Commerzbank Q3 net profit down 6% but better than expected
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A company logo is pictured at the headquarters of Germany's Commerzbank AG during the annual results news conference in Frankfurt, Germany, February 13, 2020. REUTERS/Ralph Orlowski/ File Photo
FRANKFURT (Reuters) -Germany's Commerzbank, fending off a possible takeover by Italy's UniCredit, said on Wednesday that net profit fell 6.2% in the third quarter, figures that were better than analysts expected but were dragged down by a decline in interest income and a rise in risk provisions.
But the bank nevertheless raised its outlook for net interest income and commission income for the full year.
The figures are the first since Italy's No. 2 bank disclosed it snapped up a hefty stake in the Commerzbank and began pressing for a possible tie-up. Commerzbank, which is Germany's No. 2 bank, has in the meanwhile been honing its defence as it seeks to remain independent.
Net profit of 642 million euros ($690.28 million) in the quarter compares with a profit of 684 million euros a year earlier. Analysts had on average expected profit of 529 million euros, according to an October consensus forecast published by Commerzbank.
($1 = 0.9301 euros)
(Reporting by Tom Sims and Oliver Hirt, Editing by Rachel More)
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