Frankfurt am Main: Germany’s second-biggest lender Commerzbank said second quarter profits were steady, but cautioned that any increase in the full-year bottom line looked increasingly out of reach. Net profit at the Frankfurt-based firm shrank 0.3 per cent, to 271 million euros ($304 million), beating forecasts from analysts surveyed by Factset.
Revenues fell back 2.2 per cent, to 2.1 billion euros, even as Commerzbank succeeded in boosting turnover from interest-bearing products as it continued to add customers.
The bank has gained 1.3 million customers since 2016, “an important factor in mitigating the effects of the negative interest rate environment, low margins in the competitive German banking market and the restrictive regulatory situation,” CFO Stephan Engels told reporters. —AFP
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