The result beat forecasts, with analysts surveyed by Dow Jones Newswires forecasting an average net profit of €751 million, up from €708 million in the first quarter of 2010.

According to preliminary estimates, operating profits were €1.1 billion, up from €771 million in the year-earlier period, the bank said in a statement. Revenues were €3.6 billion.

With the news, Commerzbank shares gained more than three percent, and by late morning were up 2.42 percent to €4.40, making the stock the strongest performer on the blue chip DAX 30.

The bank was one of the biggest German casualties of the global financial crisis and was rescued in 2009 with €16.2 billion in state money, leaving the government with a 25 percent stake.

Last month Commerzbank said it planned to pay most of the aid back by June.

AFP/adn