Commerzbank: Q1 net profit more than doubles
(CercleFinance.com) - On Thursday Commerzbank reported Q1 net profit that a more than doubled, performance that puts the German bank in a good position to meet its annual targets.
The financial institution posted net profit of 298 million euros in Q1, more than double the 133 million euros announced a year ago.
Meanwhile, operating profit edged up slightly to 544 million euros (vs. 538 million euros in Q1 2022, on revenues that are up 12% to 2.8 billion euros.
Commerzbank - which pointed out that it had stopped accepting new business in Russia - said it had reduced its exposure to the country by 36% since mid-February.
The second largest German bank also confirmed its forecast for an annual net profit of at least one billion euros in 2022, with costs expected to fall by 6.3 billion euros on an annual basis.
However, its forecasts remain highly dependent on the assumption that the Russian situation remains under control, a broker said.
The Commerzbank share, which has lost only 8% YTD, was down another 2.5% towards noon in Frankfurt today.
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The financial institution posted net profit of 298 million euros in Q1, more than double the 133 million euros announced a year ago.
Meanwhile, operating profit edged up slightly to 544 million euros (vs. 538 million euros in Q1 2022, on revenues that are up 12% to 2.8 billion euros.
Commerzbank - which pointed out that it had stopped accepting new business in Russia - said it had reduced its exposure to the country by 36% since mid-February.
The second largest German bank also confirmed its forecast for an annual net profit of at least one billion euros in 2022, with costs expected to fall by 6.3 billion euros on an annual basis.
However, its forecasts remain highly dependent on the assumption that the Russian situation remains under control, a broker said.
The Commerzbank share, which has lost only 8% YTD, was down another 2.5% towards noon in Frankfurt today.
Copyright (c) 2022 CercleFinance.com. All rights reserved.