The German bank provides wealth management services in multiple regions, including North America.

Deutsche Bank, which a few days ago flagged that it will log market-beating results, today said that its wealth management arm logged a 9 per cent year-on-year rise in revenues to €466 million ($506 million) in the first quarter. The German bank provides wealth management services in multiple regions, including North America.

Pre-tax profit across the whole private banking segment – in which wealth management sits - fell to €132 million from €214 million, falling by 38 per cent. 

Core revenues in the wealth arm, which exclude the workout of the acquired Sal Oppenheim private banking business in Germany, rose by 17 per cent. Without that impact, revenues rose by 9 per cent on a year earlier, the bank said in a statement. 

“The wealth business had strong growth across all regions, in particular in capital market products in the emerging markets region, which includes Asia-Pacific, the Middle East and Africa, in January and February. It had net inflows in investment products of €3 billion," the bank said in a statement. 

In the private banking arm, Deutsche Bank said Q1 net revenues of €2.2 billion increased by 2 per cent from a year earlier. Excluding specific revenue items, net revenues grew by 3 per cent.

Revenues in the German private banking segment fell by 1 per cent as continued deposit margin compression as well as higher funding and liquidity cost allocations were broadly offset by growth in investment product revenues and loan volumes.

Private and international commercial business rose by 3 per cent as growth in loan and investment product revenues, combined with repricing measures, more than offset the interest rate headwinds and first impacts of COVID-19 on client activity, mainly in Italy and Spain.