Commerzbank profit beats forecasts

City A.M. Reporter
Commerzbank said it would start repaying state aid in 2011 as it swung to a fourth quarter net profit thanks to a rebounding economy which boosted its investment banking and midsize German companies divisions.

Net profit in the fourth quarter rose to 257m euros (£217.4m), from a 1.86bn euro loss in the year-earlier quarter.

Analysts had forecast a fourth quarter net profit of 132m euros.