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  "notes": "Page 7 of the 2013 Annual Financial Statements.",
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      "text": "The post tax return on average equity increased from 0.5 % in 2012 to 1.2 % in 2013, but remains below the target of greater than 12 %.",
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      "text": "Core Tier 1 ratio: 9.7%",
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      "text": "Risk-weighted assets based on Basel 2.5 at year-end 2013 were € 300 billion, versus € 334 billion at year-end 2012, largely due to management actions aimed at de-risking our business.",
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      "text": "OpEx Program annual cost savings of € 2.1 billion were achieved in 2013, surpassing the target of € 1.6 billion. Cumulative costs to achieve were € 1.8 billion (thereof € 1.3 billion spent in 2013 and € 0.5 billion spent in 2012).",
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      "text": "Despite lower net revenues compared to the prior year, the cost/income ratio improved from 92.5 % in 2012 to 89.0 % in 2013, reflecting the continued reduction of noninterest expenses in the course of our OpEx Program.",
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      "text": "The CRR/CRD 4 adjusted pro forma fully loaded leverage ratio improved from 2.6 % at the end of 2012 to 3.1 % at the end of 2013. Besides the higher CRR/CRD 4 Core Tier 1 equity, the main driver was a reduction of our leverage exposure.",
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      "text": "In this context, we generated net income of € 681 million in 2013 (2012: € 316 million) and income before income taxes of € 1.5 billion (2012: € 814 million).",
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      "text": "Due to the increase in net income, the issuance of new shares and the accelerated capital formation and de-risking activities in 2013, our Basel 2.5 Common Tier 1 capital ratio improved to a record level of 12.8 % as of December 31, 2013.",
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