Commerzbank logo at a branch near the Commerzbank building in Frankfurt.
Daniel Rowland | AFP | Getty Images
Commerzbank said on Wednesday its first-quarter net profit rose 29%, its strongest quarterly profit in a decade, and raised its full-year net interest income forecast.
Net profit for the quarter was 747 million euros ($808.25 million), compared with 580 million euros in the same period last year. According to the consensus forecast released by Commerzbank in April, analysts on average expected profits of 652 million euros.
Commerzbank is benefiting from rising interest rates and the resulting revenue. Net interest income in the first quarter grew 9.2% to 2.126 billion euros, better than the expected 2.096 billion euros.
The bank raised its full-year net interest income forecast to 8.1 billion euros from the previous 7.9 billion euros.
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