High rates help Germany’s Commerzbank post best results in 15 years


Commerzbank CFO: We're preparing for lower rates

Commerzbank on Thursday reported a 55% hike in net profit for 2023, as high interest rates helped the German banking giant report its best results in 15 years.

Net profit for the year beat expectations to come in at 2.2 billion euros ($2.36 billion), up from 1.4 billion euros a year earlier. For the fourth quarter, net profit was 395 million euros, down over 16% on the same quarter the year before, but ahead of consensus estimates published by Commerzbank.

Investors welcomed the results, with shares provisionally ending the session around 5.5% higher.

High interest rates were a driving factor behind the results, with net interest income up around 30% for 2023 as a whole, and 8.5% higher in…

Source cnbc.com

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