Thanks to higher revenues and reduced costs, Commerzbank's operating profit jumped nearly 30 percent year on year to 448 million euros (496 million U.S. dollars), and its net profit soared 35 percent to 294 million euros in the third quarter (Q3) of fiscal 2019, Germany's second largest bank announced on Thursday.
Commerzbank reported a net 141,000 new private customers in Germany, which contributed to expansion of business volumes in its Private and Small Business Customers segment.
Although the Corporate Clients segment recorded lower revenues in Q3 compared to the same period of the previous year, Commerzbank's total revenues increased by 2 percent to nearly 2.2 billion euros.
On the other hand, the bank continued to cut its costs in Q3, with the operating costs down to 1.56 billion euros, 3 percent less than Q3 of 2018.
Consequently, the bank reduced its cost base to 5.1 billion euros in the first nine months of 2019.