FRANKFURT: Deutsche Bank posted a better-than-expected 17% rise in first-quarter profit as investment banking revenues rose despite the Russia conflict that has clouded the outlook, figures on Wednesday showed.

Net profit attributable to shareholders was 1.060 billion euros ($1.13 billion). That compares with profit of 908 million euros a year earlier, and it is better than analyst expectations for profit of around 950 million euros.

It was the seventh consecutive quarter of profit, the bank’s longest streak in the black since 2012, and marks the highest quarterly profit since 2014.

Credit Suisse announces management reshuffle, Q1 loss

The bank has lost more than 9 billion euros over the past decade, and its health remains under the close watch of regulators as one of the world’s most important banks for the financial system.

The bank said it was sticking to its annual targets, but warned “the current environment is increasingly challenging, and cost pressures have intensified”.