The head of Commerzbank's corporates and markets business said the German bank was on track to outperform its targets this year after the division posted an 8% increase in pre-tax profits to €383m ($528m) on the back of strong fixed income trading revenues.

Nick Teller, head of the corporates and markets unit, said: "These results prove that not only are we good at managing costs but also growing revenues. We feel confident we will outperform our targets."