Commerzbank's profit halved "DiePresse.com



[ad_1]

Commerzbank's result deteriorated in the third quarter and continues in troubled major corporate customer segments. Profit before taxes decreased by nearly 331 (the year before: 623) million, as Commerzbank announced on Thursday. The decrease was EUR 218 million 53 percent less. In the corresponding quarter last year, numerous special effects, such as the sale of Commerzbank Towers, had earned some half a billion euros. The number of funds was slightly above expectations of analysts in Reuters survey, with a forecast of two percent plus.

Adjusted for special effects, net sales grew by nearly nine percent to EUR 2.18 billion due to rising customer base. "We are growing competition in the market," said Martin Zielke, Managing Director of Commerzbank. "The environment is still challenging, and we still have some tasks ahead of me despite many advances."

An important business customer business is the problem of the group. Strong marginal pressure and strong competition continue to emphasize the result, which was down by 5% to EUR 918 million in the third quarter.

By contrast, the bank was able to benefit from the private customer business, net sales increased by nine per cent to EUR 1.23 billion. In the process, Commerzbank benefited from rising customer numbers and in particular the growing mortgage market. Since October 2016, the Institute has received 900,000 new customers in German retail banking and has reached a milestone milestone in good time by the end of 2018.

Investors should receive a dividend of 20 cents per share for 2018, confirmed Zielke. So much the bank paid in 2015, the only distribution after the financial crisis. The outlook was also strengthened by Zielke.

Unicredit: The largest Italian bank, after the write-downs of EUR 850 million on its share in the Turkish bank, Yapi Kredi, remained significantly due to their earned income. Net profit was EUR 29 million in the third quarter, while analysts expected EUR 907 million.

SOCIAL AREAS: France's second largest publicly traded bank increased its net profit by 32 percent to EUR 1.23 billion in the third quarter. Analysts expected only 917 million euros.

BAWAG With recent acquisitions, the Austrian bank has increased its profit during the first three quarters. Profit before taxes increased by 14 per cent to EUR 429 million. Prospects are held by a majority owned by US investors Cerberus and Golden Tree. In 2018, Bawag intends to keep the cost-to-income ratio below 46 percent and to increase the profit before taxes by more than five percent.

(Reuters)

[ad_2]

Source link