Deutsche Bank posted a 58 percent drop in net profit in the first quarter, to 236 million euros ($267 million) compared to the same period last year.
The group posted a revenue decline of 22 percent year-on-year to 8.1 billion euros which it said "reflected a challenging environment and the impact of strategic decisions to downsize and exit certain businesses."
In its core business, revenue dropped 15 percent in its corporate and investment banking division and 23 percent in its global markets unit. It said 2016 would be the "peak year for its restructuring efforts."
Shares of the bank rose 4 percent in early trade on Thursday and the bank's Chief Financial Officer Marcus Schenck told CNBC that there were highlights among the earnings.
"On the positive side, we made very good progress on implementing further steps on our journey, as in the focusing of the bank, we're exiting certain countries, we're exiting certain market positions and all of that is evidenced in a risk-weighted asset position that we have as per the end of the quarter."
Nonetheless, Schenck conceded that the first quarter had been one of the most difficult in the bank's recent history.
"I can't debate away that this has been one of the most challenging quarters over the last several decades," he said, "(But) we've seen the markets calm down a lot in March and April and the performance in those two last months is definitely better."
Schenck said he had no "crystal ball" to see if the rest of the year would pan out. "There is still a lot of uncertainty out there and there is the 'Brexit' question (the U.K. referendum on EU membership in June) and with China, it doesn't look like there's going to be a hard landing as some people had feared but still, things can go wrong."
"That said, the sentiment in the market is definitely looking more optimistic. (So) I think there is a decent chance that we will see the remainder of the year develop more positively than the beginning of the year."