FRANKFURT (dpa-AFX) - Commerzbank AG (CRZBY.PK) said it expects income to fall slightly in 2021 as a result of the restructuring and a stronger focus on making more efficient use of equity capital. Commerzbank is expecting a CET1 ratio of over 12% at year-end.
'Our aim is to complete the majority of the headcount reduction by the end of 2023 and then achieve all our targets in full by the end of 2024. We are targeting a return on equity of around 7% in 2024. It is important to stress here that despite the restructuring, the Common Equity Tier 1 ratio will consistently be at least 200 to 250 basis points above the minimum regulatory requirements over the coming years,' said . Manfred Knof, Chairman of the Board of Managing Directors.
Fiscal 2020 operating loss was 233 million euros compared to profit of 1.235 billion euros, previous year. Operating loss per share was 0.19 euros compared to profit of 1.00 euros.
Copyright RTT News/dpa-AFX