Baku. Yegana Lachinzade – APA-Economics. Deutsche Bank, which is managing assets of Azerbaijan’s State Oil Fund (SOFAZ), announced on Wednesday that its net profit in the second quarter decreased by 98% to 20 million euros compared to the same period of 2015.
The bank’s pre-tax profit amounted to 408 million euros in the second quarter of 2016.
During the reporting period, the bank’s revenues were 7.4 billion euros, down 20% versus the same period of 2015.
John Cryan, Deutsche Bank CEO, said: “While our results show that we are undergoing a sustained restructuring, we are satisfied with the progress we are making.”
He continued: “We have continued to de-risk our balance sheet, to invest in our processes and to modernize our infrastructure. However, if the current weak economic environment persists, we will need to be yet more ambitious in the timing and intensity of our restructuring.”
Deutsche Bank Advisors manages over $100 million of SOFAZ assets. As of December 2015, 7.1% of SOFAZ’s investment portfolio is managed by foreign investors.
As of December 31, 2015, AZN 3,708,059 ($2,377,875) of the Fund was managed by financial organizations in accordance with the asset management agreements. Fund’s foreign managers were Deutsche Bank AG, EBRD, State Street Global Advisors and UBS.
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