Daily Management Review

Commerzbank posts € 533 mln profit


The net profit of the second largest asset of German bank Commerzbank AG, attributable to shareholders, amounted to 533 million euros in the first half of 2018 compared to a loss of 414 million over the same period last year, according to the financial organization.

Profit before tax amounted to 689 million euros against a loss of 302 million euros a year earlier, operating profit was also 689 million euros, an increase of 36.4% year-on-year. Earnings per share amounted to 0.55 euros against 0.4 a year earlier.

In the second quarter, Commerzbank received a net profit of 295 million euros against a loss of 615 million euros a year earlier. Profit before tax amounted to 389 million euros, while a year ago was recorded a loss of 628 million euros.

Net interest income for the quarter amounted to 1.162 billion euros, an increase of 15.7% in annual terms. In the current year, the bank expects spending at the level of 7.1 billion euros, whereas in the previous reporting, the forecast for the indicator was only 7 billion.

Commerzbank AG, originally Commerz und Disconto Bank, was founded in 1870 in the German city of Hamburg by merging several small private banking enterprises. In 1905 the merger of Commerz und Disconto Bank and Berliner Bank occurred, after which the bank's headquarters moved to Berlin. In the end, Commerzbank AG settled in Frankfurt am Main.

source: reuters.com