Reports

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

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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
months.

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
said.

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