DWS Group GmbH & Co. KGaA (DWS.F), a German-based asset management firm, on Tuesday reported higher pre-tax income for the first quarter, with double-digit growth in revenues.
For the first quarter, pre-tax income increased 36 percent to 284 million euros from 209 million euros in the previous year's quarter. Adjusted pre-tax income also climbed 24 percent to 287 million euros.
Net income surged 37 percent to 199 million euros from 146 million euros. Earnings per share were 0.99 euros versus 0.73 euros last year.
Two Analysts, on average, had expected the company to report 1.06 euros per share. Analysts' estimates typically exclude special items.
Net revenue for the first quarter increased 15 percent to 753 million euros from 653 million euros last year. Analysts had expected revenues of 718.61 million euros.
Looking ahead, the company said it still continues to expect the adjusted Cost-Income Ratio of below 59 percent for 2025, corresponding to the reported Cost-Income Ratio of below 61.5 percent.
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