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US News Group Conversion: Commerzbank is over half billion loss

14:15  04 august  2021
14:15  04 august  2021 Source:   pressfrom.com

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Costs for job cuts and branch closures have torn the Commerzbank deep into the red numbers in the second quarter and make an annual profit become less likely.

Das Logo der Commerzbank ist an einer Filiale in Sichtweite der Zentrale angebracht. © Frank Rumpenhorst / DPA The Commerzbank logo is attached to a branch in sight of the control panel.

«That's pretty much around the zero line, that can be positive, but it can also be negative," said Financial Resources Bettina Orlopp on Wednesday in a conference call to the question of whether the Management Board considers a surplus for the full year 2021.

CEO Manfred Knof clearly made the interim balance: there is no alternative to the consolidated conversion applicable to three years. The manager at the same time stressed: "It's too early to be satisfied here. This is not a sprint, that's a marathon. "

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at the end of June, 394 million euros were lost in the semi-annual balance of the Frankfurt MDAX Group. At the beginning of the year, Commerzbank was still surprised by returning to the profit zone. But high costs for the consolidated conversion and further setbacks in the second quarter of the year powdered the initial successes. For the period of April to June, Commerzbank pointed out 527 million euros loss - after a profit of 183 million euros in the same period of the previous year.

Knof, who has been the bank since 1 January, nevertheless expressed: "We achieved a solid operating result in the first half of the year." In the day-to-day business, the Bank earned 570 million euros in the first half of the year, just 32 million euros in the second quarter.

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expensive to stand comes the Commerzbank of the consolidated conversion forced since the beginning of the year. 976 million euros expenses, the institute booked in the first half of the year, of which 511 million in the second quarter. The remaining around 170 million euros of total renovation costs of approximately 2.06 billion euros wants the Bank expected predominantly in the second half of the year 2021.

In the second quarter, unplanned burdens were added: 200 million euros, the bank also wrote that they exhausted the transfer of securities processing under Knofs predecessor Martin Zielke. In addition, provisions amounted to 66 million euros as a result of the judgment of the Federal Court of Justice (BGH) on bank charges the quarterly results.

The Karlsruher Richter had decided at the end of April that banks must obtain the approval of their customers in terms of modifications of general terms and conditions (GTC). Many bank customers can now reclaim a part of much paid fees. "Everything we have collected at fees since the judgment is automatically recruited in the coming weeks," Orlopp said. Customers with older claims could turn to the bank.

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A savings price should bring the Commerzbank, whose largest shareholders of the German state, bring back to the course of success. By the end of 2024, the Management Board wants to reduce the number of full-time jobs from about 39,500 to 32,000. At the end of June, the institute in Germany and abroad was a total of 38 671 full-time forces.

This year, 240 branches will be sealed in Germany. After completion of the consolidated renovation, 450 will be 450 from 790 branches. The aim of the management is to push the entire cost of the bank to 5.3 billion euros by the end of 2024. That would be about 20 percent less than in 2020. For the current year, the Executive Board reaffirmed the goal of around 6.5 billion euros.

at the forecast, in the full year the income - so increase the total revenue - holds the management. In the first half of the year, income with around 4.4 billion euros was 5.5 percent higher than in the same period last year. In the full year 2020, the institute had achieved around 8.2 billion euros in income. The highest core capital ratio expects the Management Board over the full year at about 13 percent. At the end of June, the quota was 13.4 percent. Core capital is considered as a buffer for crises.

on the stock market provided the interim balance, which expects even worse than expected by analysts, for disillusionment. The course of the Commerzbank share sagged on Wednesday morning by more than five percent to a good 5.13 euros down. At the beginning of June, the course had reached the highest level with a good 6.87 euros since the beginning of the year.

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