After deep red figures in the second quarter, Commerzbank has made up ground again in the past few months.
Now CEO Manfred Knof is expecting a positive annual result.
Frankfurt / Main - After returning to the black in the third quarter, Commerzbank now expects a net profit for the full year 2021.
“The implementation of our strategy is proceeding according to plan and the operative business is also developing well.
For the year as a whole, we are therefore expecting a positive group result despite the renovation costs, ”said CEO Manfred Knof.
In day-to-day business, Commerzbank earned 472 million euros in the third quarter, almost three times as much as a year earlier.
The bank also benefited from the fact that it had to set aside significantly less money for possible loan defaults than in the Corona crisis year 2020. The bottom line was for the period from July through September 403 million euros in profit after a loss of 60 million euros in the same period of the previous year.
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The money house, whose largest shareholder is the German state, has tightened the austerity course under the chairman of the board, Knof, who has been in office since January.
By the end of 2024, the number of full-time positions across the group is to be reduced from around 39,500 to 32,000.
The branch network in Germany will be almost halved from 790 to 450 locations.
dpa
