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.
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.
“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.”