Figures are German lender’s first full quarter under a new structure announced in October

Deutsche Bank AG on Thursday said first-quarter net income beat analysts’ expectations despite being pressured by difficult market conditions and the impact of the bank’s decision to exit certain areas.

Net income declined 58% to €236 million ($267 million) compared with the same period last year. The German lender said first-quarter net revenue was €8.1 billion, a 22% decline from a year earlier.

Deutsche Bank’s quarterly profit beat analysts’ consensus expectations for a loss. Primary drivers included lower legal costs and results from businesses the bank expects to sell or wind down, while core trading revenue and wealth-management results were weak.

Analysts have continued to express concerns about weakness in the bank’s capital position. A key measure of its capital levels declined slightly in the quarter.

Deutsche Bank shares traded more than 2% higher in early afternoon trading, having earlier been up around 4%.