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Commerzbank profit falls 7.9% in Q3, defying expectations for increase

Commerzbank profit falls 7.9% in Q3, defying expectations for increase

By Kim Browne

Culture

Germany’s Commerzbank, fending off a possible takeover by Italy’s UniCredit, said on Thursday (Nov 6) that net profit fell 7.9 per cent in the third quarter, defying expectations for an increase in profit.

Net profit of 591 million euros (S$888.3 million) in the quarter compares with a profit of 642 million euros a year earlier. Analysts had on average expected profit of 659 million euros, according to a consensus forecast published by Commerzbank.

The German lender said that costs rose 5 per cent in the third quarter, in part due to higher personnel expenses.

The bank said it had applied for an additional share buyback of up to 600 billion euros, and it increased its forecast for 2025 net interest income to 8.2 billion euros, up from a previous 8 billion euros. REUTERS

Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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Commerzbank profit falls 7.9% in Q3, defying expectations for increase | Grazia British