[FRANKFURT] Deutsche Bank's net income declined by 58 per cent in in the first quarter as its investment bank slumped and the lender continued to ache under legal costs for past scandals.

Germany's flagship bank posted a net profit of 236 million euros (S$360 million) in the first three months, down from a 559 million euro profit in the year-earlier period. That beat analysts' forecasts of a 249 euro net loss.

"2016 will be the peak year for our restructuring efforts,"Chief Executive John Cryan said in a statement on Thursday.

REUTERS