Commerzbank’s private customers unit has posted an operating profit of EUR161m for the first quarter of 2015, up 45% compared to EUR111m in the corresponding quarter of 2014.
The division’s revenues before loan loss provisions increased to EUR914m from EUR873m in the prior year quarter, mainly driven by higher volumes in wealth management products and premium depots.
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The unit added 66,000 net new customers in the first quarter of 2015.
The division reported operating expenses of EUR740m in the first quarter, including the annual contribution of the segment to the European bank levy to the amount of EUR15m.
Overall, Commerzbank group’s net profit surged 83% to EUR366m in the first quarter from EUR200m in the same period a year ago.
Commerzbank CEO Martin Blessing said: "We have made a successful start into 2015. We are performing well in all the operating segments and thanks to greater activity on the part of our customers have considerably improved the revenues. We have more than doubled the result in the first quarter -and this despite the charges from the European bank levy and a valuation adjustment on the HETA exposure. We are planning for a dividend for the financial year 2015 and are accruing quarterly. However, we have to wait, whether it will be enough at the end of the year."
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