Commerzbank said Monday that third-quarter net profit fell 8% because of a sluggish performance at its investment bank and activities with small- to midsize corporate clients.
Marketwatch reports that the lender by assets said net profit for the period slipped to $227.32m from $248m a year earlier and against analyst forecasts of $255.7m. Last year's profit figure was its highest quarterly profit since early 2012 on the back of strong investment-banking results.
Revenue dropped to $2.54bn from $2.66bn, and in line analysts polled by the bank.
Chief Executive Martin Blessing, who announced Sunday that he will step down next year, was happy with the numbers amid interest rates hovering around zero. 'The successful turnaround at Commerzbank is right on track: In the first nine months, we have increased the revenues and the profit, as well as significantly strengthened the capital ratio'. He said the bank will propose a dividend of 20 cents a share for this year, the first since a number of years.
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