Commerzbank closes 2016 with a sharply declining consolidated net profit, to 279 million from 1,08 billion in 2015, but still slightly above expectations, which were 220-250 million. The second German bank specifies that the group's operating profit fell by 28% to 1,4 billion (from 1,94 billion in 2015) "due to the difficult market conditions and the continuing low interest rate scenario had a negative impact on the net interest income”.
The Cet1 capital requirement, with the full implementation of Basel 3, stood at 12,3% at the end of 2016 from 12% a year earlier, "well above what is required at a regulatory level". The Bank has not given any precise indications on the trend throughout 2017.
“In 2016 we recorded solid results and improved capital requirements – comments the CEO, Martin Zielke – However we cannot be satisfied with the profitability” and, for this, “we must implement our 'Commerzbank 4.0' strategy with determination. Today we have the leeway to do so and can deal with the changes as planned. We pursue, step by step, the goals we have set ourselves”.
In the fourth quarter alone, the Bank recorded a net profit of 183 million (193 million a year earlier) and an operating profit of 337 million (384 million).
