The Savings Banks Finance Group
Stability & Innovation
Management Report
67
Financial Statements
› Aggregated financial statements
4
Aggregated financial statements
Aggregated income statement of the Savings Banks Finance Group *
2014 ¹
EUR mn
Net interest income
2013
EUR mn
32,525
32,664
Interest income
66,629
72,058
Interest expenses
34,104
39,394
7,290
6,802
Net commission income
Commission income
Commission expenses
Net result from financial operations
Administrative expenses
10,072
9,627
2,782
2,825
127
1,359
27,071
26,697
Personnel expenses
16,090
15,628
Non-personnel expenses
10,981
11,069
Net other operating income / expenses
93
– 269
Operating profit before revaluation results
12,964
13,859
Revaluation results (excluding equity investments)
– 1,625
– 3,237
Operating profit after revaluation results
11,339
10,622
– 7,669
– 5,780
– 5,107
– 3,725
Net income before taxes
3,670
4,842
Taxes on income
3,382
3,227
Net other income and expenses plus extraordinary income and expenses ²
of which: additions to the fund for general banking risks pursuant
to Section 340g HGB ³
Net income after taxes
288
1,615
of which: net income of Savings Banks after taxes
1,969
1,950
of which: net income of Landesbanken after taxes
– 1,731
– 433
50
98
of which: net income of Landesbausparkassen after taxes
Return on equiy ⁴
in %
in %
before taxes
5.8
5.9
after taxes
3.6
3.7
68.0
67.6
Cost / income ratio
* Savings Banks Finance Group: (1) Savings Banks; (2) Landesbanken – excluding foreign branches, domestic and international subsidiaries,
and regional building societies (Landesbausparkassen); (3) Landesbausparkassen: legally independent regional building societies and
legally dependent Landesbanken departments.
¹Preliminary figures from financial statements in accordance with the HGB, some of which are as yet unaudited.
²This includes the net balance of profits from the disposal of financial investments and investment securities, write-downs or write-ups
on financial investments and investment securities, as well as changes in the fund for general banking risks pursuant to Sections 340g
and 340e (4) HGB (whereby additions to the fund are included as negative amounts).
³In line with the “original” income statement in accordance with the German Commercial Code, additions to the fund for general banking
risks pursuant to Section 340g HGB are recognised as expenses reducing net income. To date, DSGV Financial Reports had adhered to the
principles applied in Deutsche Bundesbank’s income statement statistics, where such additions pursuant to Section 340g HGB are treated as appropriation of profits (increasing net income). When calculating return on equity (defined as the percentage ratio of net income
before or after taxes to average on-balance sheet equity), however, additions to / withdrawals from the fund for general bank­ing risks were
added to / deducted from net income (as reported in the single-entity financial statements in accordance with HGB); this is in line with
Deutsche Bundesbank’s approach concerning its income statement statistics.
⁴Savings Banks and Landesbanken only.
Sources: external analyses of Savings Banks, Landesbanken annual reports (single-entity financial statements in accordance with the HGB);
German Savings Banks Association / Federal Main Office of Landesbausparkassen, Deutsche Bundesbank.
68
Financial Report 2014
Aggregated balance sheet of the Savings Banks Finance Group *
Assets
As at
year-end
2014
EUR mn
As at
year-end
2013
EUR mn
26,036
22,995
17,432
14,579
Treasury bills ²
5
125
Other bills
0
0
338,108
371,863
1,186,005
1,179,018
413,349
428,304
Cash reserve ¹
of which: due from central banks
Loans and advances to banks (MFIs ³)
Loans and advances to non-banks (non-MFIs ³)
Debt securities and other fixed-income securities
Equities and other non-fixed-income securities
88,702
82,022
Participating interests
15,473
16,084
Investments in affiliated undertakings
12,147
14,201
Trust assets
11,161
11,628
Equalisation claims
Tangible fixed assets
0
0
12,206
12,361
Other assets
148,691
125,716
Total assets
2,251,882
2,264,317
* Savings Banks Finance Group: (1) Savings Banks; (2) Landesbanken – excluding foreign branches, domestic and international subsidiaries, and regional building societies (Landesbausparkassen); (3) Landesbausparkassen: legally independent regional building societies
and legally dependent Landesbanken departments.
¹Cash on hand and balances held with central banks.
²Including non-interest-bearing treasury notes and similar public-sector debt.
³Monetary Financial Institutions.
The Savings Banks Finance Group
Stability & Innovation
Management Report
69
Financial Statements
› Aggregated financial statements
Equity and liabilities
As at
year-end
2014
EUR mn
Liabilities to banks (MFIs ¹)
Liabilities to non-banks (non-MFIs ¹)
As at
year-end
2013
EUR mn
452,891
475,006
1,166,101
1,151,077
Savings deposits
366,294
365,814
Other liabilities
799,807
785,263
Securitised liabilities
247,959
275,714
239,157
267,477
of which: debt securities issued
money-market instruments issued
Trust liabilities
7,243
8,235
11,161
11,628
3,083
3,176
Provisions
25,539
23,947
Subordinated liabilities
29,518
29,884
Write-downs on loans and securities
Profit participation certificates
Equity ²
Other liabilities ³
Total equity and liabilities
Contingent liabilities ⁴
Bills for collection
Business volume
Guarantees
2,350
2,651
149,344
146,398
163,937
144,835
2,251,882
2,264,317
0
0
9
12
2,251,891
2,264,329
58,860
61,876
¹Monetary Financial Institutions.
²Dotation capital and retained earnings (including fund for general banking risks).
³Including special tax-allowable reserves.
⁴From rediscounted credited bills (including own bills drawn).
Source: DSGV; balance sheet statistics / business performance of Savings Banks, Landesbanken (excluding regional building societies,
foreign branches and domestic and international subsidiaries) and Landesbausparkassen (regional building societies)
70
Financial Report 2014
Explanatory notes on aggregation
Scope of aggregation
The aggretation balance sheet and income statement presented by the DSGV include the financial statements of all
Savings Banks, Landesbanken and Landesbausparkassen.
The Landesbausparkassen are fully incorporated in the
scope of aggregation, regardless of their legal status
(legally independent entities or legally dependent units of
the Landesbanken).
With regard to the Landesbanken, foreign branches,
domestic and international Group subsidiaries or Landesbausparkassen are not taken into consideration.
Aggregation approach
To prepare the aggregate balance sheet for the Savings
Banks and Landesbanken, the data reported in December
2013 and 2014 for the monthly balance sheet statistics
(“Bista”) of Deutsche Bundesbank was used. The corresponding balance sheet data for the Landesbausparkassen
was derived from the respective annual reports.
The figures for the Savings Banks’ and Landesbanken
aggregate income statement for the financial years 2013
and 2014 are based on the results of external analysis of
the Savings Banks and the individual financial statements
of the Landesbanken, which are prepared in accordance
with the German Commercial Code (HGB). The results of
the external analysis of the Savings Banks have been adjusted to conform to the HGB system. The figures for the
Landesbausparkassen were retrieved for the two financial
years from the respective annual reports (also prepared in
accordance with the HGB).
The result of this data compilation is a non-consolidated
aggregate balance sheet and non-consolidated aggre­
gate income statement of the institutions affiliated to the
guarantee system of the Savings Banks Finance Group.
The Joint Liability Scheme of the Savings Banks Finance
Group also includes other institutions, namely: BerlinHyp,
Sparkassen Broker, DEG Deutsche Investitions- und
Entwicklungsgesellschaft, Frankfurter Bankgesellschaft
(Deutschland) AG, Deutsche Hypothekenbank, Portigon
AG, Weberbank and Westdeutsche ImmobilienBank *.
* Westdeutsche ImmobilienBank AG has left the guarantee fund of
the Landesbanken and Central Savings Banks (Girozentralen) with
effect from the end of 31 March 2015, and is thus no longer part
of the Joint Liability Scheme.