Germany's Commerzbank profit jumps 20% in 2024 as it fends off UniCredit

FRANKFURT (Reuters) -Germany's COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>Commerzbank said on Friday that it posted a 20% increase in net profit in 2024, announcing earnings nearly two weeks ahead of schedule as it fends off interest in a tie-up from Italy's UniCredit.

Net profit rose to 2.68 billion euros ($2.78 billion) in the year, up from 2.22 billion euros in 2023, the bank said. That is above analyst expectations for profit of 2.47 billion euros, according to a consensus forecast.

COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>Commerzbank said the profit was a record. It also announced a share buyback of 400 million euros and a dividend of 65 cents per share, up from 35 cents a year earlier.

Germany's No. 2 bank had planned to publish earnings on Feb. 13, when it also plans to detail an update on its strategy.

"By consistently managing costs and focusing on growth initiatives, we were able to significantly increase the net result for the past financial year," COMMERZBANK-LAYOFFS-a8b75e55-254b-40e8-9290-ad5b828929db>Commerzbank CEO Bettina Orlopp said.

($1 = 0.9636 euros)

(Reporting by Tom Sims; editing by Matthias Williams and Louise Heavens)