Commerzbank on Friday unexpectedly released quarterly results, touting “record” annual profit and announcing a new share buyback scheme.

The bank said it achieved a 20% increase in net profit to 2.68 billion euros ($2.78 billion) in 2024. This compares with a $2.47 billion net profit forecast for the period, according to a consensus estimate cited by Reuters.

Shares in the lender ended the day 1.7% higher.

Other annual highlights included net income of 8.33 billion euros in 2024, versus 8.37 billion euros in the previous year, with the bank noting it benefitted from foreign exchange valuation effects in the fourth quarter. Its return on tangible equity — a measure of profit performance — picked up to 9.2% in 2024 from 7.7% in 2023, exceeding the group’s target of hitting at least 8%.

Source: CNBC