The headquarters of Germany's Commerzbank in Frankfurt. Picture: REUTERS/RALPH ORLOWSKI
The earnings are the first overseen by Knof, who joined the lender in January and quickly presented a four-year turnaround plan centred on cutting about a fifth of its costs and a quarter of the domestic workforce. The bank benefited from an increase in net commission income in the quarter, while a €126m benefit from the European Central Bank’s targeted longer-term loan programme helped offset pressure on net interest income.
The strong showing of securities trading is also reminiscent of results at crosstown rival Deutsche Bank, which also boosted its full-year revenue outlook on the back of first-quarter results at its trading unit. The strong performance of the business throughout the second half of 2020 has led CEO Christian Sewing to pin higher expectations on it, while downgrading other units after a deep restructuring kicked off two years ago.
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