Financial Insights That Matter
German bank Commerzbank beat expectations to report a record annual profit of €2.68 billion ($2.78 billion) on Friday in preliminary figures.
The net result for the full financial year 2024 was 20% higher than the €2.22 billion in the previous year, primarily helped by growth in revenue, the company said.
Additionally, Commerzbank has approved a share buyback of up to €400 million.
Revenues for the year rose by 6% to €11.11 billion from €10.46 billion in the prior year.
Net commission income increased 7% to €3.64 billion from €3.39 billion in the previous year, while net interest income was €8.33 billion, in line with last year’s €8.37 billion.
The bank is planning to propose a dividend of €0.56 per share, an increase from €0.35 per share last year.
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