Asset & Wealth Management Corporate Division (AWM)


 

Three months ended

 

 

in € m.
(unless stated otherwise)

Mar 31, 2013

Mar 31, 2012

Absolute
Change

Change
in %

N/M – Not meaningful

Net revenues:

 

 

 

 

Discretionary portfolio/fund management

523

486

37

8

Advisory/brokerage

214

199

15

8

Credit products

92

100

(8)

(8)

Deposits and payment services

69

68

1

2

Other Products

345

302

43

14

Total net revenues

1,243

1,155

88

8

Provision for credit losses

13

(1)

13

N/M

Total noninterest expenses

1,008

947

61

6

therein:

 

 

 

 

Policyholder benefits and claims

191

149

43

28

Restructuring activities

7

7

N/M

Noncontrolling interests

1

0

0

91

Income before income taxes

221

208

13

6

In AWM net revenues increased by € 88 million, or 8 %, in the first quarter 2013 compared to the same period in 2012. Discretionary portfolio management/fund management net revenues increased by € 37 million, or 8 %, due to a higher asset base resulting from positive market growth and net inflows of funds. Net revenues from advisory/brokerage services increased by € 15 million, or 8 %, driven by higher wealth and private client activity levels. In credit products revenues decreased by € 8 million, or 8 %, due to reduced lending volumes mainly in Asia and Americas. Net revenues from deposits and payment services were essentially unchanged compared to the first quarter 2012. Net revenues from other products increased by € 43 million, or 14 %, versus the first quarter 2012, mainly due to mark-to-market movements on investments held to back insurance policyholder claims in Abbey Life, largely offset in noninterest expenses.

Provision for credit losses increased by € 13 million compared to the first quarter 2012 resulting from US lending businesses.

Noninterest expenses in the first quarter 2013 increased by € 61 million, or 6 %, compared to the first quarter 2012. The increase included the impact related to the aforementioned effects from Abbey Life, higher litigation related charges and cost-to-achieve related to OpEx.

Income before income taxes in the first quarter 2013 increased by € 13 million compared to the first quarter 2012, mainly due to higher net revenues.

In the first quarter 2013, invested assets were up by € 29 billion. The increase primarily included € 18 billion from market appreciation, € 8 billion from foreign currency movements and € 6 billion net inflows. After several quarters with net outflows, net asset inflows were achieved in Institutional and Retail active asset management products as well as from Wealth Management clients.