Commerzbank books sevenfold increase in profit in 2014
Commerzbank, Germany's second-biggest lender, said Thursday that its profits increased more than sevenfold in 2014, powered by lower restructuring costs and a better operating performance.
Commerzbank said in a statement that its bottom-line net profit amounted to 602 million euros ($682 million) in 2014, compared with 81 million euros a year earlier.
In the fourth quarter alone, net profit jumped by 20 percent to 77 million euros, the statement said.
Underlying or operating profit increased by 40 percent to 1.022 billion euros in the whole of 2014, while full-year revenues slipped by 2.0 percent to 9.092 billion euros.
"We have increased operating profit ... and significantly improved our capital base through our own efforts," said chief executive Martin Blessing.
"In a challenging environment we have posted further growth, have awarded more loans and increased market share," Blessing said.
Looking ahead, the chief executive said the market environment was "likely to remain challenging in 2015."
Nevertheless, Commerzbank intended to "bring about a further increase in the business volume as well as revenues" in its core banking activities, he continued.
Operating expenses were set to remain stable at approximately 7.0 billion euros.
"In 2015 the financial sector will again face major challenges. For this reason we will be more aggressive in the market and intend to attain profitable growth" in the core banking activities, Blessing said.
© 2015 AFP