German lender Commerzbank has reported a net profit of €250m for the first quarter of 2018, an increase of 9.1% compared to €229m a year ago.
For the quarter ended 31 March 2018, the bank’s operating profit stood at €289m, down 12.4% compared to €330m in the corresponding year ago quarter.
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The bank reported revenues of €2.3bn for the quarter, a decline of 3.7 % from €2.39bn a year ago.
The Common Equity Tier 1 ratio (CET 1) stood at 13.3% at the end of the first quarter of 2018 while the leverage ratio decreased to 4.6% quarter-on-quarter, after 5.1% at the end of December 2017, mainly due to IFRS 9.
The bank’s total assets stood at €470bn at the end of March 2018 as against €453bn in the year ago period.
Commerzbank chairman of the board of managing directors Martin Zielke said: “We are delivering on what is the core of our strategy: Growing our businesses with private and corporate customers and digitalising our business.
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By GlobalData“As announced, we are aiming to resume dividend payments for financial year 2018 and have made an accrual of 5 cents per share in the first quarter.”
