Adjusted revenues declined quarter-on-quarter by 4 percent to EUR 610 million in the first quarter (Q4 2022: EUR 634 million Q1 2022: EUR 689 million). Net income rose by 29 percent quarter-on-quarter, as an impairment had burdened the result in the fourth quarter 2022, but was lower year-on-year. The adjusted profit before tax decreased quarter-on-quarter and year-on-year. The adjusted Cost-Income Ratio at 66.3 percent in Q1 is on track to achieve DWS outlook for 2023 as the company operates on a dual platform while it continues to establish its own capabilities this year as part of its way to become a stand-alone asset manager. Year-on-year, adjusted costs were reduced by 1 percent. Excluding this, adjusted costs would have declined by 6 percent. While DWS maintained a strict cost management, the adjusted cost base rose by 6 percent quarter-on-quarter as the previous quarter included a favorable one-off effect. Assets under Management also increased by EUR 19 billion in the first quarter of 2023 mainly driven by positive market developments and net inflows.Īdjusted revenues decreased by 4 percent compared to the fourth quarter among other things due to lower performance and transaction fees than normal given the current market environment. Including Cash products, net flows improved to EUR 5.7 billion. These net new assets came from institutional as well as retail investors. Net new assets in Active, Passive including Xtrackers and ESG products enabled the company to generate net inflows ex Cash of EUR 8.8 billion. In the first quarter of 2023, DWS returned to net inflows. Adjusted profit before tax at EUR 206m in Q1 (Q4 2022: EUR 254m Q1 2022: EUR 279m), down 19%.Adjusted costs at EUR 404m in Q1 (Q4 2022: EUR 380m Q1 2022: EUR 410m), up 6% q-o-q as the previous quarter included a favorable one-off effect and down 1% y-o-y.Adjusted revenues at EUR 610m in Q1 (Q4 2022: EUR 634m Q1 2022: EUR 689m), down 4% q-o-q among other things due to lower performance and transaction fees than normal given the current market environment and down 12% y-o-y.Adjusted Cost-Income Ratio (CIR) at 66.3% in Q1 on track to achieve DWS outlook for the year 2023.AuM increased to EUR 841bn in Q1 mainly driven by market developments and net inflows (Q4 2022: EUR 821bn).ESG funds attracted net inflows of EUR 1.4bn in Q1 Including volatile low-margin Cash products total net flows rose to EUR 5.7bn (Q4 2022: minus EUR 1.6bn). Net flows ex Cash increased to EUR 8.8bn in Q1 (Q4 2022: minus EUR 9.6bn).Trading Idee: DAX - Unterstützung um 15.700 Punkte im Fokus TUI-Aktie: TUI-Chef hält Ende von 'Last-minute-Sommer' für gekommen
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