GERMANY – Deutsche Bank’s portfolio and fund management revenues slipped by three million euros in the first quarter of 2004 – though segment profit rose.
The portfolio/fund management revenues at its private clients and asset management (PCAM) division fell to 613 million euros from 616 million euros in the prior year period, according to the bank’s latest earnings report.
Total revenue at PCAM edged up to 2.052 billion euros from 1.989 billion euros. Asset and wealth management revenues within PCAM rose to 909 million euros from 886 million euros.
Pre-tax income at the asset and wealth management segment within PCAM rose 8.4% to 155 million euros from 143 million euros a year ago, which included a 43 million-euro gain due to the sale of Passive Asset Management. Underlying pre-tax profit was up by 54%.
Overall, PCAM’s income rose 51% to 410 million euros – driven by private & business clients, up 98% at 255 million euros.
Global transaction banking income fell to 125 million euros from 576 million euros, with revenues down to 517 million euros from 1.04 billion euros. In January the bank bought Dresdner Bank’s German domestic business, which is included in global transaction banking.
Overall the bank reported first quarter pre-tax profit of 1.6 billion euros, up from 234 million euros a year ago. Total revenues rose 23% to 6.2 billion euros.
“I am pleased to report significant growth in returns to our shareholders,” said Josef Ackermann, chairman of the bank’s executive committee. “I remain confident that with continued stability and positive development in the global economy and the world‚s financial markets, we will maintain this progress and deliver on the challenging goals we have set ourselves.”