Commerzbank swings to profit, boosts outlook
The German bank had a quarterly profit of 133 million euros
Stocks impacted: Commerzbank AG (CBKG)
Commerzbank posted an unexpected profit for the first quarter and now expects revenue to grow slightly this year. The German bank said that it had a quarterly profit of 133 million euros ($161.6 million) compared with a loss of 291 million euros a year earlier. Revenue rose almost 35% to 2.49 billion euros. The better-than-expected performance was largely attributable to net commission income from securities trading. As a reminder, the lender is undergoing a 2-billion-euro restructuring involving the closure of hundreds of branches and reduction of 10,000 staff. Following the release, Commerzbank stocks rallied over 6.5% on Wednesday.
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