posted a better-than-expected 9% rise in first-quarter profit as income from higher interest rates offset a slump in revenues at the investment bank.
($1 = 0.9049 euros)
(Reporting by Tristan Veyet in Gdansk, Editing by Rachel More)
(adds AuM, CFO quote, outlook, Deutsche Bank results)
April 27 (Reuters) - DWS on Thursday posted a
fall in adjusted revenue in the first quarter of 2023 as
Deutsche Bank's asset management subsidiary cited
lower management fees predominantly driven by declining markets
in 2022.
The company recorded adjusted revenue of 610 million euros
($674.11 million) for the first three months of the year, down
12% year on year.
DWS assets under management rose to 841 billion euros during
the first quarter, helped by market developments and net
inflows.
"With the adjusted cost-income ratio at 66.3% in Q1, we are
on track to achieve our guidance for the year 2023," chief
financial officer Claire Peel said.
DWS parent company Deutsche Bank
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