2/11/2021, 7:22 AM (Source: TeleTrader)
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Commerzbank revenue falls 6% to €2.03B in Q4

German bank Commerzbank announced on Thursday the company's revenue in the fourth quarter of 2020 fell 6% on the year to €2.03 billion, slightly missing analyst projections. Meanwhile, net interest income was reported at €1.15 billion, down 11.8% compared to the fourth quarter of 2019.

In the quarterly update, Commerzbank also launched the rollout of its new "Strategy 2024" as the bank seeks to carry out several restructuring steps this year, including the closure of 190 branches. "We want to be sustainably profitable and shape our own destiny as an independent force in the German banking market," CEO Manfred Knof said in the release.

The lender is also aiming to return to a positive operating result later this year.

Baha Breaking News (BBN) / JC