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Knof: Generally optimistic for Commerzbank’s core business in 2022

Monday, 12/27/2021 9:51 AM from

dpa-AFX

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FRANKFURT (dpa-AFX) – Commerzbank (Commerzbank share) Head Manfred Knof sees his house well positioned for another difficult year after returning to the black. Indeed, 2022 will “not only be a challenging year because of the corona crisis,” said the CEO, who has been in office since the beginning of the year, to the “Handelsblatt” (Monday). But he was “fundamentally optimistic” that Commerzbank’s core business “will also develop well in the next year,” said Knof.

“In the private customer sector, we will continue to expand the securities business and construction financing. We are also expecting very solid business with German SMEs in terms of granting loans and placing bonds. We’ll see what the bottom line will be,” said Knof.

According to Knofs, the bank has made provisions for possible loan defaults as a result of the pandemic: “We want to take our corona buffer in risk provisioning of around EUR 500 million into 2022 and not dissolve it.”

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