The profit of Commerzbank fell by 52%, but it was better than expected and kept its outlook.
Germany’s Commerzbank (ETR:CBKG) reported on Wednesday that its net profit dropped by 52% in the third quarter. This was a better-than-expected result at a time when higher interest rates were beneficial, but problems at a Polish unit that had previously been reported hurt.
Even though its home market is facing rising prices, a slowing economy, and an energy crisis, the lender did not change its outlook for the whole year.
Even though the quarterly profit is less than it was last year, it is still a good sign for Germany’s No. 2 bank, which is in the middle of a 2 billion euro restructuring programme that includes closing hundreds of branches and cutting 10,000 jobs.
Related: Earnings at Commerzbank are rising as the risk of a Russian crisis grows.
CEO Manfred Knof said, “We have made a lot of progress in putting our “Strategy 2024″ into action, and we are well on our way to meeting our goals.”
A year ago, the company made a net profit of 403 million euros. This quarter, the company made a net profit of 195 million euros ($196.31 million). Commerzbank put out a consensus forecast that said analysts had expected a profit of 116 million euros on average.
($1 = 0.9933 euros)
