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Commerzbank Annual General Meeting to vote on dividendFrankfurt/Main, )
Stefan Schmittmann: “I am pleased that we are able to propose that a dividend be paid again.”
Martin Zielke: “We have significantly improved our results– even if they do not yet fully meet our expectations. We will continue to work hard to increase profitability.”
Commerzbank’s shareholders will today vote on the proposal by the Board of Managing Directors and Supervisory Board to pay a dividend for financial year 2018. If the Annual General Meeting (AGM) adopts the proposal, the distributable profit for the year of €262 million posted in the financial statements will be used to pay a dividend of €0.20 per dividend-bearing no-par-value share, and the remainder will be allocated to other revenue reserves (pay-out total: approximately €250 million).
“I am pleased that we are able to propose to the Annual General Meeting that a dividend be paid again,” said Stefan Schmittmann, Chairman of the Supervisory Board of Commerzbank. “This will enable our investors and shareholders to share in the Bank’s progress on its path to higher profitability.”
Martin Zielke, Chairman of the Board of Managing Directors of Commerzbank, added: “We have made very good progress in terms of our strategy, and the momentum in our customer business remains undiminished. We have also significantly improved our results – even if they do not yet fully meet our expectations. We will continue to work hard to increase profitability.”
In financial year 2018, the operating profit under the international accounting standard IFRS for the Commerzbank Group came to €1,245 million. The net profit attributable to shareholders amounted to €865 million.
In the AGM, the anticipatory resolutions on the authorised capital are to be rewritten. Furthermore, the Board of Managing Directors is to be granted new powers to issue profit-sharing rights and other hybrid notes that are recognised as Additional Tier 1 Capital (AT 1 Capital). The anticipatory resolutions are intended to supersede the resolutions from 2015 currently in force.
The Bank still expects higher underlying revenues for the year in progress. Costs are continuing to be cut and are expected to be below €6.8 billion at year-end. “We will take advantage of the current structural change in the banking market to further enhance our standing with our customers. Our top priorities are growth and speed. With Campus 2.0, we will improve our time to market for new products and services and increase our efficiency,” said Zielke.
Commerzbank also already announced on publication of its results for financial year 2018 that it is aiming to pay a dividend for financial year 2019 as well. The pay-out ratio is expected to be on a level comparable to 2018.
The agenda can be found at www.commerzbank.com/agm, along with other AGM-related documents and a link to the speech of the Chairman of the Board of Managing Directors. The Twitter hashtag for the AGM is #CobaHV.
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