Commerzbank: abandons 2019 profit target
(CercleFinance.com) - Commerzbank said on Thursday that it no longer expects to achieve its target of slightly higher income compared with the previous year, citing difficult macroeconomic conditions and the current interest rate environment.
In particular, the German bank cited worsening global trade conflicts.
The further monetary policy easing announced by the European Central Bank in September and the resulting pressure on margins will also have a negative impact on earnings, it said.
Yet, Commerzbank increased its operating profit to 448 million euros in the third quarter, from 346 million euros a year ago.
Net profit was also up - from 218 million euros in the third quarter of 2018 to 294 million euros in the past quarter.
The bank continued to grow its customer and asset base. Over the period, Commerzbank gained a net 141,000 new customers in Germany.
Volumes in loans and securities grew by 4 billion euros in the third quarter and amounted to 251 billion euros.
The share is currently up 3.7% at 5.6 euros in Frankfurt.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
In particular, the German bank cited worsening global trade conflicts.
The further monetary policy easing announced by the European Central Bank in September and the resulting pressure on margins will also have a negative impact on earnings, it said.
Yet, Commerzbank increased its operating profit to 448 million euros in the third quarter, from 346 million euros a year ago.
Net profit was also up - from 218 million euros in the third quarter of 2018 to 294 million euros in the past quarter.
The bank continued to grow its customer and asset base. Over the period, Commerzbank gained a net 141,000 new customers in Germany.
Volumes in loans and securities grew by 4 billion euros in the third quarter and amounted to 251 billion euros.
The share is currently up 3.7% at 5.6 euros in Frankfurt.
Copyright (c) 2019 CercleFinance.com. All rights reserved.