Deutsche Bank has reported a net income of €649m for the third quarter (Q3) ended 30 September 2017, a huge surge compared to €278m a year ago.

The group’s pre-tax income soared by 50% to €933m from €619m last year, while net revenues fell by 9% year-on-year to €6.77bn.

Compared to the previous year, the group’s noninterest expenses decreased by 13% to €5.66bn and provision for credit losses slid by 43% to €184m.

The Private & Commercial Bank (PCB) unit of Deutsche Bank reported pre-tax income of €332m for the third quarter of 2017, a 77% surge from €187m in the same period a year ago.

The unit’s quarterly net revenues rose by 3% to €2.6bn from €2.52bn a year earlier.

Noninterest expenses at the unit declined by 2% to €2.18bn from €2.23bn in the previous year. Provision for credit losses are down by 11% year-on-year to  €90m.

Deutsche Asset Management posted pre-tax income of €195m for the third quarter of 2017, down by 9% from €215m in the corresponding quarter of 2016.

Net revenues at the unit slumped 23% to €628m from €821m last year.

Deutsche Bank CEO John Cryan said: “While the revenue environment remained challenging, we have made significant progress on our key initiatives such as the planned merger of Deutsche Bank and Postbank in Germany as well as the preparation for the IPO of our asset management business.

“We are convinced that the benefits of our efforts will step by step become more apparent in the coming quarters and years.”