April 29, 2020 / 5:13 AM / a month ago

BRIEF-DWS Q1 Adj. Profit Before Tax At EUR 179 Mln

April 29 (Reuters) - DWS GROUP GMBH & CO KGAA:

* TOTAL REVENUES AT EUR 524M IN Q1 (Q4 2019: EUR 687M; Q1 2019: EUR 534M); TOTAL REVENUES DOWN 24 PERCENT Q-O-Q AND 2 PERCENT Y-O-Y

* ADJUSTED PROFIT BEFORE TAX AT EUR 179M IN Q1 (Q4 2019: EUR 266M; Q1 2019: EUR 153M), DOWN 33 PERCENT Q-O-Q, UP 17 PERCENT

* Q1 AUM DECREASED TO EUR 700BN IN Q1 (Q4 2019: EUR 767BN) DUE TO STRONG MARKET DOWNTURN

* Q1 NET INCOME WAS UP 19 PERCENT YEAR-ON-YEAR. (Q4 2019: EUR 182 MILLION; Q1 2019: EUR 102 MILLION)

* WE EXPECT 2020 ADJUSTED REVENUES AND COSTS TO BE BELOW 2019 FIGURES

* DECIDED TO KEEP ITS PROPOSAL OF A DIVIDEND PER SHARE OF EUR 1.67 FOR FINANCIAL YEAR 2019

* MAINTAINING OUR MID-TERM TARGET OF AN ADJUSTED COST-INCOME RATIO OF BELOW 65 PERCENT IN 2021 ASSUMING A MARKET RECOVERY IN SECOND HALF OF 2020

* IN VIEW OF IMPACT OF PANDEMIC ON REVENUES, EXPECTS A TEMPORARY INCREASE IN ADJUSTED COST-INCOME RATIO IN COMING QUARTERS

* ADJUSTED COST-INCOME RATIO (CIR) STOOD AT 65.8 PERCENT IN Q1 2020 (Q4 2019: 61.3 PERCENT; Q1 2019: 71.4 PERCENT) Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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