Commerzbank's 1st-quarter earnings up

[May 02, 2011]  BERLIN (AP) -- German bank Commerzbank AG says its first-quarter profits improved to about euro1 billion ($1.48 billion) while provisions for bad loans declined.

The provisional net profit figure released Monday by Commerzbank compared with earnings of euro708 million in the January-March period of last year.

Commerzbank says loan-loss provisions were "significantly lower" than a year earlier at euro320 million. The bank's gross revenues came in at about euro3.6 billion.

Commerzbank's full quarterly earnings report is due on Friday.

The bank last month announced plans to repay euro14.3 billion in aid from the German government by June, saying it aims to return most of the money it received at the height of the financial crisis with the help of a capital increase.

[Associated Press]

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