Commerzbank Announces Further Share Buyback Worth EUR 600 Million

Commerzbank AG to Repurchase Own Shares Up to EUR 122 Million

Commerzbank has announced its plans to buy back an additional EUR 600 million worth of its shares. This move follows an earlier share buyback program that was announced in January 2023.

Share Buyback Program Details

The share buyback program will commence on July 15, 2023 and is expected to be completed by the end of the month. During this time, Commerzbank intends to repurchase up to 122 million of its own shares with a total value of up to EUR 122 million.

Financial Health and Outlook

Commerzbank's decision to implement a share buyback program reflects its strong financial position and confidence in its future prospects. The bank reported a significant increase in profits in the first quarter of 2023, driven by lower loan loss provisions and higher net interest income.

The bank's management believes that the share buyback will enhance shareholder value by reducing the number of shares outstanding and potentially increasing earnings per share.

Long-Term Plan

Commerzbank's share buyback program is part of its broader strategic plan for the period 2022-2024. The plan includes a commitment to distribute dividends and repurchase shares amounting to EUR 3 billion over this period.

The bank's strategy is focused on driving sustainable growth, improving profitability, and enhancing shareholder returns.