Commerzbank beat analysts expectations in the first quarter as a one-off gain papered over the continuing struggles of its core business.
In the three months to the end of March, Commerzbanks net income came in at 217m, up 28 per cent from 169m in the same period a year earlier. Analysts had expected the bank, which is in the middle of a big restructuring programme, to earn just 107m, according to a Reuters poll.
Martin Zielke, chief executive, said the bank had made a good start to the year, and was on track with its turnround plans. However, he conceded it was clear that it will take some time for our growth to be sufficient to significantly outweigh the burden resulting from the negative interest rate environment.
In Commerzbank…
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