BERLIN (dpa-AFX) - German lender Commerzbank AG (CRZBY.PK) reported Wednesday lower net profit in its second quarter, while operating profit climbed from last year with higher revenues. Further, Commerzbank raised its outlook for fiscal 2025.
In the second quarter, consolidated net result fell 14.1 percent to 462 million euros from last year's 538 million euros.
However, Commerzbank improved its operating result by 34 percent to 1.17 billion euros from 870 million euros last year.
Total revenues grew 13.2 percent to 3.02 billion euros from last year's 2.67 billion euros, positively influenced by the continued strong growth in net commission income.
The Bank's net interest income however edged down 0.8 percent to 2.06 billion euros from 2.08 billion euros a year ago.
Looking ahead, for fiscal 2025, Commerzbank now expects a net result of around 2.5 billion euros, up from previous view of around 2.4 billion euros.
Adjusted net result, excluding restructuring expenses, is now projected to be around 2.9 billion euros, having previously anticipated around 2.8 billion euros.
The improved outlook is primarily driven by net interest income.
The Bank now expects a net interest income of around 8 billion euros for the full year and a related positive fair value adjustment of around 0.3 billion euros. In total, this contributes around 8.3 billion euros to revenues.
Previously, the Bank had expected net interest income of around 7.8 billion euros and a related positive fair value adjustment of around 0.3 billion euros, totalling around 8.1 billion euros.
Further, the company still plans for net commission income to grow by around 7 percent.
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