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 it attributed to growth in commissions and fee income.

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.