FRANKFURT (Reuters) -Germany’s Commerzbank, fending off a possible takeover by Italy’s UniCredit, said on Friday that net profit rose nearly 12% in the first quarter, defying expectations for a drop.
Net profit of 834 million euros ($936 million) in the quarter compares with a profit of 747 million euros a year earlier. Analysts had on average expected profit of 698 million euros, according to a consensus forecast published by Commerzbank.
The results were helped by stronger-than-expected interest and commission income, and by lower-than-expected provisions for bad loans.
The earnings set the stage for a crucial annual shareholder meeting on Thursday next week, where Commerzbank management will seek investor backing for a continued standalone strategy.
($1 = 0.8908 euros)
(Reporting by Tom Sims and Frank SiebeltEditing by Ludwig Burger)
