Commerzbank , fending off a possible takeover by Italy's UniCredit , said on Friday that net profit rose nearly 12% in the first quarter, beating expectations despite strong headwinds for the German economy.

The German lender reported its ‘best quarterly result since the first quarter of 2011’ as it attempts to fend off Unicredit’s takeover efforts. View on euronews

Commerzbank has reported its biggest quarterly profit for more than a decade, in a boost for the German bank as it attempts to remain independent amid takeover interest from Italy’s UniCredit. Germany’s second-largest lender said on Friday that net profit rose 12 per cent year on year to €834mn in the first quarter,