FRANKFURT(Reuters) – Deutsche Bank ETR: posted an 17% increase in its first quarter profit, despite Russia’s conflict clouding the outlook.

Shareholders received a net profit of 1.060billion euros (1.13billion). It is a significant improvement on the profit of 908million euros last year and better than analysts expected profit of about 950million euros.

The bank recorded its seventh consecutive quarter in profit. This is the longest stretch of uninterrupted profit since 2012 and the most profitable quarterly since 2014.

This bank has suffered losses of more than 9 million euros in the last decade. Its health is still under close scrutiny by regulators, as it remains one of the most significant banks worldwide for the financial sector.

Although the bank stated that it would continue to meet its annual goals, they warned that “the current environment has become increasingly difficult and cost pressures have increased”.

($1 = 0.9396 euros)