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Commerzbank Q4 Profit Falls; Aims To Resume Dividend Payments For 2018

German lender Commerzbank AG (CRZBY.PK) reported that its fourth-quarter net profit declined to 90 million euros from 182 million euros in the same quarter last year.

Due to lower exceptional revenue items, the operating profit fell to 159 million euros from the previous year's 337 million euros, while revenues before loan loss provisions decreased to 2.193 billion euros from 2.399 billion euros last year.
After adjustment for exceptional items, revenues were up on a year-on-year basis at 2.253 billion euros, compared to 2.111 billion euros in the prior year.

"We see the structural change in the German banking sector as an opportunity and intend to be among the winners of this change. That's why we are radically transforming the Bank. So far we made good progress in 2017: we have advanced the digitalisation of the Bank and have grown strongly. Therefore we aim to resume dividend payments for financial year 2018", said Martin Zielke, Chairman of the Board of Managing Directors of Commerzbank. "However, it is also clear that we still have some work ahead of us before we can achieve the profitability we are aiming for.

In 2018 the Bank will focus on further growth and the implementation of its Commerzbank 4.0 strategy. Higher adjusted revenues are expected for both the Private and Small Business Customers and the Corporate Clients segments, the company said.

Despite ongoing investments in digitalisation and IT, the Bank will manage its costs at around 7.0 billion euros. The risk result under IFRS 9 is expected to be below 600 million euros. The Bank aims to resume dividend payments for financial year 2018.

by RTT Staff Writer

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