High interest rates help Germany's Commerzbank post best results in 15 years
Publishing timestamp: 2024-02-15 11:42:08
Summary
Commerzbank reported a net profit of 2.2 billion euros for the year, beating expectations and driven by high interest rates. The bank also reported a 55% increase in net profit for 2023, its best results in 15 years. Investors reacted positively to the news, with shares ending the session higher. The bank acknowledged the economic slowdown as a challenge but expects net profit to be above 2023 levels. Deutsche Bank analysts described the results as solid and reiterated their buy rating on the stock. Commerzbank has undergone a major business overhaul and reduced costs in 2023.
Sentiment: POSITIVE
Keywords: earnings, commerzbank ag, banks, deutsche bank ag, business news,