Deutsche Asset & Wealth Management (DeAWM) has posted pre-tax income of EUR288m for the third quarter of 2014, a marginal rise of 2% versus EUR283m a year ago.
The bank saw net revenues of EUR1.3bn in Q3 2014, stable compared to the same quarter of last year.
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Moreover, DeAWM’s noninterest expenses stood at EUR977m for the quarter, down by 1% from EUR982m compared to the third quarter of 2013.
For the quarter ended 30 September 2014, the unit’s net interest income rose by EUR12m or 9% amid increased lending volume and improved lending margins.
In addition, DeAWM’s invested assets were EUR1.05 trillion as of 30 September 2014, an increase of EUR51bn compared to the previous quarter ended 30 June 2014, driven by foreign exchange movements of EUR31bn, inflows of EUR17bn and market appreciation of EUR5bn.
Also, the group posted net inflows of EUR17bn across all products, with strong flows in both retail and institutional business.
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By GlobalDataOverall, Germany’s largest bank posted net revenues EUR7.9bn for the quarter, an increase of 2% from EUR7.74bn in the same quarter of prior year.
Deutsche Bank has reported income before income taxes of EUR266m in third qurter, compared to EUR18m a year ago.
Jürgen Fitschen and Anshu Jain, co-chief executives, said: "Net income in this quarter was materially impacted by provisions as we continued to work toward resolution of litigation matters related to legacy issues. We also incurred costs of adapting to new regulation, elevating our systems and control frameworks to best in class, and investing in growth in our core businesses. These costs were partly offset by further savings in our Operational Excellence (OpEx) program which has already reached its original year end 2014 target."
