GERMANY - Deutsche Bank reported a net loss of €141m (US$219.3m) in Q1 2008 with an 8% poorer performance in asset management revenues than the same period last year.
Josef Ackermann, chairman, Deutsche Bank management board, commented: "In the month of March, pressure on the banking sector was more intense than at any time since the current credit downturn began. Inevitably, this left its mark on Deutsche Bank's results.
Ackermann continued: "Nevertheless, relative to the environment and the industry, this is a solid performance."
Asset management revenues were down €41m on the Q1 2007. Deutsche Bank put this down to: "the impact of deteriorating market conditions on asset based fees, partly offset by higher performance fees due to strong sector and industry selections."
Elsewhere, Allianz announced it expected an operating profit of €1.8bn when it released its Q1 figures on 9 May.
It said this would include write downs of €0.9bn and come in €1.1bn lower than results for the first three months of 2007.
This week's edition of Professional Pensions is out now
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