Tuesday, April 23, 2024

Commerzbank returns to profit

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German banking group Commerzbank announced yesterday that it had achieved a consolidated distributed profit of 3 403 million in the third quarter of the year, compared to a loss of 60 60 million in the same period last year.

The group’s total operating profit for the third quarter was 2 472 million, up from 8 168 million in the same period last year.

Commerzbank’s revenue for the third quarter was 6 0062 billion, up from 3 2.03 billion in the same period last year.

Net commission profit rose nearly 7% to 873 million.

At the same time, Commerzbank maintained its expectations of achieving net profit and operating profit for the current financial year, despite restructuring costs.

The banking group expects to earn more than last year.

The panel indicated its intention to lay off about 10,000 full-time jobs by 2024 as part of a restructuring plan aimed at transforming it into a sustainable profit bank.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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