The Private, Wealth & Commercial Clients (PW&CC) arm of Deutsche Bank has registered pre-tax income of €320m in the first quarter of 2017, a huge surge compared to €63m in the year ago period.

The unit’s quarterly net revenues were €1.93bn, an increase of 11% from €1.73bn in the first quarter of 2016.

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The division’s noninterest expenses during the quarter dipped 4% year-on-year to €1.56bn. The bank attributed the decline to lower restructuring charges and deconsolidation of the Private Client Services (PCS) unit.

Provision for credit losses stood at €45m, compared to €36m a year ago.

Deutsche Asset Management (Deutsche AM) posted pre-tax income of €181m, a 12% rise compared to the year ago quarter. Excluding the impact of the Abbey Life gross-up, net revenues at the unit dropped 6% year-on-year to €607m.

Overall, the banking group reported net income of €575m, a 143% compared to €236m a year earlier. The group’s pre-tax income soared 52% to €878m from €579m a year earlier, while net revenues decreased 9% year-on-year to €7.34bn.

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Deutsche Bank CEO John Cryan said: “I am pleased with the start we have made to 2017. Client engagement is strong, asset flows are returning across the bank and activity is picking up. Our cost-cutting efforts are starting to pay off, while we have reduced complexity significantly. We have laid firm foundations upon which Deutsche Bank can once again deliver good results.”