After nine months, Commerzbank made a pre-tax profit of 94 million euros (previous year: 1 billion euros). The bottom line is that there should be a loss for the year as a whole. Restructuring costs and the high level of risk provisioning push the result into the red.
The previous CEO Martin Zielke is leaving the bank. The leadership crisis was resolved relatively quickly. Manfred Knof is the new head of Commerzbank. He will take over the post on January 1st.
It will be a while before Knof announces a new strategy. There could be significant cost cuts and the branch business could be revised.
The DZ Bank analysts will initially stop observing Commerzbank shares. This means that they no longer set a course target. Most recently, they gave a sell recommendation for the title. The price target was EUR 3.70.
The analysts expect a loss of 0.27 euros per share in 2020. In 2021, the minus should be 0.05 euros. The forecast for 2022 is +0.59 euros.
Commerzbank shares gain 1.4 percent to EUR 5.362.
Livestream on December 14th, 2020 from 6 p.m .:
With Hans-Werner Sinn, former President of the Ifo Institute: Corona and the miraculous increase in money in Europe
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