CRZBF - Commerzbank: Cyclical Upswing Seems To Now Be Over

2024-06-11 14:11:10 ET

Summary

• Commerzbank reported record Q1 2024 earnings with higher net interest income and fee income, leading to a strong capital ratio.
• Despite improved efficiency and profitability, Commerzbank's valuation is still low compared to peers, but future growth may be limited due to expected rate cuts.
• A strong capital position supports an attractive shareholder remuneration policy, with potential for increased dividends and share buybacks, but income appeal is lower than the sector average.

Commerzbank ( CRZBF ) has reported an improved operating performance over the past couple of years, but this trend seems to be over as the European Central Bank has recently started to cut rates in Europe....

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