Wednesday , October 27 2021

Commerzbank's profit halverade «DiePresse.com



[ad_1]

Commerzbank showed a decline in profits in the third quarter and continues to struggle with problems in the important corporate customer operations. Earnings before taxes were halved nearly 331 (previous year: 623) million, as Commerzbank announced on Thursday. Bottom line was EUR 218 million 53 percent less. During the same quarter of last year, many special effects, such as the sale of "Commerzbank Towers", had inflated profits by half a billion euros. With its figures, the money house was slightly above expectations of analysts investigated by Reuters, the stock team was listed with two percent plus.

Adjusted for special effects, revenues increased by almost nine percent to 2.18 billion euros due to increasing customer numbers. "We are growing in a competitive market," said Commerzbank CEO Martin Zielke. "The environment is still challenging and we still have some data in front of us despite many advances."

The important business customers are still the group's problem children. The strong pressure on margins and intensive competition continues to weigh on profit, which was contracted by five percent to EUR 918 million in the third quarter.

On the other hand, the bank could win in private customers, and revenues increased by more than nine percent to 1.23 billion euros. During the process, Commerzbank has benefited from increasing customer numbers and, in particular, a growing mortgage business. Since October 2016, the Institute has received a good 900,000 new customers in the German retail sector and is well on its way to reaching the target of one million by the end of 2018.

Investors should receive a dividend of 20 cents per share for 2018, Zielke confirmed. So much, the bank had paid 2015, the only distribution since the financial crisis. Also, the prospects confirmed Zielke.

UNICREDIT: The largest Italian bank, following a write-down of EUR 850 million on its share in the Turkish bank Yapi Kredi, missed its profit expectations significantly. Net profit amounted to EUR 29 million in the third quarter, while analysts had expected EUR 907 million.

SOCIETE GENERALS: France's second largest listed bank increased its net income by 32 percent to EUR 1.23 billion in the third quarter. Analysts had expected only 917 million euros.

BAWAG Driven by new acquisitions, the Austrian bank has increased its profits in the first three quarters. Profit before tax increased by 14 percent to EUR 429 million. The prospects are held by majority holders of US financial investors Cerberus and Golden Tree. By 2018, Bawag aims to keep its cost / income ratio below 46 percent and increase profits before tax by more than five percent.

(Reuters)

[ad_2]
Source link