Commerzbank Profit Unexpectedly Rises in Boost to CEO Orlopp (2)

Commerzbank AG’s first-quarter profit unexpectedly rose to the highest in 14 years as commissions increased and the German lender set aside less money than expected for souring loans.

Net income increased 12% from a year earlier and operating profit hit a record, Commerzbank said in a statement Friday from Frankfurt. Loan loss provisions of €123 million ($138 million) came in below analysts’ estimate of €162 million.

Bettina Orlopp

Photographer: Alex Kraus/Bloomberg

Commerzbank has “a very well diversified, well managed loan portfolio, and that now pays off,” Chief Executive Officer Bettina Orlopp said in an interview on Bloomberg TV. “And therefore we confirm our ...