Commerzbank 2017 Results Indicate Weak Operating Profitability: Restructuring Is at Full Speed
While dividend news might excite investors and somewhat boost the firm's outlook, no-moat Commerzbank posted decelerating profit generation. Its full-year operating profit before tax and restructuring charges declined by 7% year over year, and it posted net income of just EUR 156 million (in line with our EUR 207 million estimates), indicating a 44% decline versus 2016.With the full-year results, Commerzbank management indicated that, driven by good progress made in 2017 on the planned restruct...
Commerzbank operates through five segments: Private Customers, which comprises the Private Customers, Direct Banking and Commerz Real divisions; Mittelstandsbank, which include the Mittelstand Germany, Corporate Banking & International and Financial Institutions divisions; Central and Eastern Europe, which consists of the universal and regional banking and direct banking activities; Corporates and Markets, which consists the Equity Markets & Commodities, Fixed Income & Currencies, Corporate Finance and Credit Portfolio Management divisions; as well as Non-Core Assets, which includes the operations of CRE Banking Germany, CRE Banking International, Public Finance and Deutsche Schiffsbank.
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