Commerzbank Earnings: Net Interest Income Continues to Shine
No-moat Commerzbank CBK started the year well with a return on tangible equity of 8.3% in the first quarter. A low risk result of EUR 68 million in the quarter, or 10 basis points, stood out positively, but also the continued growth in net interest income is a welcome sight after the bank had been suffering from negative interest rates in Europe in recent history. We maintain our EUR 11.60 per share fair value estimate.
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