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Commerzbank profit jumps 28.8% to 747 million euros in three months
Commerzbank's net income rose to 747 million euros in the first quarter of this year, up 28.8% year-on-year, the German bank announced today.
© Reuters
Economia Commerzbank
This result marks the best start to the year in the last 13 years, although in a context of high interest rates, the German bank says in a statement, adding that revenue grew 3% until March, to 2,747 million euros.
The higher interest rates and the increase in the activity of its clients compensated for the new provisions for legal risks of Swiss franc loans made by its Polish subsidiary mBank, it adds.
Specifically, interest earned the German bank 2,126 million euros, 9.2% more than in the same quarter of the previous year, while fee and commission income grew 0.5% to 920 million euros.
The bank's operating income increased 23.8% in the first quarter, to 1,084 million euros, of which 505 million corresponded to small businesses and 606 million to corporate clients.
In addition, costs fell to 1,600 million euros, compared to 1,700 million in homologous terms, despite inflationary pressure and wage increases.
Commerzbank improved its profitability and shareholder value, with a return on tangible equity (RoTE) of 10.5%, above the 8.3% seen in the previous year, the statement reads.
Read Also: Merck's profit falls 12.5% to 699 million euros in the 1st quarter (Portuguese version)
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