Commerzbank Posts 20% Hike in Annual Profit and Launches New Share Buyback as It Wards Off Unicredit

Commerzbank On Friday Unexpectedly Released Quarterly Results, Touting “Record” Annual Profit and Announcing a New Share Buyback Scheme.

The bank said it achieved a 20% increase in network to 2.68 billion euros ($ 2.78 billion) in 2024. Ers.

The group laid out intenses to repurchase 400 million euros of shares and proposed to lift its dividend payout to 0.65 euros per share, compared with 0.35 euros per share in the previous yaar.

Shares in the lender ended the day 1.7% higher.

Other Annual Highlights Included Net Income of 8.33 Billion Euros in 2024, Versus 8.37 billion euros in the previous year, with the bank noting itfitted from foreign valuation valuation Valuation. Its returns on tangible equity – a measure of profit performance – Pickked up to 9.2% in 2024 from 7.7% in 2023, Exceding the group’s target of hitting at least 8%.

The group had originally listed plans to publish its fourth -Quarter and annual earnings on Feb. 13, when it also intends to deliver its annual strategy update and outlook. The early release falls in step with German legal requirements when the Amount of Capital Return Significantly Surpasses the Expectations of Capital Markets.

The results come as comerzbank has been making a case to stand alone, after a surprise stake building from italy’s second-largest lender Unicredit Stoked Market Speculation of Interest in a Potential Takeover. Unicredit Now Owns A Direct 9.5% Stake and A 18.5% Stake Via Derivatives in Commerzbank, After First Building Its Stake in September, then subsequent increasing its positions.

The move has been met with resistance from the German Government, Whoose Finance Minister Jörg Kukies Criticized Unicted Unicredit’s “very aggressive, very opaque“Bid in a CNBC Interview Last Week.

“We have Exced our Capital Return Promise to Our SareHolders,” Said Commerzbank Ceo Bettina Orlop in a Statement Accompanying The Results, Citing COTING COTING COT MANAGEMENT and Growth Initiatives .

“Thanks to Increasing Profitability and New Growth Initiatives, We Will Further Enhance Capital Return in the Coming Years.

Since its September overture, unicredit has also launched a takeover bid for domestic italian peer Banco BPMRaising Questions on Whether it will press ahead with a domestic or German venture.