The CEO and Chairman of Commerzbank has told CNBC its fourth-quarter earnings were "solid," after the lender returned to profit, but warned investors it was best not to expect a dividend in 2014.
Germany's second-biggest lender said its turnaround plan was ahead of schedule, as it had unloaded non-core assets such as shipping and commercial real estate faster than expected.
"We have been able to increase our capital ratio and we have been faster in reducing our non-core assets," Martin Blessing told CNBC on Thursday. "The core bank is solid, so it is a solid result."
The Frankfurt-based bank posted net profit of 64 million euros ($87 million) in the fourth quarter, beating expectations and recovering from a 726 million euro-loss a year ago.
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"Since we have already reduced our non-core [assets] faster, the average amount that we have on our books is now roughly 18 billion euros below what we planned," Blessing said.
However, he warned that shareholders should not expect to a dividend in 2014.
"We always said that it is very unlikely that we would pay a dividend 2013 and we will not recommend paying one to our annual shareholder meeting," Blessing said.