Commerzbank halves profit to €218m in Q3

Business 11/8/2018, 7:34 AM
Commerzbank halves profit to €218m in Q3

Commerzbank AG's earnings per share landed 54.1% lower on an annual scale, at €0.17 per share on attributable earnings of €218 million, or 53.3% down from the third quarter of last year. The lender said on Thursday that its revenues slumped 12.5% to €2.19 billion. "The environment remains challenging and although we have made a lot of progress, we still have some work to do," said Martin Zielke, chairman of the Board of Managing Directors, and praised the increase in underlying revenues of 8.6% to €2.18 billion and asserted the number of clients is "steadily" rising.

The German financial giant highlighted what it called a significant improvement in the quality of earnings, namely the common equity tier CET 1 ratio, which advanced 0.2 percentage points to 13.2% quarter over quarter, but declined 0.3 points from the three months through September 2017. The average ratio leverage ratio came down 0.2 points to 4.5%, coming in unchanged year over year.

Expenses advanced only 0.8% on an annual basis, to €1.73 billion.

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