Commerzbank, Germany's second biggest bank, said today that its profits quadrupled in 2015, highlighting a remarkable comeback from the brink of disaster during the financial crisis.
In a rare upbeat announcement amid the current gloom gripping the European banking sector, Commerzbank also said it would resume dividend payments as it expects to see further profit growth this year.
Investors welcomed the strong 2015 showing by the lender which posted a net profit of USD 1.2 billion, compared with 266 million euros the year before.
"All's well that ends well," said Robert Halver, analyst at Baader Bank.
"The results published today are good. You get the feeling that the bank really tackled its problems head-on," he told AFP.
Frankfurt-based Commerzbank was severely hit by the financial crisis, having to be rescued by the state in 2009, and the government still holds a 15-percent stake in the bank.
It has since laid off thousands of staff and slashed costs, resulting in a turnaround.
"2015 has shown that our strategy is right and that the implementation has been successful," boasted chief executive Martin Blessing.
"For the first time in five years we have attained a net profit of more than one billion euros and have seen further significant strengthening of our capital base," Blessing said.
The profits were slightly bigger than analysts had expected and sent Commerzbank shares soaring on the Frankfurt stock exchange.
