As the bank announced, its earnings before interest, taxes, depreciation and amortization (EBITDA) have met the DAX criterion for an EBITDA profit over the past two years.
The bank has decided to publish the results on a preliminary and unaudited basis so that they can be incorporated into the decision of Deutsche Börse, which is looking for a candidate for promotion from the MDAX after Linde’s withdrawal from the DAX. Commerzbank is currently in the MDAX. Full results are due for release on February 16th.
“We have decided to publish Commerzbank’s EBITDA for 2022 now in order to enable Deutsche Börse companies to consider us as a successor candidate for Linde in the DAX 40 with two loss-free years in a row “, said CFO Bettina Orlopp.
According to the information, the profit before taxes in the past year was 2.005 billion euros, the interest expenses for liabilities amounted to 850 million euros, the depreciation and impairments to 516 million euros.
Commerzbank share strong after key data – Barclays relies on banks
After being in the black for 2022, Commerzbank papers initially continued the rally in the shaky market environment on Monday. The shares of the Frankfurt-based company temporarily gained 0.79 percent to 10.18 euros via XETRA. At the highest level since May 2018, they have recently run out of breath.
Expert Chris Hallam from Goldman Sachs saw the preliminary pre-tax result slightly below expectations. In view of the surplus already achieved after nine months, the bank should have comfortably reached its target of more than one billion euros for the year as a whole, according to Hallam. When the final balance sheet is presented in mid-February, the main focus will still be on the quality of the results.
Overall, the banking industry held up better than the overall market on Monday. The strategists at investment bank Barclays are overweighting the sector in view of the improved macroeconomic prospects and higher interest rates for a long time to come. The strategists around Emmanuel Cau wrote that he ran up “quickly, but not too far”.
FRANKFURT (Dow Jones / dpa-AFX)
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