Net profits from the corporate and investment banking arm of Russia's VTB Group surged more than a third in the first three months of 2016 as the unit's revenues hit their highest first-quarter level since it was formed in 2011.

Revenues from VTB's CIB unit, which houses investment banking activities carried out by VTB Capital as well as its loans and deposits business and transaction banking, edged up 2% from a year earlier to 235.7 billion roubles ($3.6 billion) in the three months to March 31, according to results published on May 16.