2/14, 7:11 AM (Source: TeleTrader)
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Commerzbank's operating profit nearly doubles in Q4

German banking and financial services company Commerzbank announced on Thursday its operating profit in the fourth quarter of 2018 nearly doubled compared to last year to reach €240 million. For the whole year of 2018, operating profit came in at €1.2 billion, slightly more than €1.1 billion earned in 2017. Net profit in the fourth quarter was €113 million, a 50% increase year-on-year, while group revenues fell 3.3% annually to hit €2.03 billion in the same three-month period. For the whole of 2018, net profit surged from €128 million in 2017 to €865 million, while revenues stood at €8.57 billion for the same year, a 2% decrease.

"Our strategy is right and is working. We are growing in terms of customers, lending volume and underlying revenues. We are making progress and this shows in our ability to pay a dividend," said Martin Zielke, Chairman of the Board of Managing Directors of Commerzbank. "But it has also become clear during the first half of Commerzbank 4.0 that, given the challenging environment, we need to move even faster. That is why we are revamping our head office and interlinking the IT with our product areas."

Breaking the News / FH