Commerzbank reported a better-than-expected 29% increase in first-quarter net profit
The logo of German bank Commerzbank is seen on a branch office near the Commerzbank Tower in Frankfurt.
Daniel Roland | Afp | beautiful images
Germany’s Commerzbank on Wednesday said net profit rose 29% in the first quarter, its strongest quarterly profit in a decade and raised its outlook for net interest income for the full year.
Net profit was 747 million euros ($808.25 million) in the quarter compared with a profit of 580 million euros a year earlier. Analysts on average expected a profit of 652 million euros, according to the April consensus forecast published by Commerzbank.
Commerzbank is benefiting from rising interest rates and generated income. Net interest income rose 9.2% in the first quarter to 2.126 billion euros, better than expectations of 2.096 billion euros.
The bank raised its full-year forecast for net interest income to 8.1 billion euros from 7.9 billion euros previously.
