Deutsche Bank AG DB reported net income of €236 million ($260.3 million) in the first quarter of 2016, down 57.8% year over year. Income before income taxes came in at €579 million ($638.6 million), down 60.9% year over year.The quarterly results were impacted by lower revenues and higher provisions. However, the reduction in non-interest expenses was a positive factor.Performance in DetailThe bank reported net revenue of €8.1 billion ($8.9 billion) in the first quarter, down 22.1% year over year. The decline can be attributed to lower revenues in all segments.Revenues at the Global Markets (GM) division plunged 22.2% from the prior-year quarter to €2.8 billion ($3.1 billion). The decrease stemmed from the effect of implementation of strategic decisions, a challenging trading environment and reduced client activity.Revenues at the Corporate & Investment Banking (CIB) division plunged 15% from the prior-year quarter to €1.8 billion ($2.0 billion). Weak market conditions and fee environment in both Equity Capital Markets (ECM) and Debt Capital Markets (DCM) mainly led to the fall.The Private, Wealth & Commercial Clients (PW&CC) segment’s revenues totaled €1.7 billion ($1.9 billion), down 17% year over year. Revenues were also impacted by valuation and transaction-related effects associated with the investment in Hua Xia Bank.At the PostBank unit, revenues of €861 million ($949.6 million) was almost in line with the year-ago figure. Ongoing low interest rate environment impacted revenues from savings and current accounts which was offset by growth in credit products.The Deutsche Asset Management (Deutsche AM) segment posted revenues of €736 million ($811.7 million), down 12% year over year. The dip was mainly due to the absence of performance fees in Alternatives, which was partly mitigated by Active fund management revenues.Non-Core Operations Unit (NCOU) recorded revenues of €16 million ($17.6 million) that exhibited a significant year-over-year decrease of €379 million. The decline reflected reduced portfolio revenues and net losses from de-risking.The provision for credit losses increased 39.4% from the year-ago quarter to €304 million ($335.3 million).Non-interest expenses of €7.2 billion ($7.9 billion) were down 17.2% from the year-ago quarter. Non-interest expenses included reduced litigation charges while elevated restructuring and severance costs.Deutsche Bank’s Common Equity Tier 1 (CET1) capital ratio (pro-forma Capital Requirements Regulation (CRR)/Capital Requirements Directive 4 (CRD 4) fully loaded) stood at 10.7% as of Mar 31, 2016, compared with 11.1% as of Mar 31, 2015. Leverage ratio, on an adjusted fully loaded basis, was 3.4% as of Mar 31, 2016, same as the prior-year quarter. Risk-weighted assets amounted to €401 billion ($453.6 billion) as of Mar 31, 2016, compared with €431 billion ($467.6 billion) as of Mar 31, 2015.Our ViewpointCryan, who succeeded co-CEO Anshu Jain last June, inherited the task of executing the bank’s “Strategy 2020”, which comprises several measures including initiatives to reposition Investment Banking, reorganize retail business and reduce the geographic footprint. Deutsche Bank shocked markets last October after it announced plans of retrenching nearly 35,000 employees as part of its restructuring initiatives.Though the new CEO of Deutsche Bank appears to be proactive, it is really difficult to gauge how much the bank will gain under his leadership, considering the prevailing headwinds. As the European economy is yet to stabilize, we don’t foresee any significant favorable change in the company's performance in the near term. However, Strategy 2020 efforts are encouraging and we expect the initiative to help improve the company’s operating efficiency.We believe that gradual execution of the restructuring moves should support the company’s growth prospects.Deutsche Bank currently carries a Zacks Rank #2 (Buy).Other foreign banks that are expected to release results soon include The Royal Bank of Scotland Group plc RBS, Mitsubishi UFJ Financial Group, Inc. MTU and UBS Group AG UBS. Royal Bank of Scotland is scheduled to report on Apr 29, UBS on May 6, while Mitsubishi UFJ is slated to report March-end results on May 16.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report UBS GROUP AG (UBS): Free Stock Analysis Report DEUTSCHE BK AG (DB): Free Stock Analysis Report ROYAL BK SC-ADR (RBS): Free Stock Analysis Report MITSUBISHI-UFJ (MTU): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research