Deutsche Bank has posted the fifth consecutive quarter of profit in Q3 2021, despite a slide in revenues at its investment banking unit.

The German lender registered a net income of €194m ($225m) for the three months to September, up 7% from €182 in the year ago period.

Profit before tax grew 15% to € 554m in the third quarter, despite transformation charges of €583m, majorly relating to the bank’s migration to the cloud.

Net income in the quarter climbed 6% year on year to €329m.

Deutsche Bank CEO Christian Sewing said: “In the third quarter, we again demonstrated the operating strength of our business: our revenues have proven to be resilient, we have increased our pre-tax profit despite additional transformation charges, and we have already exceeded our full year 2021 sustainability target.”

Investment Bank

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The net revenues at Deutsche Bank’ Investment Bank unit dipped 6% year on year to €2.2bn.

Profit before tax fell to €861m and Post-Tax RoTE to 9.7% in the quarter.

Fixed Income & Currency (FIC) Sales & Trading net revenues also fell 12% to € 1.6bn.  Origination & Advisory net revenues jumped 22% year on year to €648m.

Noninterest expense decreased by 1% €1.3bn for the quarter, while provision for credit losses was €37m.

For the first nine months of 2021, the unit’s profit before tax rose 32% to € 3.4bn, while adjusted profit before tax increased by 35% to € 3.5bn.

Private Bank

The Private Bank registered a profit before tax of €158m and an adjusted profit before tax of €181m in Q3 2021.

Net revenues slid 2% from €2bn in the year ago quarter to €1.9m in the three months to September.

The private banking division of the German lender registered net revenues of €1.2bn, down 6% compared to the prior year quarter.

International Private Bank’s net revenues increased by 6% to €803m driven by sustained growth in investment products and loans, supported by hires of relationship managers in previous periods.

During the period, the unit’s assets under management (AuM) rose by €6bn to € 541bn. The increase in AuM was attributed to net inflows of €6bn, primarily in investment products.

Asset Management

Deutsche Bank’s asset management unit recorded a total net revenue of €656m, a 17% rise from €563m in the third quarter of 2020.

The unit’s profit before tax rose to €193m from €114m a year ago.

Its assets under management grew by €21bn during the period to a record € 880bn, representing strong net inflows and positive market developments.

Net inflows were €12bn in the third quarter, driven by significant inflows in Active, Passive and Alternatives product across all regions.