German lender Commerzbank AG reported on Thursday that its operating profit in the third quarter 2019 reached €448 million that represents a 29.48% rise compared to the same quarter last year. Earnings per share stood at €0.23 that is 35.2% more than in the third quarter of 2018.

Net profit was €294 million and it represents a rise of 34.9% compared to the third quarter of 2018 when it was €218 million. The Bank group revenues jumped by 2% year-on-year in the third quarter to €2.18 billion. Revenues after adjustment for exceptional items were €2.17 billion. Net interest income was increased by 2.7%, while net commission income stood stable. Operating costs fell to €1.56 billion while the Common Equity Tier 1 (CET 1) ratio was down a bit in the third quarter, standing at 12.8% at the end of September.

Stephan Engels, Chief Financial Officer of Commerzbank said: "In the third quarter we achieved a good result. This is based on higher revenues, reduced costs and low-risk result. We continue to grow our customer and asset base, thus tackling undiminished margin pressure. Looking forward, we substantially invest in the Bank’s digitalization and further cost reduction."