“With the growth we are strengthening our earnings base and to counteract the low interest rates and the decline in Margins”, was the group chief Executive Martin Zielke on Wednesday. Nearly two weeks ago, Commerzbank and Deutsche Bank, a merger of the two Frankfurt’s big banks had rejected.
To start off the year 2019 brockten declining income and a higher tax burden for Commerzbank a drop in profits. The bottom line is, the institution earned in the first quarter of 120 million euros and over half less than in the previous year (EUR 262 million).
were able to offset costs Decrease in administration income decrease in the first quarter of 2019 only partially. At the same time, Commerzbank promotes a massive customers. From January up to and including March, according to the Bank, in the Segment Private and business customers in Germany, 123’won 000 additional customers.
The Commerzbank had set in the fall of 2016 to the target, up to the year 2020, a total of two million additional clients to attract, by the end of 2018, the half was reached. Of a wider customer base, the group promises to be with currently for a good 13 million Private and business customers in Germany in the long term, more profit.
Even in the highly competitive corporate customer business, Commerzbank sees no progress. In this Segment, both the number of customers, as well as the volume of credit grew. “The direction is right, the customer business continues to develop positively,” said chief financial officer Stephan Engels.
alone strong enough
After the dream of the great Bank wedding is off, Commerzbank and Deutsche Bank are looking for their salvation alone again, or for new partners to look out for. Commerzbank chief Zielke stressed to the fusion Of repeats, the strength of his house.
The Institute, its largest shareholder with 15 per cent of the German state, was “alone strong enough,” said Zielke in several Interviews shortly after the end of the talks with Deutsche Bank at the end of April.
For the full year, 2019 Zielke targets, in accordance with previous disclosures “the bottom line is a slightly higher group earnings than in the previous year”. In 2018, the Institute had recognised EUR 865 million profit – almost seven Times as much as a year earlier. However, the persistent low Interest rates and rising regulatory costs.