Frankfurt Write-downs at the Polish subsidiary mBank halved Commerzbank’s profit in the third quarter. Net profit fell by 52 percent to 195 million euros, as the second largest German financial institution announced on Wednesday. However, the institute exceeded the expectations of the analysts, who, according to Commerzbank, had expected an average of 116 million euros.
Thanks to the turnaround in interest rates and growth in customer business, revenue rose by twelve percent to 7.1 billion euros. Commerzbank had already announced the charges of 490 million euros from the Polish subsidiary mBank.
The institute stuck to its goal of making a profit of more than one billion euros for the year as a whole. “Our financial targets for 2024 show that we are fundamentally very confident about the further development of Commerzbank,” said CFO Bettina Orlopp. The general risk provision was 500 million euros in the third quarter.
More: Commerzbank employees receive an inflation bonus of up to 2,000 euros
Top jobs of the day
Find the best jobs now and
be notified by email.