Wednesday, October 9, 2024

Germany’s Commerzbank (ETR:CBKG) said on Wednesday that net profit nearly doubled in the first quarter, a better-than-expected result helped by higher interest rates. The bank said it sees “upside potential” in net interest income this year, and raised its forecast to 7 billion euros ($7.7 billion) from a previous 6.5 billion euros. The bank’s shares were indicated to open 2.5% higher. Net profit of 580 million euros in the first quarter compares with a profit of 298 million euros a year earlier. Analysts had on average expected profit of 481 million euros, according to a consensus forecast published by Commerzbank. Commerzbank, one of Germany’s best-known banks, is in the middle of a major overhaul, cutting thousands of workers and hundreds of branches to save on costs and lift profits. Many banks have reported increases in revenue and profit for the first quarter on the back of higher interest rates. Last year, Commerzbank booked a second consecutive year of profit, and the bank rejoined the prestigious DAX index of blue-chip companies. It is still partially owned by the government following a bailout during the financial crisis more than a decade ago, and analysts have said that it is vulnerable to soaring inflation, a slower economy and potential soured loans. “Commerzbank is in good shape. Our transformation is making good progress and is increasingly paying off,” said Chief Executive Officer Manfred Knof.

0 Comments

Leave a Comment

LATEST POSTS

महिलाओं की दिलचस्पी ऑनलाइन ट्रेडिंग बाज़ार (FX & CFD’s) में क्यों बढ़ने लगी?
Dollar Consolidates, Still in Demand
Dubai 22K gold price touches Dh200 a gram for first time in nine years
Arun Kumar Saini ने लिखी कामयाबी की नई इबारत, Capital Sands ने लगाई ऊंची छलांग
Gold Silver Price: आज सोना हुआ सस्ता और चांदी हुई महंगी, ज्वैलरी बाजार में ये रहा सोने का रेट
IMF के ग्लोबल अनुमान घटाने से कच्चे तेल की कीमतों पर दबाव, 1950 डॉलर के नीचे आया सोना
कोरोना की वजह से देश का लक्जरी कार बाजार 5-7 साल पीछे हुआ
शेयर बाजार में गिरावट का दिन, सेंसेक्स-निफ्टी नुकसान में
इंडोनेशिया ने बढ़ाई भारत की मुश्किलें, अभी 10 फीसदी और महंगा होगा खाने का तेल
Petrol Diesel Price: 18 दिन बाद महंगा हुआ डीजल
Delhi Property Tax Rates Likely To Go Up Marginally
Taiwan October Export orders Likely contracted Again, But at Slower Pace- Raeuters Poll