Q2 Net Revenue At Deutsche's Wealth, Asset Arm Rises Vs Year Ago; Pre-Tax Profit Slips

Tom Burroughes Group Editor London 30 July 2013


Deutsche Asset & Wealth Management, part of the
Frankfurt-listed banking giant Deutsche Bank, logged net revenues of €1.039
billion ($1.38 billion) in the second quarter of this year, down from €1.243
billion in the first three months of 2013 but up from €981 million in the same
period a year ago.

Pre-tax income slipped to €82 million in the latest quarter
from €98 million a year before and down from €222 million in the previous three
months, Deutsche Bank said in a statement today.

The cost/income ratio of this segment of Germany’s biggest bank stood at 92
per cent in the second quarter, up from 81 per cent in the previous three

Discretionary portfolio management/fund management net
revenues increased by €38 million, or 7 per cent, mainly due to a higher assets under management base, the bank said.

Net revenues from advisory/brokerage services increased by €19
million, or up by 9 per cent, driven by higher client activity levels. In credit
products, revenues fell by €9 million, or 9 per cent, due to lower lending
volume mainly in Asia/Pacific.

Net revenues from deposits and payment services increased by
€11 million, or 20 per cent, driven by higher client activity levels, the bank

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