Commerzbank: Q1 net profit almost doubles
(CercleFinance.com) - Commerzbank has reported a net profit that has almost doubled (+95%) to E580m, with operating profit that increased about 60% to E875m euros, for Q1 2023, on revenues that fell 4.
5% to E2.67bn.
The decline reflects provisions for legal risks related to Swiss franc mortgages and the removal of special conditions from the ECB's TLTRO program. Adjusted for exceptional items and charges from Poland, revenues actually increased slightly.
In addition to net interest income that leapt almost 39%, the German bank benefited from a 3.4% fall in total expenses to 1.72bn Swiss francs and a low risk result of -68m Swiss francs.
Confident in its continued positive development in 2023 in a difficult environment, Commerzbank has confirmed its annual targets, in particular targeting net profit that is "well above" its level in 2022.
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5% to E2.67bn.
The decline reflects provisions for legal risks related to Swiss franc mortgages and the removal of special conditions from the ECB's TLTRO program. Adjusted for exceptional items and charges from Poland, revenues actually increased slightly.
In addition to net interest income that leapt almost 39%, the German bank benefited from a 3.4% fall in total expenses to 1.72bn Swiss francs and a low risk result of -68m Swiss francs.
Confident in its continued positive development in 2023 in a difficult environment, Commerzbank has confirmed its annual targets, in particular targeting net profit that is "well above" its level in 2022.
Copyright (c) 2023 CercleFinance.com. All rights reserved.