Commerzbank said it would reinstate its dividend payments in 2018 after a stronger than expected fourth quarter.
While its full-year earnings were hit by restructuring charges, it would have increased if these exceptional items were discounted.
Indeed, operating profit for the full year at €1.303bn was only just shy of the previous year's €1.399bn and would have beaten the 2016 figure without the €557m in exceptional items and valuation effects.
Fourth-quarter net income of €90m was down on last year's €182m but beat forecasts of €64m. Operating profit of €159m beat consensus estimates of €88m.
Other full-year highlights
- Revenues before loan loss provisions decreases 2.5% to €9.2bn
- After adjustment for exceptional items revenues were €8.607bn, up from €8,568bn in 2016
- Loan loss provisions stood at €781m, down from €900m in 2016
- 502,000 net new customers were acquired in German retail banking in 2017
- Common Equity Tier 1 ratio at 14.1% was higher than the 12.3% at end of 2016
“We see the structural change in the German banking sector as an opportunity and intend to be among the winners of this change. That’s why we are radically transforming the bank," said chairman Martin Zielke, (left).