Deutsche Asset & Wealth Management (Deutsche AWM) has reported fourth quarter income before income taxes of EUR274m, down 23% compared to EUR358m for the same period a year ago.
For the fourth quarter ended 31 December 2015, net revenues increased by 16% to EUR1.4bn from EUR1.2bn in the fourth quarter of 2014.
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The rise reflects cumulative net money inflows totalling EUR70bn across 2014 and 2015 and increased business activity in active, passive and alternative products and the positive effect of exchange rate movements.
Noninterest expenses rose by 29.5% to EUR1137m from EUR878m a year ago. The unit’s invested assets stood at EUR1.1 trillion, up 8% versus the year ago quarter.
Deutsche AWM has recorded a net asset outflow of EUR4bn during the fourth quarter, compared with net inflows of EUR10bn in the fourth quarter of 2014.
Overall, the banking group posted a net loss of EUR2.12bn compared to a net income of EUR441m a year ago mainly due to writedowns, litigation charges and restructuring costs. Net revenues declined 15% to EUR6.6bn from EUR7.8bn in the corresponding period of 2014.
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By GlobalDataDeutsche Bank co-CEO John Cryan said: "In 2015 we made considerable progress on the implementation of our strategy. The much-needed decisions we took in the second half of the year contributed to a net loss for the fourth quarter and full year."
"We are focused on 2016 and continue to work hard to clear up our legacy issues. Restructuring work and investment in our platform will continue throughout the year."
