Deutsche Bank today said net revenues in different arms of its wealth management operations rose in the third quarter of 2010 compared with 12 months earlier, boosted by the acquisition of Luxembourg-based firm Sal Oppenheim/BHF.

Within its Asset and Wealth Management segment, Deutsche said the AWM business reported net revenues of €1.0 billion (around $1.38 billion) in the third quarter, an increase of €243 million, or 32 per cent, compared to the same period in 2009. Revenues were boosted by €200 million linked to the acquisition of Sal Oppenheim/BHF.

Non-interest expenses in the third quarter of 2010 were €921 million, up €288 million, or 46 per cent, compared to the same period in 2009; expenses were increased by the Sal Oppenheim/BHF deal, the Frankfurt-listed bank said.

AWM recorded an income before income taxes of €78 million, after a net loss before income taxes of €52 million related to Sal Oppenheim/BHF in private wealth management. Excluding this impact, results would have been comparable to an income before income taxes of €134 million in the third quarter of last year.

Invested assets in AWM fell by €25 billion to €846 billion in the third quarter of 2010. In private wealth management, invested assets dropped by €6 billion, including net outflows of €3 billion, to €313 billion.

Among the Private & Business Clients segment, net revenues in the third quarter of 2010 were €1.5 billion, up 5 per cent on the same three months of last year.

For the banking and investment group as a whole, Deutsche Bank said net income for the quarter was €1.1 billion, excluding the charge of €2.3 billion relating to Deutsche Bank's stake in Postbank and the related mandatory exchangeable bond, versus net income of €1.4 billion in the third quarter of 2009, which included net positive tax effects.

Diluted earnings per share on a reported basis were negative €1.75 per share, versus positive €1.92 per share in the prior year period. Excluding the Postbank related charge, income before income taxes was €1.3 billion, compared to income before income taxes of €1.3 billion in the prior year quarter. Including the aforementioned charge, Deutsche Bank recorded a loss before income taxes of €1.0 billion.