Commerzbank: beats earnings forecast in fourth-quarter
(CercleFinance.com) - Germany's Commerzbank has beaten its fourth-quarter earnings forecast on Thursday, saying that costs were controlled, despite heavy expenditure on digitalisation.
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Germany's second-largest bank reported operating profit of 240 million euros for the last three months of the year, almost double the profit of 122 million euros a year ago.
In all, revenues from its clients rose by 5% to 8.6 billion euros last year, while operating expenses reached 6.88 billion euros, from 6.83 billion euros in 2017.
The bank said that it would pay a dividend of 20 cents per share for 2018. Regarding 2019, it expects higher underlying revenues than in 2018 and cost base of under 6.8 billion euros.
Commerzbank's shares were trading up 1.7% this morning: they have risen about 11.5% so far this year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
rman
Germany's second-largest bank reported operating profit of 240 million euros for the last three months of the year, almost double the profit of 122 million euros a year ago.
In all, revenues from its clients rose by 5% to 8.6 billion euros last year, while operating expenses reached 6.88 billion euros, from 6.83 billion euros in 2017.
The bank said that it would pay a dividend of 20 cents per share for 2018. Regarding 2019, it expects higher underlying revenues than in 2018 and cost base of under 6.8 billion euros.
Commerzbank's shares were trading up 1.7% this morning: they have risen about 11.5% so far this year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.