DeAWM’s pre-tax income spikes 155% in Q2

Deutsche Asset & Wealth Management’s (DeAWM) pre-tax income rose in the second quarter of 2014 to €204 million, 155% higher than €80 million earned at this point last year.

Moreover, net revenues grew 9% to reach €1.13 billion compared to €1.04 billion at the end of the second quarter of 2013.

Overall, Deutsche Bank recorded pre-tax income of €917 million, a 16% increase year-on-year, but net revenues were 4% lower than at this point last year, at €7.9 billion, due to lower revenues in its non-core operations unit (NCOU).

Jurgen Fitschen and Anshu Jain, co-chief executive officers, said: "Deutsche Bank delivered a quarter of strong underlying performance with pre-tax profit up 16% year-on-year. All our core businesses contributed to this result."

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