FRANKFURT (Reuters) – Deutsche Bank on Thursday reported a 9% rise in first-quarter profit, beating forecasts, as higher interest rates offset lower investment banking revenue, and announced layoffs as part of its cost-cutting policy.

Attributable net profit amounted to 1.158 billion euros. Analysts had expected a profit of around 977 million euros.

The results mark the 11th straight quarter of profits for Germany’s biggest bank, its longest in at least a decade.

“We are on track to meet or exceed our 2025 targets,” said Christian Sewing, chairman of the Deutsche Bank management board.

The investment banking division reported a 19% decline in revenue, which was below expectations. On the other hand, those of the investment and retail banking divisions exceeded expectations.

The group also announced an undetermined number of non-customer relationship job cuts, one of many measures aimed at further reducing costs in the coming years.

Deutsche Bank said it would start cutting non-customer-facing management staff by 5% in the second quarter.

(Reporting Tom Sims and Marta Orosz; Lina Golovnya, editing by Kate Entringer)

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