Landesbank Baden-Württemberg reported an IFRS 9 net consolidated profit for the first quarter of €84 million, up from the restated €79 million a year ago.
Net interest income for the period fell to €404 million from €408 million a year ago. Net fee and commission income also slipped, to €131 million from the year-ago €136 million.
The German lender booked net gains from financial instruments measured at fair value of €72 million, down from the year-ago €86 million.
Expenses for bank levy and deposit guarantee system rose year over year to €86 million from €67 million.
Return on equity stood at 3.5% in the first quarter, compared to 3.8% a year earlier, while cost-to-income ratio was 80.8% in the period, up from 80.3% a year ago.
LBBW's fully loaded CRR/CRD IV common equity Tier 1 ratio and total capital ratio were 15.1% and 21.5%, respectively, as of March 31, compared to 15.7% and 22.2% as of Dec. 31, 2017.
For 2018, the bank continues to expect its consolidated pretax profit to be in the mid-three-digit million range.
