Record year in sight - Commerzbank presents figures for the second quarter
If Commerzbank reports its second-quarter results this Wednesday (07:00 AM), analysts do not expect any new records. The partially state-owned large bank is expected to have earned less in the months of April to June compared to the excellent first quarter. Reasons include the waning positive effects of the interest rate hike and high legal costs at the Polish subsidiary mBank related to loans denominated in Swiss francs.
According to a survey published by the company, analysts on average expect an operating result of 857 million euros in the second quarter, which would be around three percent less than last year. In the first three months of 2024, the bank earned nearly 1.1 billion euros in operating profit.
Analysts expect a decline to 539 million euros in net profit. The main reason for this is that the interest margin may not have increased as strongly as in the first quarter and the whole of last year - in fact, it might even have decreased compared to the previous year. Investors are also eagerly awaiting statements on share buybacks.
Commerzbank is the bank anticipated to reveal its second-quarter results this Wednesday, with analysts predicting a potentially lower earnings figure due to decreasing interest rate effects and high legal costs at mBank. Despite the projected operating result of 857 million euros, which is still substantial, this figure represents a three percent decrease compared to the same period last year.
