After Commerzbank’s last financial year was characterized by job cuts and branch closures, the bank made a surprisingly high profit in the second quarter of 2022. The bank earned EUR 100 million more than analysts had predicted.
Thanks to significantly higher earnings, Commerzbank achieved a surprisingly high profit in the second quarter. The bottom line was a surplus of 470 million euros, as the institute listed in the MDax announced on Wednesday in Frankfurt. That was 100 million more than analysts expected on average.
A year earlier, costs for job cuts and branch closures had torn Commerzbank deep into the red with 527 million euros. For 2022, CEO Manfred Knof is still aiming for a surplus of more than one billion euros and wants to distribute 30 percent of the profit attributable to shareholders as a dividend.
In the second quarter, revenues – the bank’s total income – jumped 30 percent year-on-year to 2.4 billion euros. At the same time, the bank set aside 106 million euros for possible loan defaults, a good fifth more than in the previous year. For the year as a whole, the Management Board assumes risk provisions for impaired loans of around EUR 700 million.
