Commerzbank: 2019 stronger than expected, shares rise
(CercleFinance.com) - Commerzbank reported stable 2019 operating profit of 1.
26 billion euros on Thursday and said that it has significantly increased its Common Equity Tier 1 ratio, sending the German lender's shares up almost 5%.
While its revenues inched up to 8.64 billion euros from 8.57 billion euros in 2018, the bank achieved its cost target, having cut its costs to 6.77 billion euros last year, from 6.88 billion euros in 2018.
Net profit fell to 644 million euros, including a restructuring charge of 101 million euros for personnel reduction and a higher tax rate, compared to 862 million euros in 2018.
However, its Common Equity Tier 1 capital ratio rose to 13.4% from 12.9% at the end of the 2019.
Commerzbank shares were up 4.7% in early trading on Thursday, making them one of the best performers amongst German mid-caps.
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