Q1 2023 Commerzbank AG Earnings Call Transcript
Good morning, ladies and gentlemen, and welcome to the Commerzbank AG Conference Call. Please note that this call is being transmitted, as well as recorded by audio webcast and will subsequently be made available for replay in the Internet. (Operator Instructions) The floor will be opened for questions following Manfred Knof's and Bettina Orlopp's presentation.
Let me now turn the floor over to our CEO, Manfred Knof.
Good morning and welcome to our earnings call for the first quarter 2023. We have had a strong start to the year. Our transformation is continuing and increasingly paying off. Our operating result increased by 60%, and our net result almost doubled compared to last year.
Good fee business and rates tailwinds have been main drivers for revenues. While additional provisions for Swiss franc loans in Poland put some strain on revenues, the overall high-quality of our loan book has once again been proven by continued very low credit losses. Costs are on track with a
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