GERMAN lender Commerzbank swung back to profits in the three months to September, with commission income growing, according to figures published yesterday.
The bank made a profit of €78m (£62.2m) in the quarter, compared to a loss of €687m a year earlier.
Commerzbank said it will invest €2bn by 2016 to refocus on areas like the private customers business and the SME unit.
But the bank’s long-term growth strategy was branded “flawed” by disappointed analysts.
“Commerzbank hopes to grow its way to efficiency (targeting flat costs but a big drop in the cost-income ratio) which you cannot do in the current environment; therefore it will fail,” said Berenberg’s Nick Anderson.