Commerzbank reports quarterly profits up 40%

Germany's second-biggest private lender Commerzbank said on Monday that first-quarter net profit rose 40 % to about 1.0 billion euros ($1.5 billion), sending its shares higher in Frankfurt. The result beat forecasts, with analysts surveyed by Dow Jones Newswires forecasting on average net profit of 751 million euros, up from 708 million euros in the first quarter of 2010. According to preliminary estimates, operating profits were 1.1 billion euros, up from 771 million euros in the year-earlier period, the bank said in a statement. Revenues were 3.6 billion euros. Commerzbank shares gained more than three % on the news, and by late morning were up 2.42 % at 4.40 euros, making the stock the strongest performer on the blue chip DAX 30. The bank was one of the biggest German casualties of the global financial crisis and was rescued in 2009 with 16.2 billion euros in state money, leaving the government with a 25 % stake. Last month Commerzbank said it planned to pay most of the aid back by June.