© Reuters. FILE PHOTO: A logo of the bank is seen next to the headquarters of Commerzbank one day ahead of the bank’s rejoinment to Germany’s share price index DAX in Frankfurt, Germany, February 26, 2023. REUTERS/Kai Pfaffenbach/File Photo
FRANKFURT (Reuters) – Germany’s Commerzbank (ETR:) on Thursday posted its biggest profit in 15 years in 2023, a 55% increase from the previous year, as it benefited from higher interest rates, and the lender said it was aiming for another profit rise in 2024.
Full-year net profit was 2.224 billion euros ($2.39 billion), up from 1.435 billion a year earlier and ahead of expectations for 2.191 billion euros.
For the quarter, net profit fell but it was better than analysts had expected.
Net profit of 395 million euros in the quarter compares with a profit of 472 million euros a year earlier. Analysts had on average expected profit of 361 million euros, according to a consensus forecast published by Commerzbank.
($1 = 0.9321 euros)
