Commerzbank Seeks Next Buyback and Raises Full-Year Outlook

Bloomberg11-06

(Bloomberg) -- Commerzbank AG raised its full-year outlook and applied for another share buyback as it seeks to fend off an unsolicited approach by rival UniCredit SpA. The Frankfurt-based lender ...

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The German lender in September pledged to increase profitability and pay out more money to investors, after the Italian rival secured a 21% stake and said a takeover is an option.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4207":"综合性银行","UNCRY":"UniCredito Spa","UNCFF":"UniCredito Spa"},"translate_title":"德国商业银行寻求下一次回购并上调全年预期","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UNCFF":0.9,"UNCRY":0.9},"content_text":"(Bloomberg) -- Commerzbank AG raised its full-year outlook and applied for another share buyback as it seeks to fend off an unsolicited approach by rival UniCredit SpA.\nThe Frankfurt-based lender slightly increased its forecast for income from lending as well as commissions, and raised the outook for a key metric of capital strength, while maintaining the guidance for another record profit. \nCommerzbank also applied for another share buyback worth about €400 million, after net income of €642 million in the third quarter came in well ahead of the €550 million analysts had estimated.\nChief Executive Bettina Orlopp is trying to persuade investors that Commerzbank is better off as an independent bank, as she seeks to fend off an approach by rival UniCredit SpA. The German lender in September pledged to increase profitability and pay out more money to investors, after the Italian rival secured a 21% stake and said a takeover is an option.\nOrlopp is working on a plan to free up even more capital for payouts and investments, Bloomberg reported this week. She wants to achieve that partly by using more significant risk transfers and potentially backing away from some low-yielding clients, people familiar with the matter said.\nThe German lender and its Italian rival have both benefited over the past two years from higher interest rates, but that effect is expected to reverse as central banks cut rates again. \nCommerzbank said it now expects €8.2 in net interest income for the full year, after having flagged in August that it sees “upside potential” for its full-year target of €8.1 billion. Net commission income should increase 5%, up from a guidance of 4% for the year.\nCommerzbank said on Monday that it’s implementing a €600 million share buyback after receiving regulatory approval. It had announced plans for the repurchase program in August, along with an intention to pay a dividend on the current year’s profit of €500 million to €600 million. Both are part of a pledge to return €1.6 billion to investors.\nHeadwinds for Commerzbank have come from its exposure to Russia, where it’s facing legal cases that could deal a hit to the business. Its Polish unit mBank separately faced litigation, with the parent gradually setting aside about €2 billion to cover the potential costs.\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481649287"}