And the Commerzbank group announced on Wednesday that it had made a net profit of 580 million euros (630 million dollars), against 298 million euros (322.6 million dollars) in the same period a year earlier.
Regarding the group’s performance, Commerzbank CEO Manfred Knoff said in a statement on Wednesday that the start of 2023 was “very good”, noting continued good results due to high interest rates in the European Union.
The bank said in its statement that it benefited from the high interest rate environment, as the European Central Bank raised interest rates in recent months to fight inflation.
And earlier this month, the European Central Bank raised interest rates by 25 basis points to 3.75%, in line with expectations, in the seventh consecutive hike since last year, in the goal of controlling inflation.
It was the first time the ECB eased the rate hike.
Economic data on May 10 showed that Germany’s harmonized consumer price index had slowed to 7.6% on an annual basis in April, from 7.8% in March, data showed. German Federal Statistical Office.
The monthly harmonized CPI also slowed sharply to 0.6%, from a rise of 1.1% in March.
The Harmonized Consumer Price Index measures inflation data in the same way as the European Union.
Commerzbank Group said first-quarter revenue fell to just under 2.7 billion euros ($2.9 billion), from 2.8 billion euros (about $3 billion) a year earlier.
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