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Commerzbank Q1 net profit up YOY, loan provisions drop 60.6%

Commerzbank AG reported first-quarter net profit attributable to shareholders of €250 million, up from €229 million in the same period a year ago.

EPS stood at 20 cents, compared to 18 cents a year earlier. Net return on equity rose to 3.6% from 3.2%.

The German lender's first-quarter net interest income ticked down 0.4% on a yearly basis to approximately €1.05 billion. Net commission income was down to €797 million from €887 million, while net fair value result dropped to €345 million from €402 million.

Provisions for loan losses amounted to €77 million, down 60.6% from €195 million in the year-ago quarter. The bank's nonperforming loans ratio stood at 1.0% in the first quarter.

Commerzbank's fully phased-in Basel III common equity Tier 1 ratio stood at 13.3% at March-end, compared to 14.1% at the end of December 2017. The fully phased-in Basel III leverage ratio stood at 4.6% at the end of March, compared to 5.1% at 2017-end.

"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," said Martin Zielke, chairman of Commerzbank's board of managing directors.