Deutsche Bank reported a pre-tax profit of EUR 1.8 billion in the first quarter, despite further writedowns of EUR 1 billion. The Asset and Wealth Management division reported a pre-tax loss of EUR 173 million, after the ‘significant impact’ of impairment charges in its alternative assets business RREEF. Net revenues were EUR 515 million, compared to EUR 1 billion in the same quarter of 2008.
Deutsche Bank reported a pre-tax profit of EUR 1.8 billion in the first quarter, despite further writedowns of EUR 1 billion. The Asset and Wealth Management division reported a pre-tax loss of EUR 173 million, after the ‘significant impact’ of impairment charges in its alternative assets business RREEF. Net revenues were EUR 515 million, compared to EUR 1 billion in the same quarter of 2008.
In Private Clients and Asset Management, net revenues were EUR 1.9 billion, compared to EUR 2.5 billion the previous year. Meanwhile the Private and Business Clients division reported a profit of EUR 206 million.
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