The figures underscore broader trends in global banking, with investment banks struggling as deals are paused, while higher interest rates are a boon to other divisions.
Analysts expect the retail unit will also overtake the investment bank as the main revenue driver for the full year, overturning the investment bank's pole position over the previous three years.
Investment banking revenue dropped 11% during the quarter, better than an expected 16% drop.
Deutsche Bank set out in 2019 to reduce dependence on its volatile investment bank and rely instead on more stable businesses that serve companies and retail customers as a way to restore profitability.
Chief Financial Officer James von Moltke said the shift to the retail bank as the largest breadwinner was "significant" because the perception of the lender had been dominated over years by the investment bank, and Deutsche was becoming more balanced.
Persons:
James von Moltke, Deutsche, Jeffrey Epstein, Tom Sims, Matthias Inverardi, Friederike Heine, Jamie Freed
Organizations:
Deutsche Bank, Reuters Graphics, Reuters, Deutsche, Reuters Graphics Deutsche, U.S . Federal Reserve, U.S, Thomson
Locations:
FRANKFURT