Deutsche Bank Private Bank recorded a 2% rise year-on-year in revenues to hit €2.2bn ($2.4bn) in Q1 2020.

This was largely driven by a 9% revenue growth in the bank’s wealth management arm. The rise for the private bank would have been 17% year-on-year if gains relate to workout activities were excluded.

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In addition, its asset management business’ revenues remained flat as growth in management fees were offset by negative charges. Net asset outflows totalled €2bn in the quarter. In comparison, inflows during 2019 were €25bn.

Deutsche Bank Group in Q1 2020

Group profit before tax totalled €206m. This was attributed to bank levies of €503m, transformation-related effects of €172m and ongoing Capital Release Unit wind-down costs.

Adjusted profit before tax rose 13% year-on-year to reach €303m and net profit was €66m.

During the Covid-19 pandemic, the private bank continued to serve clients through around 1,100 Deutsche Bank and Postbank branches. This led to €2bn in new client loans in the quarter.

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Furthermore, asset management saw a spike in engagement with clients up 50% through DWS Direkt and client website volume increased by 25%.

It also aided communities during the pandemic as it donated 575,000 medical masks to Frankfurt, Berlin, and Bonn. The bank made a €500,000 donation to Food & Shelter Charities around the world, as well as matching donations made by employees, approximately €600,000.

Christian Sewing, chief executive of Deutsche Bank, said: “In the current crisis, we have shown robust numbers and demonstrated strong performance in support of our clients across all core businesses. Conservative balance sheet management enables us to navigate the current environment from a position of strength as the leading bank in Europe’s strongest economy. I want to say a huge thank you to our employees, who have shown outstanding dedication and flexibility. I am proud of the way we have been there for our clients, our communities and for each other.”