FRANKFURT, May 15 (Reuters) – German bank Commerzbank reported its highest first-quarter net profit in a decade on Wednesday, up 29 percent, and raised its forecast for net interest income for the whole year.
The group recorded a net profit in the first quarter of 747 million euros, compared to 580 million euros a year earlier. According to a consensus published in April by Commerzbank, analysts expected on average 652 million euros.
Commerzbank benefits from rising interest rates and the resulting income. Net interest income increased by 9.2% in the first quarter to 2.126 billion euros, which was higher than analysts’ expectations of 2.096 billion euros.
The bank also raised its forecast for full-year net interest income to 8.1 billion euros, up from 7.9 billion euros previously.
(Reporting Tom Sims and Frank Siebelt; French version Lina Golovnya, editing by Kate Entringer)
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