Deutsche Bank’s asset and wealth management division has posted a $116m increase in net revenues for the first quarter of 2013.

This equates to an 8% rise, with net revenues totalling $1.64bn, in comparison to $1.52bn for the first quarter of 2012.

Assets under management for the unit also increased by 5% for year-on-year figures to $1,284bn.

Both discretionary portfolio management/fund management and advisory/brokerage services net revenues also increased by 8%.

Credit products was the only area of the division to suffer for the quarter, down $10.5m based on year-on-year results, due to reduced lending in Asia and the Americas.

Overall the German bank reported a net income of $2.3bn for the quarter compared with $1.85bn to the same time last year.

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