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Thursday, April 30, 2015 8:31:49 AM
FRANKFURT--Germany's partially state-owned lender Commerzbank AG (CBK.XE) Thursday said it is likely to resume dividend payments for 2015, eight years after its last payout, but warned that financial targets have become even more ambitious.
"We plan to pay a dividend for 2015" [next year], said Chief Executive Martin Blessing, cautioning that it remained to be seen whether the bank's profits will suffice.
Mr. Blessing is under pressure from shareholders to return a profit to them after the country's second-largest lender launched 10 capital increases since the outbreak of the financial crisis in 2008. In 2012, it indicated it might do so, but eventually refrained.
Commerzbank is to seek shareholders approval Thursday to pay bonuses for executives and some managers that exceed base salaries, so delivering on financial targets is key. To avoid excessive bonus payments and better-link compensation to long-term performance, investors need to approve them the payouts.
Mr. Blessing on Thursday reiterated that the bank will find it harder to reach its financial targets for 2016, saying conditions are harsher now than two years ago.
"We will have to undertake even greater endeavors to attain our targets for 2016," Mr. Blessing said, adding the lender is aiming for greater efficiency.
The bank's 2016 targets are more ambitious than initially expected because of new regulatory costs and a tough economic environment. "We have to fight harder now...but we are sticking to our targets," he said.
Write to Isabel Gomez and Eyk Henning at Isabel.Gomez@wsj.com and Eyk.Henning@wsj.com
http://www.marketwatch.com/story/commerzbank-may-resume-dividend-for-2015-2015-04-30
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