Net income for the first three months of the year was 1.4bn euros ($1.9bn; £1.1bn), down 35% on the 2.1bn euros the bank made a year earlier.
Revenue was down 12% at 9.2bn euros.
The bank said although the business environment was "more stable" than at the end of last year, it was "far less favourable" than a year earlier.
Germany's biggest bank also took a 257m euro hit after writing off its holding in pharmaceutical company Actavis.
Revenues at the bank's investment banking division fell 8% to 6.2bn euros, while those at the asset management arm dipped 17% to $3.4bn.
Postbank, Deutsche's retail arm, also reported lower revenues due to low interest rates and a move to reduce risk across its operations.
Watch from Reuters: