DWS Group Reports Growth in Q2 2024, Raises Outlook for Full Year

DWS Group GmbH & Co. KGaA has reported increased revenues and profits for the second quarter of 2024, driven by higher management fees. Adjusted revenues grew by 4% quarter-on-quarter to EUR 678 million, up from EUR 653 million in Q1 2024. Adjusted profit before tax improved by 8% to EUR 249 million, and net income rose by 11% to EUR 162 million.

The group's adjusted Cost-Income Ratio improved to 63.2%, down from 64.7% in the previous quarter. Despite slight increases in adjusted costs, the financial outlook for the year has been raised, with expected higher adjusted revenues, pre-tax profits, and earnings per share for 2024.

The company recorded long-term net flows of minus EUR 6.0 billion for Q2, but total assets under management increased by EUR 37 billion from year-end 2023 to EUR 933 billion. The management fee margin saw improvement even as net flows faced challenges.

DWS continues to execute its refined strategy, focusing on reducing low-margin areas and growing in its passive and active SQI segments. Additionally, strategic acquisitions and organizational changes were made to support future growth, including investments in solar PV plants in Spain.

Newly elected Supervisory Board member Oliver Behrens will now serve as Chairman, following their annual general meeting in June.