German lender Commerzbank has reported attributable profit of €217m for the first quarter of 2017, a jump of 28.4% compared to €169m in the year ago quarter.

Operating profit for the quarter ended 31 March 2017 was €314m, a jump of 11.3% compared to €282m in the first quarter of 2016.

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Net interest and trading income stood at €1.44bn, a 7.7% rise from €1.34bn a year earlier. Operating expenses dipped 1.5% year-on-year to €1.86bn.

Provisions for loan losses were €195m in the first quarter of 2017, as against €148m a year earlier. Revenues before loan loss provisions increased 2.2% year-on-year to €2.37bn.

The bank’s common equity tier 1 ratio (CET 1) increased to 12.5% from 12% a year ago, while leverage ratio rose to 4.6% from 4.5% in the prior year.

The bank’s total assets totalled €490 at the end of March 2017 as against €536bn in the year ago period.

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Commerzbank chairman of the board of managing directors Martin Zielke said: “Commerzbank had a good start to the new year and achieved a decent operating profit in the first quarter. We are on track with the implementation of our Commerzbank 4.0 strategy. The Private and Small Business Customers segment saw further growth in customer numbers and assets in the first quarter.

“In the Corporate Clients segment we launched a €6 billion credit initiative for German SMEs. But it is also clear that it will take some time for our growth to be sufficient to significantly outweigh the burden resulting from the negative interest rate environment.”