1Q shaky start for Deutsche's PCAM
Deutsche Bank posted net profits of EUR1.03bn in the first quarter, despite a dip in its asset management arm.
Net profits rose from EUR0.58bn for the final quarter of 2000, but gross profits were down by EUR0.2bn on last year to EUR1.4bn.
However, despite the private clients and asset management (PCAM) division achieving net revenues of more than EUR2bn, the figure did not match the high pre-year level. According to the report, besides weaker revenues, the PCAM results were affected by overall higher operating expenses, which rose by 4.3% on last year to EUR5.5bn. Exchange rate changes were also said to have had an upward impact on expenses.
In the business division asset management, the measures to expand and globally align business also led to higher operating expenses, continued the report.
Deutsche’s investment banking arm generated net revenues of about EUR5bn, almost matching the previous year’s level. The bank attributed its overall growth to trading profits and new IAS accounting standards.
By Janet Du Chenne
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