Deutsche Asset & Wealth Management (Deutsche AWM) has posted income before income taxes of EUR422m in second quarter of 2015, a surge of 107% compared to EUR204m in the year ago period.
For the quarter ended 30 June 2015, net revenues rose by 25% to EUR1.4bn from EUR1.13bn in the second quarter of 2014 supported by favorable foreign exchange movements.
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Noninterest expenses were EUR1bn, a 6% rise compared to the year ago period, mainly driven by foreign exchange movements, higher revenue-driven and business volume related costs as well as higher litigation costs.
The unit’s management fees, performance and transaction fees, net interest income and other product revenues increased compared to the prior year period.
Overall, the group reported second quarter income before income taxes of EUR1.2bn, up 34% from EUR917m in 2Q2014.
Overall, Deutsche Bank group posted a net income of EUR818m for the second quarter of 2015, up 243.7% compared to EUR238m in the year ago quarter.
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By GlobalDataDeutsche Bank co-CEO John Cryan said: "The second quarter highlights the strengths of and challenges facing Deutsche Bank. Solid revenue growth underscores the fundamental strengths of our businesses and the commitment of our people.
"However, our challenges are also evident in the unacceptably high level of our costs, our continuing burden of heavy litigation charges, a balance sheet that must be more efficient, and the poor overall returns to our shareholders."
