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Euro on Sunday share check: Commerzbank: Finally, light on the horizon! | Message

Wednesday, November 15th, 2017 | bitcoin updates

by Birgit Haas, Euro on Sunday
Finally back in the black: the bottom line earned the Commerzbank in the third quarter 472 million euros. Good news, after the second-largest listed German bank had posted a loss of 288 million in the same period last year. In the previous quarter, earnings also remained under water at 637 million euros due to conversion costs.
Is now the turnaround done? Many stockbrokers rely on it, the share increased after announcement of the numbers over three per cent. Analysts, however, remained skeptical: "Although the improvement in the balance sheet progresses, but we continue to assess the profitability very critical," write about the market experts of the private bank Hauck & Aufhäuser.
In fact, the Commerzbank comes only thanks to special effects on the good result. The sale of the Commerzbank Tower in Frankfurt, the dissolution of a cooperation with the French competitor BNP Paribas and the sale of the payment service provider Concardis flushed a total of 502 million euros in the dank cash of the Frankfurt. In contrast, operating income declined compared to the same quarter of the previous year and also to the previous quarter.

Sources of income in sight
Despite the lack of profitability, Commerzbank is certainly making progress, suggesting a turnaround. On the one hand there would be strong customer growth. Since the beginning of the year, the money house counted 450,000 new customers. "It will take about 18 months for the resulting new income to be reflected in the balance sheet," says CFO Stephan Engels.
The fact that the lucrative installment loan business is again run under its own flag should lead to rising earnings in the future. With a nine-month balance sheet of 66 million euros, the people of Frankfurt have their sights firmly fixed: a slightly positive consolidated result for the year as a whole.
What excites stockbrokers in addition to the turnaround, are the ongoing speculation regarding a takeover. In recent months, both Unicredit and BNP Paribas and Crédit Agricole have reported interest in the federal government's 15 percent stake.
Crédit Agricole boss Philippe Brassac has just waved off: "We have no plans to buy the Commerzbank or a stake in Commerzbank." The Unicredit is still under construction – industry insiders believe that a deal is too early. But the speculation should continue – and inspire the course. Image sources: Commerzbank AG, Julia Schwager / Commerzbank AG, Thomas Lohnes / Getty Images


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