Commerzbank saw its net profit in the first quarter of 2004 rise year-on-year as it cut operating expenses and profited from an upturn on the stock markets.
Net profit jumped to €254 million from €3 million a year ago. This is the strongest three-month result since autumn 2000, said Commerzbank, Germany's fourth largest bank.
Pretax profit rose to €415 million from €38 million a year ago, while operating profit rose to €435 million from €172 million , it said.
Operating expenses fell 6.4 per cent year-on-year to €1.104 billion, while risk provisions fell 5.6 per cent year-on-year to €238 million.
Trading profit was 36 per cent higher year-on-year at €314 million, benefiting from the favourable capital market conditions, it added.
The bank's complete interim report - including segment reporting - will be published on May 10th.