Commerzbank in £291m profit

Commerzbank has reported a net profit of 352m euros (£291m) for the second quarter of the year.

The German bank’s profit compares with a loss of 761m euros a year earlier.

It was also higher than forecast.

The lender said it now hoped to return to full-year profit in 2010 and not 2011 as it had previously expected.

The German government has held a 25 per cent stake in Commerzbank since January 2009 after it was bailed out during the the global banking crisis.