According to Commerrzred, Knof's “mild recession” is on the cards.
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Commerzbank On Friday, it unexpectedly spent quarterly results, advertising the “record” annual profit and announcing a new program of buying a shares.
The bank said that it reached a 20% increase in net profit to EUR 2.68 billion (USD 2.78 billion) in 2024 compared to the net profit forecast worth USD 2.47 billion for this period, in accordance with the consensus cited by Reuters .
The group presented the intentions of buying EUR 400 million in stock and proposed to increase the dividend payment to 0.65 euros per share, compared to 0.35 euros per share last year.
The lender's shares increased by 2% at 14:10 London, after the release.
Other annual events included net income of EUR 8.33 billion in 2024, compared to EUR 8.37 billion in the previous year, with the bank notes that it used the effects of currency valuation in the fourth quarter. Return from tangible equity – the measure of profit efficiency – chose up to 9.2% in 2024 from 7.7% in 2023, exceeding the group's goal to achieve at least 8%.
The group originally mentioned plans to publish their profits in the fourth quarter and annual profit on February 13, when it also intends to provide an annual update of strategy and perspective. Early exemption drops to German legal requirements when the amount of capital return significantly exceeds the expectations of capital markets.
The results appear when Commerzbank puts the case to stand alone, after surprising in the construction of the second largest lender in Italy Unicredit Speculation on the market of interest in potential acquisition. UniCredit now has a direct 9.5% of shares and 18.5% of shares through derivative instruments in Commerzbank, after the first construction of its shares in September, and then increasing your position.
This move met with the resistance of the German government, whose finance minister Jörg Kukies criticized UniCredit “Very aggressive, very opaque“Bid in an interview with CNBC last week.
“We have exceeded our promise of capital return for our shareholders,” said Bettina Orlopp, general director of Commerzbank in a statement accompanying the results, citing the initiative of cost management and growth as an increase in profit.
“Thanks to the growing initiatives of profitability and new growth initiatives in the coming years, we will increase the return of capital. Commerzbank is and remains an attractive investment, “she noted.
Since the September overture Bank BPMSetting questions whether it will be arranged by a national or German undertaking.