Deutsche Bank on Thursday reported 1.275 billion euros ($1.365 billion) in net profit attributable to shareholders in the first quarter, marking a 10% annual increase.

Analysts had forecast a result of 1.23 billion euros for the period, according to LSEG data.

Revenue rose 1% year-on-year to 7.8 billion euros, which the bank attributed to growth in commissions and fee income, along with strength in fixed income and currencies. The revenue print also came in ahead of an analyst forecast of 7.73 billion euros, according to LSEG.

Other first-quarter highlights included:

• Net inflows of 19 billion euros across the Private Bank and Asset Management divisions.
• Credit loss provision was 439 million euros, down from 488 million in the fourth quarter of 2023.
• Common equity tier one (CET1) capital ratio — a measure of bank solvency — was 13.4%, compared to 13.6% at the same time last year.

Germany’s biggest lender reported net profit of 1.3 billion euros in the prior quarter and of 1.16 billion euros in the first quarter last year.

In 2023, the bank announced it would cut 3,500 jobs over the coming years, as it targets 2.5 billion euros in operational efficiencies to boost profitability and increase shareholder returns.

This is a breaking news story and will be updated shortly.