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Commerzbank’s net profit forecast for the year remarked as ‘ambitious’

Commerzbank
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Date: 8th August 2019

Commerzbank posted its net profit for the second quarter of the year on Wednesday that beat the expectations of analysts. The profit figure was supported by lower taxes. While the bank maintained the net profit as compared to that of last year in the same quarter, it said that its forecast for the year is ‘ambitious’.

Net profit for the second quarter was 271 million euros while the average estimate of analysts was 217 million euros. Last year in the same quarter, the company earned a net profit of 272 million euros. 

The German bank has new plans in progress as the merger deal with Deutsche Bank failed in April this year. Commerzbank will announce its strategic plan by the end of this year.

Martin Zielke, Chief Executive Officer of Commerzbank, said in a statement that the company focusing on growth and has achieved significant milestones. However, he added that they still face certain challenges. 

The revenue for the second quarter was 2.129 billion euros which missed the average estimate of 2.135 billion euros. Last year’s revenue for the same period was 2.178 billion euros.

Regardless of the slight fall in revenue, the bank retained its forecasted figures for the year. It reiterated that revenue would be greater in 2019 as compared to that of last year.

After the merger talks with Deutsche Bank failed earlier this year, there were concerns whether Commerzbank will be able to survive as a stand-alone company. Consequently, many banks abroad came up with deals to acquire the company. But no such merger has been successful yet and the bank is working towards its recovery and growth

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