Commerzbank beat expectations on Tuesday after it posted a 28 percent increase in first-quarter net profit, benefiting from a positive one-off boost at its asset run-off unit.
Here are some of the highlights:
- Net profit reached 217 million euros ($236 million), versus analyst forecasts of 107 million euros, according to Reuters
- Operating profit came in at 314 million euros during 2017's first quarter
- Common Equity Tier 1 ratio rose to 12.5 percent, compared to 12 percent in Q1 2016
Speaking on the back of the results, Commerzbank's Chief Financial Officer Stephan Engels told CNBC that the first quarter reflected what he'd call a good start to the year.
In its earnings, the bank said its outlook remained unchanged and that it hoped to keep its cost base stable and book the first part of charges related to its current restructuring program during the course of 2017.
Even with a solid start to the year, the bank's chief executive, Martin Zielke, said in a statement that it would take time for the group's growth to be sufficient enough "to significantly outweigh the burden resulting from the negative interest rate environment."
Throughout Europe, banks have been struggling as of late to deal with ultra-low interest rates as they battle to clean up their balance sheets in the wake of the global financial crisis.