Deutsche Bank has recorded net income of €278m ($303m) for the third quarter of 2016, compared to a loss of €6bn in the year-ago period, which included a charge related to Hua Xia Bank and impairments of €5.8bn.

The group posted a pre-tax income of €619m during the quarter, compared to a pre-tax loss of €6.1bn a year ago. Net revenues at the banking group increased 2.2% to €7.49bn from €7.33bn in the prior year.

Noninterest expenses slumped 50.4% year-on-year to €6.54bn from €13.22bn. Litigation expenses reduced to €501m from €1.21bn a year ago, while restructuring and severance costs increased to €76m from €63m.

The group’s provision for credit losses surged 57.9% to €327m from €207m in the third quarter of 2015. The rise was driven by higher provisions in corporate & investment banking (CIB) reflecting continued market weakness in the shipping and oil & gas sectors.

Deutsche Bank CEO John Cryan said: “The results for the quarter demonstrate well the strengths of our operating businesses and the outstanding work of our people. We continued to make good progress on restructuring the bank.

“However, in the past several weeks these positive developments were overshadowed by the attention around our negotiations concerning the Residential Mortgage Backed Securities matter in the United States. This had an unsettling effect. The bank is working hard on achieving a resolution of this issue as soon as possible.”