Preliminary results for 2021: Hamburg Commercial Bank completes transformation with strong Group net result
- Net income before taxes of EUR 299 (previous year: 257) million and Group net result of EUR 351 (102) million exceed forecasts
- CEO Ermisch: “Transformation completed more quickly than expected and with excellent financial ratios”
- RoE after taxes 18.4% – CET1 ratio 28.9% – CIR 50%
HAMBURG – Hamburg Commercial Bank (HCOB) presented its preliminary IFRS figures for fiscal year 2021 on Thursday, reporting net income before taxes of EUR 299 (previous year: 257) million. The strong result in the final year of transformation is primarily due to good profitability in the operating business based on a focused balance sheet structure, positive risk provisioning and a significantly reduced cost base. Despite a market environment still influenced by the pandemic, HCOB once again strengthened its excellent capital position and further improved its already good credit quality. The comprehensive transformation of HCOB was successfully completed at year-end 2021 with the seamless switch to the Deposit Protection Fund of private banks (Bundesverband deutscher Banken). […]
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