Commerzbank surprises with strong profit as CEO unveils radical turnaround plan
Strong trading and investment banking conditions help stricken German bank beat forecasts
12 May 2021 - 16:59
Commerzbank posted a surprise profit in the first three months and provides cautious upgraded for its full-year revenue outlook, providing support to CEO Manfred Knof after he unveiled a new turnaround strategy to boost profitability.
Revenue soared 35% in the first quarter after the bank joined peers in profiting from strong trading and investment banking conditions. That helped drive net income to €133m, compared with a forecast loss of €53m. Full-year revenue should be slightly above that of 2020, compared with earlier estimates of a decline...
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