Commerzbank reports better-than-expected 29% rise in Q1 net profit

Germany’s Commerzbank said on Wednesday that net profit rose 29% in the first quarter, its strongest quarterly profit in a decade, and it raised its outlook for net interest income for the full year.

Net profit of 747 million euros ($808.25 million) in the quarter compares with a profit of 580 million euros a year earlier. Analysts had on average expected profit of 652 million euros, according to an April consensus forecast published by Commerzbank.

Commerzbank is benefiting from a rise in interest rates and the income that generates. Net interest income rose 9.2% in the first quarter to 2.126 billion euros, better than expectations for 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.