Best bank: Commerzbank
Commerzbank has seen a remarkable bounce back in its profitability and share price over the past four years, something that was particularly apparent in 2023. The year began with its re-inclusion in the DAX in February, five years after it was ejected from the index of German blue-chip stocks. This was thanks to a dramatic recovery in its share price from the depths it hit during the early Covid-19 period.
AfE 2024
The share price continued to rise in 2023 and early 2024, as it posted its highest net profit in 15 years for the 2023 financial year: €2.2 billion, up 57% year on year. This allowed chief executive Manfred Knof and chief financial officer Bettina Orlopp to reach a 7% return on equity target previously set for 2024 a year early – despite a €1 billion litigation provision concerning Swiss franc mortgages in Poland booked in 2023.