GERMANY – Deutsche Bank says its private client and asset management arm, which includes Deutsche Asset Management, is seeing profitable growth.

“Our PCAM business is delivering continued profitable growth,” the bank said in its third-quarter interim report.

“Private clients and asset management reported a pre-tax profit of 329 million euros, a considerable improvement on the 187 million euros reported in the third quarter last year.”

And it added that the asset and wealth management segment within PCAM lifted revenues by 83 million euros. “This increase was mainly attributable to portfolio management, due to higher performance fees and successful product placements, and higher revenues from the real estate business.”

Total revenues at the PCAM division were 2.1 billion euros, up from 2.0 billion euros a year ago.

Overall, the bank reported third quarter 576 million euros compared with a net loss of 299 million euros a year earlier. Its total revenues fell six percent to 5.2 billion euros.

"Deutsche Bank made further good progress ... in strengthening its businesses and increasing its operational capacity,” said chief executive Josef Ackermann. “This progress was reflected in third-quarter results.”

"The solid and sustained year-to-date performance, together with a better global economic environment, gives me and my colleagues great confidence that we can look forward to a full-year 2003 performance which will be very satisfying for our shareholders.”