Commerzbank : Peu de choses à attendre des résultats
>Les résultats T1 ne tireront pas le consensus à la hausse - CBK dépasse les attentes mais pour des raisons qui ne feront pas remonter le consensus :Top-down: le « beat » au niveau du résultat d’exploitation ressort à +13.5% mais n’est que de 29 M€. Or sur ce total, 22 M€ proviennent de provisions inférieures aux attentes à 78 M€. Pourtant, CBK maintient prudemment sa prévision 2019 à au moins 550 M€.Bottom-up: le Retail est inférieur aux attentes de -28 M€ ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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