Commerzbank with operating balance of $3.7 billion for listing on DAX Index

Admin l Monday, January 30, 2023

 

FRANKFURT  – Commerzbank said on Monday that it is ready to be listed on the DAX index of Germany’s most important stocks after meeting a key earnings criteria.

Operating earnings before interest, taxes, depreciation and amortization (EBITDA) reached just under €3.4 billion ($3.7 billion) in 2022, the Frankfurt-based bank said.

“This means that Commerzbank meets the criterion of Deutsche Börse Group for DAX 40 membership of a positive EBITDA in its last two financial years,” a statement said.

After two consecutive loss-free years, Commerzbank said it wanted to be considered as a successor candidate to the chemical group Linde on the DAX 40 index of blue-chip stocks.

The Linde Group is withdrawing from the Frankfurt Stock Exchange and will be removed from Germany’s leading index on February 27.

Who will take Linde’s place among the top 40 is still open. The arms manufacturer and automotive supplier Rheinmetall has been seen as the favourite.

According to the preliminary figures, Commerzbank succeeded in doing so. The bank also achieved a pre-tax profit of a €2 billion. The bank plans to publish its detailed figures on February 16.