By Daniel Hunter

Deutsche Bank has reported a sharp fall in profits after counting the cost of setting aside funds to pay for fines and legal costs.

The German bank had already set aside €1.5 billion ($1.6bn; £1.1bn) to cover legal costs related to things like the $2.5bn fine relating to the manipulation of interest rates - the biggest fine of its kinds.

Deutsche Bank reported profits of €559m in the first three months of the year, down by more than a half on the same period a year earlier. Revenues, however, were up by nearly 25% to "near record levels" of €10.4bn.

The bank said the rise in revenues showed "strong performance across businesses and a favourable impact of foreign exchange movements".

Its asset management division saw revenues jump 30% to €1.4bn, and its corporate banking arm increased by 15% to €4.7bn.