Commerzbank earnings decline, backs 2018 outlook

Commerzbank AG (CBK.XE) said Thursday its earnings declined in the third quarter, in part due to extraordinary gains that were booked in the same period a year earlier.

The German bank’s net profit fell to 218 million euros ($249.76 million) from EUR467 million, while revenue declined to EUR2.19 billion from EUR2.51 billion. Analysts had expected a net profit of EUR202 million and revenue of EUR2.18 billion, according to a consensus forecast provided by FactSet.

Net interest income was EUR1.2 billion, while operating expenses were EUR1.73 billion.

Commerzbank confirmed its 2018 outlook. The bank expects higher underlying revenue at the group level, with costs seen at around EUR7.1 billion.

As previously reported, the bank plans to resume dividend payments of 20 European cents a share for 2018.

Write to Sarah Sloat at [email protected]

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