German lender Deutsche Bank has slashed credit losses by 56% in the first quarter.

It said the figure was EUR 133m ($146m), down 56% year-on-year.

This was primarily due to improved performance in the metals and mining and oil and gas portfolios, it added.

Net profit grew to EUR 575m, up 143% year-on-year, but revenue fell 9% to EUR 7.3bn.

Provisions for credit losses in corporate and investment banking were EUR 44m, down 67%.

It was reported this week that Chinese conglomerate HNA Group had increased its stake in the bank to just over 9.9%,