FRANKFURT (dpa-AFX) – After a record profit since 2007, Commerzbank boss Manfred Knof is dampening the euphoria a bit. The multi-billion euro profit in 2022 and the establishment’s likely rise in the German stock index should not “incite exuberance”, Knof said at the Frankfurt balance sheet presentation on Thursday. “We know that we still have a long and demanding way to go before we reach the goals we have set for ourselves and, ideally, exceed them.”
In particular, the executive board has set itself the objective of increasing the return on tangible equity to more than 7.3% following tax by 2024. Last year, Commerzbank reached a rate of 4.9%. To make one euro of profit, the bank only wants to spend 60 cents in 2024. Between 2021 and 2022, this cost-income ratio has improved, going from 79.3% to 68.6 %.
Commerzbank’s executive board wants to exceed the 2022 surplus this year, which amounts to just over 1.4 billion euros. “We are aiming for a consolidated result for this year that is significantly higher than that of 2022”, confirmed Mr. Knof. “And we want to distribute half of it to our shareholders.”/ben/DP/zb
