The Private, Wealth & Commercial Clients (PW&CC) unit of Deutsche Bank has reported pre-tax income of €117m for the third quarter of 2016, compared to a loss of €1.13bn a year ago.
The unit’s quarterly net revenues were €1.74bn, a surge of 20% compared €1.45bn in the third quarter of 2015.
Noninterest expenses at the unit slumped 38.1% to €1.56bn from €2.53bn in the corresponding period of 2015. Provision f or credit losses increased 5.5% year-on-year to €57m from €54m.
Deutsche Asset Management (Deutsche AM) posted pre-tax income of €216m for the third quarter of 2016, a jump of 52.1% from €142m in the prior year. Net revenues at the unit surged 30% to €823m from €633m in the prior year.
Overall, the banking group recorded net income of €278m for the third quarter of 2016, compared to a loss of €6bn in the year-ago period. The group posted a pre-tax income of €619m during the quarter, compared to a pre-tax loss of €6.1bn a year ago.
Net revenues at the banking group increased 2.2% to €7.49bn from €7.33bn in the prior year.
Deutsche Bank CEO John Cryan said: “The results for the quarter demonstrate well the strengths of our operating businesses and the outstanding work of our people. We continued to make good progress on restructuring the bank.
“However, in the past several weeks these positive developments were overshadowed by the attention around our negotiations concerning the Residential Mortgage Backed Securities matter in the United States. This had an unsettling effect. The bank is working hard on achieving a resolution of this issue as soon as possible.”