View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
  2. Company news
January 30, 2015updated 04 Apr 2017 1:47pm

DeAWM’s pre-tax income surges 82% in Q4

Deutsche Asset & Wealth Management (DeAWM) has posted pre-tax income of EUR365m for the fourth quarter of 2014, an increase of 82% compared to EUR200m for the same period a year ago.

By Verdict Staff

Deutsche Asset & Wealth Management (DeAWM) has posted pre-tax income of EUR365m for the fourth quarter of 2014, an increase of 82% compared to EUR200m for the same period a year ago.

The bank saw net revenues of EUR1.2bn in the fourth quarter, up 5% compared to EUR1.18bn at the end of the fourth quarter of 2013.

The bank’s management fees and other recurring revenues were up 12% due to higher average assets under management reflecting positive asset flows and foreign currency effects.

Moreover, DeAWM’s noninterest expenses stood at EUR874m for the quarter, down by 10% from EUR975m compared to the fourth quarter of 2013.

For the quarter ended 31 December 2014, the unit’s net interest income rose by EUR22m or 15% amid increased lending volumes and the recovery of loan interest relating to prior periods.

In addition, DeAWM’s invested assets were EUR1.03 trillion as of 31 December 2014, an increase of EUR33bn compared to the previous quarter ended 30 September 2014.

The group posted net inflows of EUR10bn across passive, wealth management, active and alternative businesses, as well as across our clients and regions.

Overall, Germany’s largest bank posted net revenues EUR7.8bn for the quarter, an increase of 19% from EUR6.56bn in the same quarter of prior year.

Deutsche Bank has reported income before income taxes of EUR253m in fourth quarter, compared to a loss of EUR1768m in the same period of 2013.

Deutsche Bank co-CEOs Jürgen Fitschen and Anshu Jain said: "In 2014 our pre-tax profit rose from EUR1.5bn to EUR3.1bn, and net income rose from EUR681m to EUR1.7bn. In the fourth quarter of 2014, we reported a pre-tax profit of EUR253m versus a loss of EUR1.8 billion a year ago and net income of EUR441m versus a loss of EUR 1.4bn a year ago.

"Further, we increased net revenues in the fourth quarter by 19% year-on-year from EUR6.6bn to EUR7.8bn largely reflecting higher revenues in Corporate Banking & Securities, where we gained further market share across fixed income and corporate finance during the year. Also in the fourth quarter, we surpassed EUR1trn in assets under management in DeAWM."

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International