German lender, Commerzbank AG (CRZBY.PK), on Thursday reported a turnaround to profit for the full year, reflecting a rise in revenue, driven by a stabilized net interest income and higher net commission income.
For the fiscal 2021, the Hamburg-headquartered bank posted its pre-tax and consolidated profits at 105 million euros and 430 million euros, respectively, compared with pre-tax and consolidated losses of 2.59 billion euros and 2.87 billion euros, reported for 2020.
For the 12-month period, the bank recorded an operating profit at 1.18 billion euros, versus a loss of 233 million euros.
Net commission income for the full year moved up by 9 percent, to 3.61 billion euros, whereas net interest income fell by 2.5 percent, to 4.84 billion euros.
Total revenue of the German bank climbed by 3.3 percent, to 8.45 billion euros.
For the fourth quarter of 2021, the lender posted its pre-tax and consolidated profits at 115 million euros and 421 million euros, respectively, compared with pre-tax and consolidated losses of 2.53 billion euros and 2.70 billion euros, year-on-year basis. Last year, the company had incurred restructuring and asset impairment charges.
For the final quarter, the bank recorded an operating profit at 141 million euros, versus a loss of 328 million euros.
For the three-month period, net commission income of the company was moved up by 10.4 percent, to 924 million euros. Net interest income was also rose by 12.9 percent, to 1.30 billion euros.
The total revenue for the quarter moved up by 3.5 percent, to 2.09 billion euros.
For the fiscal 2022, the bank expects a net profit of over 1 billion euros.
Source: Read Full Article