FRANKFURT Germany's Commerzbank said on Wednesday that net profit more than tripled in the third quarter, better than expected and helped by higher interest rates.

Net profit of 684 million euros ($730.72 million) in the quarter compares with a profit of 195 million euros a year earlier. Analysts had on average expected profit of 611 million euros, according to a consensus forecast published by Commerzbank.

Commerzbank, one of Germany's best known banks and partially held by the government after a bailout more than a decade ago, spent much of the past three years in a major overhaul, slashing its workforce and branch network to restore profits.

On Wednesday, management presented a strategy update, saying it would reduce its cost-to-income ratio to 55% by 2027 and aim for a net profit of around 3.4 billion euros in that year.

"With our refined strategy, we are strengthening our position as a decisive player in the German banking market," Chief Executive Officer Manfred Knof said.

($1 = 0.9361 euros)

(Reporting by Tom Sims and Frank Siebelt; Editing by Maria Sheahan)