According to bank boss Manfred Knof, the implementation of the strategy continues.
(Photo: dpa)
Frankfurt Commerzbank, which is in the middle of renovation, returned to profitability in the third quarter. The Frankfurt money house generated a profit of 403 million euros from July to September after a loss of 60 million euros a year earlier, as the Commerzbank announced on Thursday.
Analysts surveyed by the bank had only expected an average of 253 million euros. In the second quarter, the institute was still in the red due to expenses for corporate restructuring and depreciation for a major outsourcing project that had been stopped.
Commerzbank generated an operating profit of EUR 472 million in the third quarter. The bank also exceeded the analysts’ estimates, who had expected an average of 364 million euros. “The implementation of our strategy is proceeding according to plan and the operational business is also developing well,” explained Commerzbank boss Manfred Knof.
For the year as a whole, the bank expects a positive group result despite the renovation costs.
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