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☆ Commerzbank seeks wealth fund investor in Asia, Mideast- Bloomberg News
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

A logo of the bank is seen next to the headquarters of Commerzbank one day ahead of the bank's rejoinment to Germany's share price index DAX in Frankfurt, Germany, February 26, 2023. The German bank is talking to sovereign wealth funds about becoming an anchor investor to shore up its defenses against any opportunistic takeover bid and preserve its independence, the report added, citing people familiar with the matter. The bank has also discussed internally the prospect and implications of the German government selling down its stake, the report said. Commerzbank did not immediately respond to a Reuters request for comment. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

Persons: DAX, Kai Pfaffenbach, Manfred Knof, Commerzbank, Gursimran Kaur, Jane Merriman Organizations: REUTERS, Bloomberg, Thomson Locations: Frankfurt, Germany, Asia, Bengaluru

☆ Commerzbank Q3 net profit more than triples, beats expectations
▼ + stars: | 2023-11-08 | by ( ) www.cnbc.com time to read: +1 min

Germany's Commerzbank said on Wednesday that net profit more than tripled in the third quarter, better than expected and helped by higher interest rates, as it presented a strategy update. Net profit of 684 million euros ($730.72 million) in the quarter compared with a profit of 195 million euros a year earlier. Analysts had on average expected profit of 611 million euros, according to a consensus forecast published by Commerzbank. Net interest income rose 34% to 2.2 billion euros, better than expectations for 2.1 billion euros. Those compare with a ratio of 60% so far this year and expectations for profit of 2.2 billion euros for the full year.

Persons: Manfred Knof, Germany's Commerzbank Locations: Commerzbank

☆ Germany's political landscape is shifting, with the far-right AfD party ahead in the polls
▼ + stars: | 2023-10-03 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +3 min

The AFD party leadership (front row) holds a banner reading OUR LAND FIRST! during a protest against the rising cost of living in a demonstration organized by the right-wing Alternative for Germany (AfD) political party on October 8, 2022 in Berlin, Germany. The Christian Democratic Union party (CDU), formerly led by chancellor of 16 years, Angela Merkel, currently polls the highest. "First of all you need a political will to stop it and we don't see this will among the other parties. "There is a backlash clearly … The population is now moving to the right," Sinn said, referring to the popularity of the AfD.

Persons: Omer Messinger, Angela Merkel, Robert Lambrou, Lambrou, CNBC's Annette Weisbach, Chancellor Olaf Scholz, Manfred Knof, Hans, Werner Sinn, Sinn Organizations: Getty, Social Democrats, Greens, Free Democrats, Christian Democratic Union, CDU, CNBC, Federal Ministry for Economic Affairs, Handelsblatt Locations: Germany, Berlin, Hesse, Frankfurt, Bavaria, Munich, Sonneberg, Thuringia, Europe

☆ Commerzbank shares fall after report on strategy review
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsFRANKFURT, Sept 22 (Reuters) - Shares of Commerzbank (CBKG.DE) were down 3.4% late on Friday after a German newspaper reported details of the lender's new strategy plans to be announced in November. Shares of the bank were down by only around 0.4% before publication of the report. It plans to announce its strategy review on Nov. 8. Like many banks, Commerzbank has been benefiting from a rise in interest rates and the income that generates. Reuters GraphicsThe bank's chief executive Manfred Knof said this week that the main focus of the new strategy would be growth in its customer business.

Persons: DAX, Kai Pfaffenbach, Commerzbank, Manfred Knof, Bettina Orlopp, Tom Sims, Rachel More, Friederike Heine, Kirsten Donovan Organizations: REUTERS, Rights, Thomson Locations: Frankfurt, Germany, Commerzbank

☆ Germany needs structural change to prevent a shift to the right, Commerzbank CEO says
▼ + stars: | 2023-09-22 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The sun sets behind the lignite-fired power plant of Boxberg on August 18, 2023 in Neuliebel, Germany. Florian Gaertner | Photothek | Getty ImagesGermany needs to implement structural changes if it wants to prevent a political shift to the right, Commerzbank CEO Manfred Knof told CNBC at the Handelsblatt Banking Summit 2023. Knof also said Germany's small-to-medium-sized companies, known as the Mittelstand, were reluctant to invest in their own country because of the structural issues in Europe's largest economy. "We need more activities and ... [a] better framework for the German SMEs to invest in this country," he added. "A lot of family-owned companies ... have very operational plans to relocate," Russwurm said, adding that the current business conditions in Germany had created a "cocktail" of obstacles for companies.

Persons: Florian Gaertner, Manfred Knof, Knof, Siegfried Russwurm, CNBC's Annette Weisbach, Russwurm Organizations: Photothek, Getty, CNBC, Handelsblatt, Federal Ministry for Economic Affairs, Germany, German Industry Federation Locations: Boxberg, Neuliebel, Germany, Bavaria, Europe's

☆ Commerzbank CEO: German economic situation is challenging, but not hopeless
▼ + stars: | 2023-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommerzbank CEO: German economic situation is challenging, but not hopelessCommerzbank CEO Manfred Knof discusses the outlook for the German economy, and what factors are contributing to the idea of the nation being the "sick man of Europe."

Persons: Manfred Knof Locations: Europe

The bank's shares traded 7.3% lower at 0750 GMT, making it the worst performer on the DAX blue chip index. Finance chief Bettina Orlopp told analysts net interest income had probably peaked in the quarter and that further provisions for its mBank unit in Poland were possible. The bank said it sees "upside potential" in net interest income this year, and raised its forecast to 7 billion euros ($7.7 billion) from 6.5 billion. One of Germany's best-known banks, Commerzbank is in the middle of a major overhaul, cutting thousands of workers and hundreds of branches to save costs and lift profits. JPMorgan called the results strong but said the bank's increased guidance for net interest income was below market expectations and "would limit any upgrades" in analyst forecasts.

FRANKFURT, May 17 (Reuters) - Germany's Commerzbank (CBKG.DE) said on Wednesday that net profit nearly doubled in the first quarter, a better-than-expected result helped by higher interest rates. The bank said it sees "upside potential" in net interest income this year, and raised its forecast to 7 billion euros ($7.7 billion) from a previous 6.5 billion euros. Net profit of 580 million euros in the first quarter compares with a profit of 298 million euros a year earlier. Analysts had on average expected profit of 481 million euros, according to a consensus forecast published by Commerzbank. Many banks have reported increases in revenue and profit for the first quarter on the back of higher interest rates.

☆ German companies are more resilient than most think, Commerzbank CEO says
▼ + stars: | 2023-02-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGerman companies are more resilient than most think, Commerzbank CEO saysManfred Knof, CEO of Commerzbank, joins CNBC in an exclusive interview to discuss Commerzbank re-joining the DAX after four years gone from the German index.

☆ Germany's Commerzbank makes DAX comeback
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 27 (Reuters) - Germany's Commerzbank (CBKG.DE) rejoined the DAX index on Monday, marking a comeback for Germany's No. "We have come to stay," Commerzbank CEO Manfred Knof said before ringing the opening bell at the Frankfurt stock exchange. "The return of Commerzbank is a good signal for the German banking market." Following Wirecard's demise, Deutsche Boerse AG, which compiles the DAX index, revamped it to include 40 companies, rather than the previous 30, and made membership criteria tougher. Other members include Siemens AG, Volkswagen AG, and Allianz SE.

The bank said it would aim for a 2023 result that is "well above" 2022, helped by higher interest rates, despite "another demanding year in view of the challenging environment". Reuters GraphicsNet profit of 472 million euros ($505.3 million) in the quarter was higher than 421 million euros a year earlier. It was well above average analyst expectations of 350 million euros, according to a consensus forecast published by Commerzbank. For the full year, Commerzbank generated net profit of 1.435 billion euros, up from 430 million euros a year earlier, and better than expectations for around 1.359 billion. Commerzbank forecast net interest income "well above" 6.5 billion euros for 2023, "with clear additional upside potential".

☆ Commerzbank chief says he's not preparing for disaster, sees a mild recession
▼ + stars: | 2022-11-18 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

A "mild recession" is on the cards, according to Commerzbank CEO Manfred Knof. Commerzbank CEO Manfred Knof says the bank has prepared for an uplift in nonperforming loans, but the situation is "definitely not a disaster or default issue" as a "mild recession" is likely in the cards. "We have already made provisions but still at the moment we don't see a lot of issues ahead of us," Knof told CNBC's Annette Weisbach at the European Banking Congress in Frankfurt Friday. Nonperforming loans are bank loans likely to be repaid late or not in full and are also known as "bad debt." The chief economist at Berenberg, Holger Schmieding, told CNBC that consumer confidence had "plunged so badly that the recession will likely not be shallow."

☆ Commerzbank expects an increase in bad loans, CEO says, but no disaster
▼ + stars: | 2022-11-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommerzbank expects an increase in bad loans, CEO says, but no disasterCommerzbank CEO Manfred Knof discusses the bank's outlook and the possibility of a recession.

But shares fell more than 7% after the bank said its 2024 costs would be higher than anticipated, with revenue and operating profit for that year missing analysts' current forecasts. Net profit of 195 million euros in the quarter compares with a profit of 403 million a year earlier. Analysts had expected profit of 116 million euros on average in a consensus forecast published by the bank. Looking ahead to 2024, the bank said it now expects operating profit of 3.2 billion euros, below analysts' expectations. In a note, Deutsche Bank analysts said the forecast was "below consensus" and asked, "How conservative is the 2024 guidance?"

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