(News Bulletin 247) – Following the publication of the results, UBS confirms its advice to buy the stock with a price target of 15.6 E.
‘Q1 operating profit of 875 million euros was 14% better than consensus and was up 61% year-on-year. Net profit of 580 million euros was 21% better than consensus and up 95% year-on-year,” said UBS.
‘The increase is due to the improvement in net interest income (NII)’ adds the analysis office. In addition to a jump of nearly 39% of its net interest income, the German bank benefited from a decrease of 3.4% of its total expenses, to 1.72 billion.
Commerzbank has confirmed its annual objectives, aiming in particular for a net profit “much higher” than that of the year 2022.
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