Private banking helped profits at Deutsche Bank's wealth and asset management business increase by more than a fifth to €292m ($399m) in the second quarter, offsetting a fall in fund revenues led by its North American property management business.

Asset management revenues fell 13% to €591m as an increase in European retail revenues failed to support the group. Deutsche said the non-recurrence of a performance fee on a single North American real estate mandate had accounted for most of the revenue fall.