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Commerzbank Reports Profit In Q2; Backs FY22 Earnings View

Commerzbank AG (CRZBY.PK), a German lending major, on Wednesday posted a turnaround to profit for the second quarter, amidst a rise in revenues and decline in operating expenses. In addition, for the full year, the company has reaffirmed earnings outlook.

For the second quarter, the Frankfurt-headquartered firm reported a pre-tax profit of 721 million euros, compared with a loss of 478 million euros posted a year ago.

Consolidated earnings were at 470 million euros as against a loss of 527 million euros, year-over-year basis.

Operating profit surged to 746 million euros, from 32 million euros posted for the same period of 2021.

Operating expenses declined to 1.42 billion euros, from 1.70 billion euros of last year quarter.

Net interest income of the Group posted at 1.478 billion euros, higher than 1.173 billion euros, recorded for the same period of 2021. Net commission income stood at 896 million euros, compared with 852 million euros of previous year quarter.

Commerzbank generated total revenues of 2.42 billion euros, versus 1.86 billion euros, during the corresponding period of 2021.

Looking ahead, for the fiscal 2022, the bank still expects to post a net profit of over 1 billion euros.

The company further said: "All in all, the Bank expects higher revenues this year despite the expected burdens from Poland. This growth will be driven by significantly higher underlying net interest income thanks to rising interest rates while underlying net commission income is expected to be at the level of last year…"

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