The operating profit of Germany’s Commerzbank rose to €1.216 billion ($1.62 billion) in 2012, surging from €507 million a year before, achieved on revenues, before loan loss provisions, of €9.9 billion.

Operating expenses fell to €7 billion last year, against a level of €8 billion in the year before, the Frankfurt-listed bank said today in a statement.

The net profit of €6 million (2011: €638 million) includes extraordinary charges, above all from the sale of Bank Forum (€268 million) and depreciation on deferred tax accruals (€673 million). The adjusted net profit was, therefore, €990 million.

The bank had a core Tier 1 capital ratio of 12 per cent at the end of December last year, compared with 9.9 per cent a year earlier.

As a result of the “unsatisfactory” net profit figure, Commerzbank said the bank is cutting its variable remuneration payments for this year. Variable remuneration as a whole for 2012 will be cut by 17.2 per cent more than in the previous year, after the volume in 2011 had already been 12.1 per cent lower than in 2010.