Commerzbank plans dividend for 2015 despite drop in Q3 profits

2nd November 2015, Comments 0 comments

Commerzbank, Germany's second biggest lender, said Monday that profits were down in the third quarter, but it still planned to pay out a dividend to shareholders for the whole year.

Commerzbank said in a statement that its net profit fell by 8.0 percent to 207 million euros ($228 million) in the period from July to September.

Among the main factors behind the decline were restructuring expenses of 28 million euros and an increased tax bill.

Underlying or operating profit grew by 25 percent in the three-month period, while revenues fell by 4.0 percent to 2.309 billion euros.

Taking the first nine months, net profit jumped 62 percent to 853 million euros.

"In the first nine months, we have further increased the revenues and the profit, while also significantly strengthening the capital ratio," said chief executive Martin Blessing.

"From today's stance, the managing board plans to propose a dividend of 0.20 euros per share for the 2015 financial year."

© 2015 AFP

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