profits
German banking giant Commerzbank saw its best net result in more than 10 years, as its customer business continued to see robust performance. The current high interest rate environment also contributed significantly to these figures. Operating profit for the first quarter of the year surged to €1.08 billion, up from €875 million for the same period last year, while net profit reached €747 million, up from €580 million. Total revenue came in at €2.7 billion up from €2.6 billion on last year. Net interest income rose to €2.1 billion from €1.9 billion on Q1 of last year. Net commission income was...
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Europe's largest insurer Allianz revealed an increase in business volume of more than 5% for the first three months of the year, achieving a double-figure rise in net income for its shareholders. The German firm's net profit was €2.6 billion, 21.8% higher than the year before, with core earnings per share rising to €6.42 from €5.43 last year. Operating profit was up by 6.8% at €4 billion, driven by a stronger than expected result in its property-casualty segment, which benefited from higher prices and relatively benign claims from natural catastrophes and higher investment income. Munich Re st...
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Shares in Bayer AG took a fall in early trade after the after the pharmaceutical company reported shrinking sales and earnings from the first three months of 2024, although the latter came in above expectations. Shares later recovered. Quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA), before special items were down 1.3% to €4.4 billion. Analysts estimated €4.15 billion. Group sales dropped to €13.7 billion, a 0.6 % drop on a currency and portfolio adjusted basis compared with the previous year. Bayer's report blamed a negative currency effect for €525 million o...
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International Consolidated Airlines Group (IAG) released its first quarter 2024 results on Friday morning, showing an operational profit before exceptional items of €68 million. This was a huge jump from the €9 million seen in the first quarter of 2023. IAG owns several notable airlines, such as British Airways, Aer Lingus, Lufthansa, Eurowings, Swiss Air, Air France and much more. Although the group still saw a loss after tax of -€4 million in Q1 2024, this was still much better than the -€87 million seen in Q1 2023. Total revenue came in at €6.4 billion in the first quarter of 2024, up from ...
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Shares in German reinsurance giant Munich Re rose on Wednesday after the company announced its first-quarter (Q1) 2024 results, clocking in a net profit of €2.14 billion, which was almost a 70% jump from the €1.2 billion seen in Q1 2023. This was mainly due to major-loss expenditure being less than anticipated, as well as a robust operational performance across the board - and investments yielding high returns. Insurance revenue from insurance contracts also increased to €15.1 billion in Q1 2024 from €14.2 billion in the first quarter of 2023. This was mainly due to the reinsurance sector seei...
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British oil and gas company BP's first quarter profits were below expectations, as underlying profit came in at $2.7 billion (€2.5 billion), compared with $3 billion for the previous quarter. This was partially due to falling gas prices and an unplanned outage in the company's Whiting refinery in the US, partially offset by strong oil trading. Production of oil and gas was up by 2.1% from a year earlier to 2.4 million barrels-of-oil equivalent per day. BP's net debt increased to $24 billion (€22.3bn) from $20.9 billion in the last quarter. The London-based firm held its dividend at 7.27 cents ...
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The shares of UBS were sent through the roof after the Swiss bank reported that it returned to profitability in the first quarter of 2024, for the first time since it took over its former rival Credit Suisse in June 2023. The share price of the Zurich-based lender was up by 9.8% after midday, as investors were showered with good news: the profit beat expectations, the lender reported $1.75 billion (€1.63 billion) net income for the first three months, after two consecutive quarterly losses amid cost-cutting measures. The bank said it had earnings of 52 cents per share. Total group revenues rea...
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The Spanish technology and defence company Indra Sistemas released its first quarter 2024 earnings on Monday, clocking in a revenue of €1.1 billion, up from €917 million in Q1 2023. This was a rise of about 22%, boosted by robust growth in the Mobility, Defence, Air Traffic Management (ATM) and Minsait departments. Net profit surged to €61 million in Q1 2024, from €44 million in the corresponding quarter in 2023, a jump of approximately 40%. Similarly, EBITDA also grew to €117 million in the first quarter of the year, from €92 million, while EBITDA margin rose to 10.4% from 10% in Q1 2023. Bas...
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German sportswear giant Adidas showed a robust sales performance for its iconic Samba trainers as it reported earnings up for the first quarter of 2024. Media fears some weeks ago that Sunak being seen wearing the trainers might put buyers off have proved unfounded. Adidas reported a revenue of €5.46 billion, an increase of 3.5% on the same quarter last year. Net income came in at €171 million, a significant change on the €33 million loss seen in the first quarter of 2023. Operating profit for Q1 2024 was €336 million, up considerably on the €60 million seen for the same period last year. Earn...
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German national carrier Lufthansa reported its first quarter 2024 earnings on Tuesday, clocking in an operating loss of -€849 million, a steep plunge from Q1 2023's loss of -€273 million euros. However, the group saw its revenue for the first quarter rise 5% year-on-year to €7.4 billion, up from €7 billion in Q1 2023. Net loss for the group was -€734 million, down from Q1 2023's -€467 million. This was mainly due to ongoing strike actions by both Lufthansa's employees, as well as partner companies' employees, which also affected the wider airline industry. Unit costs for Lufthansa's Passenger ...
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