11/7/2019, 7:29 AM (Source: TeleTrader)
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Commerzbank posts 30% rise in Q3 operating profit

German lender Commerzbank AG reported on Thursday that its operating profit in the third quarter 2019 reached €448 million that represents a 29.48% rise compared to the same quarter last year. Earnings per share stood at €0.23 that is 35.2% more than in the third quarter of 2018.

Net profit was €294 million and it represents a rise of 34.9% compared to the third quarter of 2018 when it was €218 million. The Bank group revenues jumped by 2% year-on-year in the third quarter to €2.18 billion. Revenues after adjustment for exceptional items were €2.17 billion. Net interest income was increased by 2.7%, while net commission income stood stable. Operating costs fell to €1.56 billion while the Common Equity Tier 1 (CET 1) ratio was down a bit in the third quarter, standing at 12.8% at the end of September.

Stephan Engels, Chief Financial Officer of Commerzbank said: "In the third quarter we achieved a good result. This is based on higher revenues, reduced costs and low-risk result. We continue to grow our customer and asset base, thus tackling undiminished margin pressure. Looking forward, we substantially invest in the Bank’s digitalization and further cost reduction."

Baha Breaking News (BBN) / TF