Commerzbank AG (CRZBY)

[TPX]

News: comdirect sees itself on course in difficult waters

02.11.2017

The online bank comdirect has mastered a quarter characterized by low interest rates and quiet financial markets.

Earnings before taxes increased in the third quarter compared to the same period last year by 13 percent to 21.5 million euros, as the Commerzbank subsidiary announced on Thursday in Quickborn near Hamburg. The bottom line was 15.5 million euros left. On the trading platform Tradegate, the price was slightly higher than the previous day's Xetra close.

"In view of the difficult market environment, we have achieved a very decent result," said CEO Arno Walter. "We have a firm eye on the earnings target for 2017 of 85 million euros before taxes for the first half of the year". However, that is less than the bank had earned in the previous two years.

The entire industry is currently bogged down by low interest rates and quiet financial markets - when investors take less action, they lose money. Compared to comdirect bank, the costs have been increased. The management justified the increase in the first nine months with expenses for the integration of the acquired financial portal and online broker Onvista, a sales campaign and expenses for the tightened regulation.
comdirect is listed on the stock exchange and belongs to 82 per cent of Commerzbank, which presents its business figures this Thursday (9 November). By late summer, the investment company Petrus Advisers had joined the online bank and caused a stir. In an open letter to Commerzbank CEO Martin Zielke, Peter spoke of cost problems, a lack of growth strategy and questionable management compensation at comdirect. The Commerzbank had rejected the allegations. / Das / she / oca

http://www.finanzen.net/nachricht/aktien/commerzbank-tochter-comdirect-sieht-sich-in-schwierigem-fahrwasser-auf-kurs-5789263