5/8/2019, 7:09 AM (Source: TeleTrader)
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Commerzbank revenue falls 2.7% to €2.16B in Q1

German banking giant Commerzbank AG said on Wednesday that its revenue for the first quarter of 2019 amounted to €2.16 billion, marking a decrease of 2.7% on an annual basis. The company said its earnings per share dropped 52% compared to 12 months ago, to reach €0.10 in the first quarter. Meanwhile, Commerzbank's operating profit was €244 million, 5.4% less year over year.

The bank said that customers and assets slightly rose in the first quarter, as well as its underlying revenues in the customer segments. Commerzbank pointed out that its net interest income profited from growth initiatives, which covered for the ongoing margin pressure and regulatory demands in its securities business. Significant increase was seen in Commerzbank's Private and Small-Business segment.

"Our growth with customers and assets is enabling us to strengthen our revenue base thereby compensating the effects from low interest rates and margin pressure. We’ll leverage the current momentum with our customers to further implement our strategy," Commerzbank Chairman Martin Zielke commented.

Breaking the News / SS