On Wednesday, Commerzbank (CBKG.DE) reported a better-than-expected first-quarter net profit.
The quarter’s net profit of 580 million euros ($638.46 million) compared to 298 million euros a year earlier. A Commerzbank consensus projection predicted 481 million euros in profit.
The bank expects “upside potential” in net interest income this year.
Commerzbank, one of Germany’s largest banks, is slashing thousands of jobs and hundreds of locations to cut costs and boost profitability.
Higher interest rates boosted first-quarter earnings for many banks.
Commerzbank returned to the DAX index last year after two years of profit.
After a rescue during the financial crisis over a decade ago, it is exposed to rising prices, a weaker economy, and bad loans.
“Commerzbank’s fine. “Our transformation is progressing and paying off,” stated CEO Manfred Knof.
