- Commerzbank earns a little less
Commerzbank remains on track for a higher annual profit despite a decline in earnings in the second quarter. The bank's profit fell by five percent to 538 million euros in the three months to the end of June, primarily due to a decrease in the interest margin, it announced in Frankfurt. Analysts had expected a decline of this magnitude. However, as the bank had earned significantly more in the first quarter, the half-year profit still increased by a double-digit percentage.
CEO Manfred Knof still expects a profit increase for the current year. The bank is also financially well-positioned, planning to repurchase shares again. The bank has applied for a share buyback of 600 million euros with the European Central Bank and the finance agency.
Despite the five percent decrease in profit to 538 million euros in the second quarter, Commerzbank's CEO Manfred Knof still anticipates an increase in annual profit for the current year. The decrease in profit was largely attributed to a decrease in the interest margin, which negatively impacted earnings.
