savings Banks’ own best interests to aim their business
activities towards the common good, as their mission state-
ment makes clear.
The steadily rising esteem that the Savings Banks have
enjoyed in the wake of the fi nancial crisis testifi es to how
strongly they are anchored in the minds of the German pub-
lic. According to a recent survey,
1
Savings Banks are seen as
especially trustworthy partners compared with other bank-
ing service providers.
2
Whilst the reputation of private banks
suffered greatly as a result of the fi nancial crisis, Savings
Banks were held in signifi cantly higher regard in 2010;
68%of the German public believe that the Savings Banks
are “important” or “very important” for the stability and
future viability of the German economy.
3
In order to remain reliable, long-term partners, Savings Banks
are profi t-oriented institutions. Their objective is to gener-
ate stable returns with a moderate risk profi le. Savings Banks
believe in profi tability, dependability and reliability. They offer
customer proximity and secure customer confi dence. The
results of the 2010 business year attest to the success of the
unwavering pursuit of this strategy.
1
Source: Forsa survey commissioned by stern magazine, January 2011.
2
With a score of 49%, they enjoy signifi cantly higher approval than private
banks with 26%.
3
Source: Forsa survey commissioned by DSGV, June 2010.
Our sustainable business model
The Savings Banks Finance Group
Employer Taxpayer Sponsor and supporter Partner of business
Public legal structure Municipal trusteeship Public service obligation Regional principle
8
The widespread attention currently devoted to the redis-
covered importance of conducting business according to
“sustainability” and “values” affi rms our strategic orientation.
Both principles are at the very heart of our success and are
part of the Savings Banks Finance Group’s long tradition.
The root of the Savings Bank philosophy lies in the desire
to put fi nancial planning and independence within reach of
people without large incomes, whilst providing them with
secure interest rates on their deposits. The Savings Bank
philosophy focuses on people and their needs. In an age
where globalisation and extreme fl uctuations on the money
and capital markets are shaking people’s sense of security,
many of these old, yet still salient ideas are undergoing a
renaissance. The Savings Bank philosophy has proved over
the last two centuries that it not only carries with it the power
of social cohesion, but that it also adds economic value.
Once formed by citizens and founded as “banks of the com-
mon man”, Savings Banks have always been more than mere
credit institutions. In many communities, they have remained
important institutions in public life to this day. Back in the
19th century, the Savings Banks helped to cushion the
industrial revolution socially and improve living standards
signifi cantly for the individual and for society as a whole.
Products such as the bank book made it possible to make the
saver’s “small money” grow.
Providing affordable, nationwide fi nancial services and meet-
ing the needs of SMEs is and remains our core duty. Respon-
sible lending and growing deposits are central elements of
this. Savings Banks are also committed to training the next
generation of the workforce. They offer skilled jobs, even in
regions where they are hard to come by.
Economic success is essential for the companies within the
Savings Banks Finance Group, also in terms of achieving their
greater goal: to preserve the future prospects of coming gen-
erations. First and foremost, this includes concentrating on a
sound and sustainable business model. Our clear objective is
to foster growth and prosperity in society in an economically,
ecologically and socially viable way. One consequence that
is already visible can be seen in our increased range of sus-
tainable and “green” products that add ecological and social
value, in both execution and design.
OUR MISSION
Sustainability from the very start
The Savings Banks Finance Group
|
FinancialReport 2010
[...]... −6 −0.5 −4.7 −6 −6 2008 2009 2010 20111 1 2 2008 2009 2010 20112 2011 forecast for global industrial production taken from the International Monetary Fund’s World Economic Outlook of April 2011 2011 forecasts for Germany from the Spring Forecast of the Economic Research Institutes, 7 April 2011 2008 2009 2010 20112 2008 2009 2010 20112 FinancialReport2010 | Management report 17 Major markets and positioning... persons during 2010 The market share held by the Landesbanken alone in this segment has exceeded the market share of private banks for years This economic performance is our contribution to the success of the German economy – today, tomorrow and beyond Financial Report2010 | Management report 15 MANAGEMENT REPORT Economic environment Macro-economic situation The German economy grew by 3.6% in 2010, posting... Scheme encompasses thirteen guarantee funds: eleven regional Savings Bank guarantee funds, the guarantee fund of the Landesbanken and Girozentralen and the guarantee fund of the Landesbausparkassen Each guarantee fund is interlinked with the others Should a fund lack sufficient resources to cover its particular institution, it is supplemented by other guarantee funds Banking supervisors and the financial... to decline, while growth was reported for savings deposits (+4.3%) and current account balances (+6.6%) Business performance of Savings Banks 2010 Number of Savings Banks Balance sheet total (in EUR billion) 2009 Change Change in % 429 431 −2 −0.5 1,084 1,073 +11.0 +1.0 Management report | FinancialReport2010 24 The customer securities trading segment did not recover in 2010, despite the economic upswing... −5.6 −7.1 –2 Management report | FinancialReport2010 28 Net sales were positive for both fixed-income securities (EUR 1.3 billion) and equities (EUR 0.7 billion) so the negative net sales balance is attributable to the decrease of investment funds alone (down EUR 3.0 billion) The negative development was evident above all in fixed income funds (EUR –4.7 billion) and money market funds (EUR –2.3 billion),... report | FinancialReport2010 Equity In 2010, Landesbanken equity declined considerably by 10.2%, and amounted to EUR 61.1 billion as of the balance sheet date This reduction is mainly due to the net losses of some Landesbanken incurred in the 2009 financial year, and recognised in the past financial year of 2010 Profitability Overall, the operational business of the Landesbanken progressed well in 2010, ... billion (+4.6%) 10.95 Total agreements outstanding (number in millions) 265 259 Total agreements outstanding (volume of savings under home loan and savings agreements in EUR billion) 54.290 51.551 Total assets (EUR billion) 2010 2009 34 Management report | FinancialReport2010 Staff report Our employees With roughly 348,500 employees, the Savings Banks Finance Group is one of Germany’s most important employers... write-downs/write-ups on financial investments and investments held as fixed assets Calculation is immaterial Financial Report2010 | Management report 23 In the customer lending business, the Savings Banks Finance Group reported growth again within the scope of a significantly better environment in 2010, following a marginal decline the year before Claims due from non-banks increased by 1.2% to EUR 1,214.3... Rating long-term BFSR Fitch Floor Rating * DBRS Floor Rating long-term short-term * Newly introduced in 2010 1 The Fitch and Moody’s ratings were awarded in May 2011 At the submission deadline for this report, the DBRS rating for 2011 had not yet been published 2010 in review | FinancialReport2010 12 IN REVIEW The review of a difficult 2009 dominated the picture at the start of the year Discussions... for the year was EUR 4.1 billion in 2010 and thus as much as EUR 1.6 billion (or 66.4%) up on the previous year’s figure of EUR 2.5 billion Pre-tax return on equity rose to 11.5% compared with 8.5%, despite the fact that equity was further increased (from EUR 55.6 billion on average in 2009 to EUR 57.6 billion on average in 2010) Management report | FinancialReport2010 26 Lending business Along with . S
Financial Report 2010
Financial Report 2010
Finanzgruppe
Deutscher Sparkassen- und Giroverband
S
www.dsgv.de
KEY FINANCIALS
of the. excess capacity.
PRESIDENT’S REPORT
President’s report
|
Financial Report 2010 5 9Financial Report 2010
|
Deutscher Sparkassen- und Giroverband
Members