Commerzbank : Broadly solid end-2021 & strategic update in line of sight
>Confirmation of more favourable momentum (operating/balance sheet) - The group reported a good set of Q4 2021 data, with net profit standing at € 421m (vs the consensus at € 81m), to a large extent thanks to the good resilience of the top line (+15% vs the consensus at € 2.1bn but of which € 245m of non-recurring items) but also a favourable tax impact (€ 199m). Q4 was negatively impacted by additional provisions in Poland (mBank) vs the risk of litigation on Swiss-f...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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