The asset and wealth management segment of Deutsche Bank, Germany’s largest bank, logged pre-tax income in the second quarter of €35 million (around $42.9 million), sliding by 85 per cent on the year, while net revenues fell 9 per cent to €891 million.

Pre-tax income was hit by adverse market movements and higher non-operational market costs; strong private wealth management inflows were offset by outflows on the asset management side, the firm said in a statement today.

In total, the Frankfurt-listed bank’s pre-tax income fell 46 per cent year-on-year to €960 million, it said in a statement today.

Revenues in this unit of the bank were hit by low asset flows amid the tough economic climate, Deutsche Bank said.

The bank had a core Tier 1 capital ratio of 10.2 per cent at the end of June this year.