A “mild recession” is on the cards, according to Commerzbank CEO Manfred Knof.
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Commerzbank on Friday unexpectedly released quarterly results, touting “record” annual profit and announcing a new share buyback scheme.
The bank, whose site lists plans to publish its fourth-quarter earnings on Feb. 13, said it achieved a 20% increase in net profit to 2.68 billion euros ($2.78 billion) in 2024. This compares with a $2.47 billion net profit forecast for the period, according to a consensus estimate cited by Reuters.
The group laid out intentions 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 year.
Shares in the lender were up 2.3% at 1:30 p.m. London time, following the release.
CNBC has reached out to Commerzbank for comment on the reason behind the early release.
This breaking news story is being updated.
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