Commerzbank: 2021 will also be in the red

In the third quarter, Commerzbank generated a pre-tax loss of 43 million euros. The consensus had expected -40 million euros. The loss of the bank in the past quarter is 69 million euros. The DZ Bank analysts are disappointed that the cost base is 1.5 billion euros, as in the previous year. Here one hopes for further austerity measures.

The bank was not only burdened by the pandemic, there was also a management crisis. However, Hans-Jörg Vetter was quickly named as the new Chairman of the Supervisory Board. It is now clear that Martin Zielke will be the new CEO. He will take over the helm on January 1st. Only then should there be any new statements on Commerzbank’s strategy.

The analysts stick to the sell recommendation for Commerzbank shares. The price target remains at EUR 3.70.

One is skeptical whether the restructuring can be completely successful in such difficult times.

As before, the analysts expect a loss per share of EUR 0.27 in 2020. In 2021 there should be a loss per share of EUR 0.05, previously it was assumed to be EUR 0.00. The forecast for 2022 increases from 0.48 euros to 0.59 euros.

Commerzbank shares lose 6.9 percent today to EUR 3.968.

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