Commerzbank Sees Q1 Profit, Exceeding Analyst Forecasts
Commerzbank saw a first quarter profit, beating expectations. As the German lender is deep in its major restructuring (a 2 billion euro project, involving the closure of hundreds of branches and reduction of 10,000 staff), it said its 2021 revenue outlook is looking much better than expected.
Germany’s second-largest listed lender posted a net profit of 133 million euros ($161.2 million) in the three months through March Wednesday, compared with a loss of 291 million euros a year earlier, exceeding analyst forecasts of a 131 million euros loss. The bank also said it now expects revenues for the year to slightly exceed 2020.
Last week, the bank’s CEO - Manfred Knof, struck a deal with employees over the job reduction plan that is part of the restructuring - an agreement vital for his effort to streamline the bank and return it to profitability.
*The products advertised are only available to clients under Fondex Limited (SDL No: SD037). Trading CFDs involves significant risk of loss.
Cookies on Fondex
These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.
You can customize your selection of which cookies you want to accept.
These cookies are necessary for the website to function correctly and cannot be switched off.
Functional cookies allow the website to remember users' preferences and the choices you make on the website such as username, region, and language.