Commerzbank Reports Good 1H 2018 Results; Shares Fairly Valued
No-moat Commerzbank reported good first-half 2018 results as the group is working through its restructuring plan. Consolidated profit came in at EUR 533 million versus negative EUR 414 million last year as the result of lower interest expenses and no restructuring costs that hurt results a year ago. Net interest income increased 7.5% to EUR 2.2 billion, slightly ahead of our forecast of EUR 4 billion for the full year, primarily thanks to good credit volume growth and positive consumer lending c...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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