Commerzbank Q2 Profit Tops Forecasts, Plans €1.2B Share Buyback
Commerzbank reported second-quarter earnings above market expectations, with net income of €898 million beating the estimate. The lender also announced a new share buyback program of up to €1.2 billion.
Commerzbank’s second-quarter net income came in at €898 million, surpassing the €856.4 million consensus. Revenue reached €3.30 billion versus the €3.26 billion forecast, while operating profit stood at €1.37 billion against an expected €1.32 billion.
Net interest income was €2.06 billion, slightly below the €2.09 billion estimate, but loan-loss provisions of €202 million were lower than the €213.2 million anticipated. The CET1 ratio declined slightly to 14.4% from 14.6% a year earlier.
The bank reaffirmed its full-year guidance: revenue of approximately €13.2 billion, net interest income around €8.6 billion, and loan-loss provisions near €850 million. It still expects full-year net income of at least €3.4 billion.
Additionally, Commerzbank unveiled plans for a share buyback of up to €1.2 billion, signaling confidence in its capital position.
Source: First Squawk