FRANKFURT (Reuters) – Germany’s Commerzbank on Thursday said that it swung to a better-than-expected third-quarter net profit and would achieve a profit for the full year, defying analysts predictions for a 2021 loss.
The quarterly results were supported by a decrease in provisions set aside to cushion fallout from the coronavirus pandemic, as well as lower costs.
The net profit of 403 million euros ($467 million) in the third quarter compares with a loss of 60 million euros a year earlier. Analysts had expected a profit 253 million euros.
“Despite the restructuring expenses, we are anticipating a positive net result for the full year,” Chief Executive Manfred Knof said.
Before Thursday, analysts had also expected the bank to post a loss for 2021.
($1 = 0.8633 euros)
(Reporting by Tom Sims and Frank Siebelt; Editing by Maria Sheahan)
