Net profit attributable to shareholders came in at €1.8 billion (US$2 billion) in the first quarter (Q1), up 39% from the same period last year, the bank said in a statement.

“Earnings were up across all sectors, contributing to the group’s best quarterly profit for 14 years,” chief executive Christian Sewing said.

Analysts surveyed by the financial data firm FactSet had predicted a more modest profit of €1.7 billion.

Despite falling interest rates, net revenues rose by 10% compared with the previous year, reaching €8.5 billion.

After a dip in profits last year, mainly due to significant litigation costs, Deutsche Bank has set itself more ambitious aims for 2025.

“We are very happy with Q1 results which put us on track for delivery on all our 2025 targets,” Sewing said.

Deutsche Bank’s cost-income ratio came in at 61.2% in Q1 – in line with the 2025 target for the key financial indicator of below 65%.

In the group’s investment banking division, profit before tax was up 22% year-on-year to €1.5 billion.

Deutsche Bank has undergone major restructuring in recent years, seeking to rely more on retail and corporate banking after an aggressive shift in the early 2000s into investment banking drew it into multiple scandals.

The strategy seems to have paid off, with the bank reaping greater profits.