Deutsche Asset & Wealth Management (DeAWM) has reported net revenues of 1.039 billion (US$1.38 billion) for the second quarter of 2013, an increase of 6% from 981 million (US$1.30 billion) in the corresponding year ago period.
DeAWM, part of German banking major Deutsche Bank, reported pre-tax income of 82 million for the latest quarter, down 17% from 98 million a year ago.
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The cost/income ratio of DeAWM’s stood at 92% for the quarter ended 30 June 2013, up from 81% in the previous earlier quarter.
Discretionary portfolio management/fund management net revenues rose by 38 million, or 7%, mainly due to a higher asset under management base.
DeAWM said that net revenues from advisory/brokerage services rose by 19 million, or 9%, driven by higher client activity levels. In credit products, revenues decreased by 9 million, or 9%, due to lower lending volume mainly in Asia/Pacific.
Net revenues from deposits and payment services rose by 11 million, or 20%, driven by higher client activity levels.
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By GlobalDataAlso, provision for credit losses declined by 8 million, or 98%, compared to the second quarter of 2012, resulting from the U.S. lending business.
Overall, Deutsche Bank group posted net income before tax of 792 million, down from 967 million in the year ago period. Net revenues for the quarter rose to 8.215 billion from 8.02 billion a year ago.
