Saturday, February 13, 2016

Commerzbank profit outshines the German bank – t-online.de

The first billion profit in five years, the first dividend since 2007 -. Commerzbank CEO Martin Blessing has turned the corner just before his departure for Germany’s second largest bank

“I’ll go with very mixed feelings,” the 52-year-old said on his last press conference in Frankfurt. Supervisory board chairman Klaus-Peter Müller wants to find a successor to mid-April for Blessing, the bank has conducted eight years through its biggest crisis.

“The 2015 has shown that our strategy right , and the implementation is successful, “reported this. The net profit has quadrupled to nearly 1.1 billion euros. “But for my followers there is still a lot to do. It is not that the end of the work has begun.”



Double-digit gain for Commerzbank share

The Exchange hailed the nearly completed remodeling and the promised dividend of 20 cents: the Commerzbank shares shot up by 16 per cent upwards and drew the title of Deutsche Bank, which is at the very beginning of a laborious restoration and 2015 a record loss of nearly seven billion euros has made.

in the German market leader, the dividend falls 2015 and 2016. At Commerzbank, however, the payout ratio in the coming years is expected to increase. “Today, we have once helped the market and the industry,” Blessing said.

The “State Banker” as Blessing had to be scolding, can triumph in silence. German Bank CEO John Cryan hand has his employees write: “You can tell your customers that the German bank considering its capital strength and their risk position is absolutely rock solid.”



Blessing goes Müller possibly

After leaving the Commerzbank could face a complete human beginning. Also supervisory board chairman Klaus-Peter Müller signaled for the first time a willingness to cede before 2018th “I’m hanging on the bank, but I did not stick to my chair,” said the 71-year-old. Receivables thereafter were last been raised mainly from politics.

The search for a successor is difficult, numerous candidates have checkered considering the amount of work, they say. For Blessings successor still come internal and external candidates in question, said Müller, who himself had led the bank for seven years.

Blessing said he did not go around because he shirk the challenges facing the banking industry stand in the coming years. “I do not think that the banking is even more difficult than what we have experienced in the years 2009 to 2011 -. And I’m nothing if not”

By 2016, has become the Bank made slight income growth, despite the recent sharp decline in provisions for bad loans are likely to grow back. Even in the years that followed were his moderate growth. Double-digit returns on equity as Commerzbank had made before more than three years, Blessing holds given the low interest rates but for the foreseeable future for the whole industry for utopian. 2015 came his institute in the core business to 8.1 percent

Correct decision -. Bad timing

Shortly after Blessings Appointed Commerzbank had swallowed Dresdner Bank – two weeks before the peak of the financial crisis , The state had the merged bank with more than 18 billion euro rescue, he still holds a 15.6 percent stake in the bank. Now Finance Minister Wolfgang Schäuble and the other shareholders beckons first dividend: they add up to a major shareholder Bund at 39 million euros. His block of shares is EUR 1.4 billion but still worth far less than he had paid in the financial crisis for it.

“Strategically it was the right decision. The timing was just bad,” Blessing said today facing to Dresdner Bank. Since then, the balance sheet total has shrunk by more than half, the equity had almost doubled. 400 stores were closed, thousands of jobs were spared.

“We have created in recent years space, the German economy and in particular the SME to grant more loans,” said Commerzbank chief , From a takeover of Postbank, which wants to get rid of the German bank quickly, Blessing holds but nothing: “My opinion has rather more solidified.”



Commerzbank closes its “bad bank”

with Blessing is in the Commerzbank’s internal “bad bank” NCA history. She had been in 2012 set up to gently get rid of a huge portfolio of 160 billion euros in shipping and real estate loans and government securities. The rest is now widely distributed to the individual divisions. Only around 18 billion euros particularly problematic exposures should take care not to 2019, a special unit. Up to EUR 850 million loss has been scheduled for the Bank. CFO Stephan Engels mainly make the ship loans worry: “There is no better – hopefully it will not get much worse.”

The problem loans had a lot of capital tied. Now Commerzbank is with a hard core capital ratio of at least 12 percent to the European average. “The biggest positive surprise was the strong improvement in capital ratios and the continued reduction of our shipping loans,” praised Equinet analyst Philipp Häßler.

LikeTweet

No comments:

Post a Comment