Frankfurt, May, 12, (dpa/GNA) - Profits are up at Germany’s Commerzbank, with a rise in revenue in the first quarter, according to results released on Thursday.
For the fiscal year 2022, the company has reiterated its earnings guidance the year.
For the first three-month period of 2022, the company reported a consolidated profit of €298 million ($312 million), compared with €133 million reported for the same period of the previous year.
Pre-tax profit was at €529 million as against €73 million on a year-on-year basis.
Operating earnings also moved up to €544 million, from €538 million reported for the first quarter of 2021.
Net commission income was at €972 million, higher than the 951 million euros of last year.
The Frankfurt-headquartered bank’s net interest income improved by 12% to €1.401 billion, compared with €1.254 billion last year, benefitting significantly due to higher interest rates in Poland as well as from the higher loan volume and increased pricing of deposits.
In response to persisting Russian incursion in Ukraine, since mid-February, the bank has reduced its net exposure to Russia by 36% to less than €1.2 billion by the end of April.
The risk results in the first quarter were minus €464 million, compared with minus €149 million, dominated by provisioning effects of almost half a billion euros in connection with Russia.
Commerzbank generated total revenue of €2.795 billion, versus €2.492 billion posted a year ago.
Moving forward, for fiscal 2022, the lender continues to expect a net result of over €1 billion.
In addition, for the business year 2022, the bank intends to propose a dividend with a payout ratio of 30% of the net result after coupon payments.
GNA