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July 28, 2017

Deutsche Bank PCB unit pre-tax income drops 15.5% in Q2

The Private & Commercial Bank (PCB) arm of Deutsche Bank has posted pre-tax income of €310m for the second quarter of 2017, a decline of 15.5% compared to €367m in the year ago period.

The unit’s net quarterly revenues were €2.56bn, a dip of 7% compared to €2.76bn in the second quarter of 2016. The division’s noninterest expenses dropped 3% to €2.22bn from €2.29bn a year earlier.

Deutsche Asset Management (Deutsche AM) posted a pre-tax income of €234m for the second quarter of 2017, a 37% surge compared to €170m in the corresponding quarter of 2016.

Net revenues at the unit dipped 4% to €676m from €705m a year ago. Excluding the impact of the Abbey Life gross-up in the second quarter of 2016, net revenues rose 7% year-on-year.

Overall, the banking group posted net income of €466m for the second quarter of 2017, up from €20m in the previous year.

The group’s quarterly pre-tax income was €822m for the quarter ended 30 June 2017, compared to €408m in the corresponding quarter of 2016. Net revenues fell 10% year-on-year to €6.6bn.

Deutsche Bank CEO John Cryan said: “Our second-quarter results give a good summary of where we stand today. Profitability is significantly better than a year ago. We made good progress in bringing costs down and continued to attract net money inflows from clients.”

“Despite the significant improvement, this level of profitability falls short of our longer term aspirations. Revenues were not as universally strong as we would have liked, in large measure because of muted client activity in many of the capital markets. As we modernise our bank we are turning our focus onto building profitable growth.”

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