The Private, Wealth & Commercial Clients (PW&CC) unit of Deutsche Bank has reported pre-tax income of EUR187m for the second quarter of 2016, down 61.3% from EUR483m in the prior-year quarter.
The unit’s quarterly net revenues were EUR1.86bn, a fall of 10.9% from EUR2.09bn a year ago.
Compared to a year ago, revenues of Private & Commercial Clients segment dropped 2% to EUR1.4bn, and revenues of Wealth Management segment decreased by 12% to EUR490m.
Noninterest expenses at the unit increased 4.8% to EUR1.61bn from EUR1.53bn during the same quarter in 2015. Provision for credit losses dipped 10.8% to EUR66m from EUR74m a year ago.
Deutsche Asset Management (Deutsche AM) posted a pre-tax income of EUR171m for the second quarter, a slump of 35.4% from EUR265m in the prior year. Net revenues at the unit slid 8.2% year-on-year to EUR706m from EUR769m.
Overall, the German banking group registered net income of EUR20m for the second quarter of 2016, down 98% from EUR818m in the corresponding period of 2015.
The banking group's pre-tax income dipped 67% to EUR408m from EUR1.23bn a year ago. Net revenues at the group dropped 20% year-on-year to EUR7.38bn.
Deutsche Bank CEO John Cryan said: “While our results show that we are undergoing a sustained restructuring, we are satisfied with the progress we are making.”
“We have continued to de-risk our balance sheet, to invest in our processes and to modernise our infrastructure. However, if the current weak economic environment persists, we will need to be yet more ambitious in the timing and intensity of our restructuring.”