Finance
Commerzbank’s New Buyback Fails to Impress as Profit Drops
- Amount of provisions ‘will disappoint some,’ analyst says
- Lender may recover money in Russia legal case, CFO says
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Commerzbank AG’s shares dropped as profit missed estimates even though the lender presented a new share buyback.
The German bank said it has applied for regulatory approval for a program worth €600 million ($655 million) and it’s planning another one later this year as it seeks to deliver on a promise to increase investor payouts.