The logo of the German bank Commerzbank on a branch near the Commerzbank Tower in Frankfurt.
Daniel Roland | Afp | Getty Images
Germany’s Commerzbank said on Wednesday that first-quarter net profit rose 29%, its strongest quarterly gain in a decade, and raised its full-year net interest income forecast.
Net profit of 747 million euros ($808.25 million) within the quarter compares with a profit of 580 million euros a 12 months earlier. According to a consensus forecast published by Commerzbank in April, analysts on average had expected a profit of 652 million euros.
Commerzbank advantages from rising rates of interest and the resulting income. Net interest income rose 9.2% to 2.126 billion euros in the primary quarter, exceeding expectations of two.096 billion euros.
The bank raised its full-year forecast for net interest income from 7.9 billion euros to eight.1 billion euros.
