German financial services company Commerzbank has reported an operating profit of €1.3bn for the financial year 2017, a fall of nearly 7% compared to €1.4bn a year ago.
The bank posted a positive net result despite booking restructuring expenses of more than €800m.
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Taking into account the restructuring expenses, the group’s pre-tax profit came to €495m for 2017, compared to €643m in 2016.
The group’s revenues excluding exceptional items for the year ended 31 December 2017 rose to €8.61bn from €8.57bn a year earlier.
Commerzbank’s Common Equity Tier 1 ratio (CET 1) with full application of Basel 3 rose to 14.1% from 12.3% at the end of December 2016.
The bank in its earnings statement noted that its German retail banking business line acquired 502,000 net new customers in 2017, while its assets under control totalled €376bn, an increase of €38bn.
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By GlobalDataCommenting on the performance, Commerzbank chairman of the Board of Managing Directors Martin Zielke said: “We see the structural change in the German banking sector as an opportunity and intend to be among the winners of this change. That’s why we are radically transforming the bank.
“So far we made good progress in 2017: we have advanced the digitalisation of the bank and have grown strongly.”
