October 28, 2019 / 4:13 PM / 15 days ago

Commerzbank posts 35% rise in third-quarter net profit, exceeding expectations

FILE PHOTO: A Commerzbank logo is pictured before the bank's annual news conference in Frankfurt, Germany, February 9, 2017. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - Germany’s Commerzbank (CBKG.DE) posted a preliminary 35% rise in third-quarter net profit on Monday as reduced costs and higher revenue helped it exceed expectations, although performance at its corporate client unit remained weak.

The earnings, which were released ahead of schedule, come as the state-backed bank carries out an overhaul, cutting staff and selling mBank (MBK.WA) in Poland.

Net profit in the quarter was 294 million euros ($326.08 million), up from 218 million a year earlier and ahead of a 248 million euro consensus forecast, the bank said.

Operating profit was 448 million euros, up 29% from last year and ahead of a forecast of 353 million euros. However, operating profit for its corporate client division dropped 17% to 146 million euros.

Final results are due on Nov. 7.

Reporting by Tom Sims; Editing by Chizu Nomiyama and Kirsten Donovan

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