For the first three months of the year, Commerzbank reported a 29% increase in net profit to 747 million euros and a 24% rise in operating income to 1.08 billion euros, with a cost/income ratio that improved by seven points to 58%.

The German bank saw its costs fall by 6% to 1.6 billion euros, while sales rose by 3% to 2.75 billion, 'thanks to solid customer business and a still favorable interest rate environment'.

Commerzbank increased its outlook for net interest income in 2024 to around 8.1 billion euros, confirming its other annual targets, as well as a target payout ratio of at least 70% for 2024.

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