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Commerzbank Q1 net profit up 124% despite Ukraine conflict

Reuters
FILE PHOTO: A Commerzbank logo is pictured before the bank's annual news conference in Frankfurt

FRANKFURT (Reuters) - Commerzbank's net profit in the first quarter rose 124%, figures on Thursday showed, despite increased provisions and writedowns as a result of the Russia-Ukraine conflict.

Net profit was 298 million euros ($313.14 million)in the quarter, higher than the 284 million euros it had announced in preliminary earnings. That is up from 133 million euros a year ago.

It said it confirmed its full-year net profit target of more than 1 billion euros.

($1 = 0.9517 euros)

(Reporting by Tom Sims and Frank Siebelt, editing by Kirsti Knolle)