Deutsche Bank Private & Commercial Bank (PCB) has posted a pre-tax profit of €220m for the third quarter of 2018, a 37% slump compared to €349m in the previous year.

The division’s quarterly net revenues were €2.52bn, a fall of 3% from €2.6bn in the corresponding quarter of 2017.

The bank attributed the decline to the non-recurrence of a positive effect of €108m from Concardis’ divestment.

Noninterest expenses at the unit were €2.21bn, a 2% rise from €2.16bn last year.

Deutsche Asset Management reported a pre-tax profit of €143m for the third quarter of 2018, a decrease of 27% from €197m a year earlier.

Net revenues at the division dropped 10% to €567m on a year-on-year basis. The bank said that the decrease was driven by the non-recurrence of an insurance recovery of €52m associated with a real-estate fund.

Overall, the banking group reported a net income of €229m for the third quarter of 2018, a 65% slump from €649m last year.

The group’s pre-tax profit for the quarter was €506m, down 46% from €933m in the previous year.

Compared to a year ago, the group’s net revenues dropped 9% to €6.17bn while noninterest expenses dipped 1% to €5.58bn.

Provision for credit losses at the group was €90m, versus €184m last year. The group’s common equity tier 1 capital ratio was 14% in the third quarter of 2018, compared to 13.8% last year.

Deutsche Bank CEO Christian Sewing said: “With profit before tax of 506 million euros, this result is another milestone on our way to becoming a sustainably profitable bank. We have our costs under control and sufficient capital to grow. We are on track to be profitable in 2018, for the first time since 2014.”