logo
  

Commerzbank Q3 Profit Declines - Quick Facts

Commerzbank AG (CRZBY.PK) reported that its third-quarter consolidated profit declined to 195 million euros from 403 million euros, last year. Revenues excluding exceptional items was 2.07 billion euros, up 2.7% from prior year.

For the nine month period, profit was 963 million euros compared to 9 million euros, previous year. Revenues increased by 12% to 7.10 billion euros.

Commerzbank expects an increase in interest income to more than 6 billion euros in 2022, while net commission income is likely to be slightly lower than in 2021. Overall, the Bank confirmed its target of a net profit of more than 1 billion euros in the current year. The CET 1 ratio is expected to be more than 13.5%. The Bank plans to propose a pay-out ratio of 30% of the net result for fiscal 2022 after deduction of the AT1 coupon payments.

Commerzbank confirmed the most important financial goals of Strategy 2024. The Bank targets a RoTE of more than 7.3% and a cost-income ratio of 60%. The revenue forecast for 2024 has been raised to 10 billion euros; the previous target was 9.1 billion euros. Overall, Commerzbank now anticipates an operating result of around 3.2 billion euros for 2024, revised from the prior guidance of 3.0 billion euros.

Bettina Orlopp, CFO of Commerzbank, said: "Our financial targets for 2024 show
that we are very confident about the ongoing development of Commerzbank beyond year-end. Nevertheless, we continue to remain cautious about the potential risks in the current economic environment."

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT