Commerzbank expects 2.2 billion profit for the full year
After another successful quarter, Commerzbank is now targeting a net profit of around 2.2 billion euros for the full year 2023. By 2027, the Board of Managing Directors led by CEO Manfred Knof aims to increase net profit to 3.4 billion euros, as the DAX-listed group announced in Frankfurt on Wednesday. Increased net commission income in particular should contribute to this. Net interest income, which has risen sharply recently, is expected to increase to more than 8.1 billion euros in the current year, but is then only likely to grow moderately in the medium term according to management estimates.
In 2022 as a whole, the bank, whose largest shareholder is the German state, generated a good 1.4 billion euros in net income, the highest figure since 2007.
In the third quarter of the current year, the bank increased its bottom-line profit to 684 million euros. A year earlier, the result had slumped to 195 million euros. Like other banks, the bank is now benefiting from the significant rise in interest rates. In the first nine months, Commerzbank earned a good 1.8 billion euros, almost twice as much as a year earlier.
In the context of the bank's financial performance, Commerzbank has reported an increase in quarterly profits, with a profit of 684 million euros in the third quarter of 2023. Analyzing the bank's quarterly figures, it's clear that Commerzbank is on track to meet its full-year profit target of 2.2 billion euros.
Source: www.dpa.com
