Commerzbank, the Frankfurt-listed banking group that has spun off non-German wealth management businesses as a condition of receiving state aid, said its first-quarter operating profit stood at €1.14 billion (around $1.7 billion), up from €771 million a year earlier.

Gross revenues held broadly unchanged on a year ago at €3.6 billion; loan loss provisions fell to €318 million from €644 million.

The bank has, over the past two years, offloaded banking businesses such as the UK-based Kleinwort Benson wealth management operation, as a condition of receiving public aid in the aftermath of the credit crisis. The bank continues to operate wealth management business within its core German market.

The Private Customer business logged an operating profit of €116 million.