* FTSEurofirst 300 up 2 pct
* Commerzbank boosts battered banks
* Oil shares rally with crude
* Roll Royce surges after results
By Alistair Smout
LONDON, Feb 12 (Reuters) - European shares rebounded strongly from the previous session's steep losses on Friday, with positive results from Commerzbank and a rally in oil prices helping banks and commodity-related stocks to regain ground.
The pan-European FTSEurofirst 300 was up 2 percent at 1,218.97, having closed down 3.7 percent on Thursday, when a slump in banks and resource-related stocks pushed the index to a 2-1/2 year low.
Banks were in favour with Commerzbank up 14 percent after it returned to profit in the fourth quarter. Provisions for bad loans fell, allowing the bank to draw a line under a six-year restructuring by announcing it was closing its 'bad bank' comprising non-core assets.
In all, the STOXX 600 Banks index rose 3.8 percent.
"There's a sense of relief. There's so much nervousness in the market at the moment that even slightly good news out of a bank like Commerzbank is taken very well," said Mark Priest, sales trader at ETX Capital.
"The German banking sector has been pretty battered, and it's got to a point where there may be value there, so long as global economic factors start to calm down.
Germany's DAX was up 1.4 percent. Traders said that growth data from Germany, which showed growth was steady and in line with expectations, provided reassurance after economic fears had pegged back markets this week.
The FTSEurofirst 300 nonetheless remains down 5 percent this week, with banks still down around 7.5 percent on the week, hit by concerns over profitability in a low growth, low interest rate environment.
Caution over exposure to default from the energy sector has also hindered bank stocks. On Friday, the oil and gas sector rose 3.1 percent after a rally in oil which left crude prices up over 3 percent.
Growth sensitive mining stocks also rallied, up over 3 percent.
In other corporate news, Rolls Royce rallied 11.9 percent after its results, its biggest one-day rise since November 2008. It stuck to its 2016 guidance, despite being forced to cut its dividend following three profit warnings last year. It said there would be no need for a rights issue.
"It has... been able to leave guidance unchanged, breaking away from that slew of profit warnings we've seen of late," said Tony Cross, market analyst at Trustnet Direct, who added that the dividend cut was a "bold" move.
"This really does have the feel that management is attempting to draw a line under recent events."
Today's European research round-up
Editing by Jeremy Gaunt