Deutsche Asset & Wealth Management (DeAWM) has reported net revenues of 1.3 billion (US$1.79 billion) for third quarter ended 30 September 2013, an increase of 29 million (US$39.94 million), or 2%, compared to the corresponding quarter of 2012.
Discretionary portfolio management/fund management net revenues increased by 20 million, or 4%, mainly due to a higher asset under management base, the company said in a statement.
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However, net revenues from advisory/brokerage services declined by 16 million, or 8% suffering from lower client activity in the current quarter.
Also, net revenues from credit products decreased by 10 million, or 9%, which was more than offset by an increase in revenues from deposits and payment services of 16 million, or 32% compared to the same period 2012.
Net revenues from other products were up 19 million, or 6%, mainly driven by mark-to-market movements on investments held to back insurance policyholder claims in Abbey Life, largely offset in noninterest expenses, the statement added.
Overall, Deutsche Bank group reported a whopping 98% fall in quarterly pre-tax profit to 18 million, which included 1.2 billion of litigation related charges.
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By GlobalDataCommenting on the performance, Jürgen Fitschen and Anshu Jain, Co-CEOs of the bank, said: "In the third quarter we met several challenges. We took substantial litigation charges and saw reduced profits in investment banking, leading to a lower quarterly result.
"Notwithstanding this, we made progress in key areas. In this quarter alone, we achieved approximately 15% of our 2015 balance sheet reduction target of 250 billion," they added.
