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
Latest stories
BREAKING: Amber Rudd named work and pensions secretary
Former home secretary Amber Rudd is to return to the cabinet as work and pensions secretary after the resignation of Esther McVey.
Five stories you may have missed this week
This week's top stories included proposed draft regulations in a no-deal Brexit which would make scheme investments illegal, and Esther McVey's resignation as secretary of state.
UPDATED: The full list of pensions ministers since 1998
There have been a total of 15 ministers responsible for pensions since 1997. Here is the list in full.
Back to Top
