Commerzbank Sees Q1 Profit, Exceeding Analyst Forecasts
Commerzbank saw a first quarter profit, beating expectations. As the German lender is deep in its major restructuring (a 2 billion euro project, involving the closure of hundreds of branches and reduction of 10,000 staff), it said its 2021 revenue outlook is looking much better than expected.
Germany’s second-largest listed lender posted a net profit of 133 million euros ($161.2 million) in the three months through March Wednesday, compared with a loss of 291 million euros a year earlier, exceeding analyst forecasts of a 131 million euros loss. The bank also said it now expects revenues for the year to slightly exceed 2020.
Last week, the bank’s CEO - Manfred Knof, struck a deal with employees over the job reduction plan that is part of the restructuring - an agreement vital for his effort to streamline the bank and return it to profitability.
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