In the face of rising interest rates and volatile market activity, Deutsche Bank beat market forecasts for the third quarter on Wednesday.

For the quarter, the bank recorded a net profit of 1.115 billion euros ($1.11 billion). According to Refinitiv statistics, analysts projected a net profit of 827 million euros.

“We are seeing the benefit of interest rates in our corporate bank and private bank, essentially those with large deposit books, and we are seeing our FIC [fixed income and currencies] business managing this environment extremely well,” Deutsche Bank CFO James von Moltke told CNBC’s Joumanna Bercetche.

According to CEO Christian Sewing, the bank is “well on pace” to reach its 2022 targets. In the medium run, the bank aspires to generate average tangible equity returns of more than 10% by 2025.

Revenues increased 15% year on year to 6.92 billion euros.