FRANKFURT, Sept 29 Reuters Shares of Commerzbank were up 11 midday on Friday after the German lender said it was revamping its payout policy for investors, aiming for a return of least 70 of profit for 2024.

The German lender has been undergoing a major overhaul, slashing its workforce and branch network to restore profit. It plans to announce a strategy review on Nov. 8.

The bank, which laid out its distribution plans after markets closed on Thursday, also expects a payout ratio in dividends and share buybacks of well above 50 for 2025 through 2027.

The plan would suggest materially more capital distributions than currently factored into consensus, RBC Capital Markets said in a note.

At 0958 GMT, shares traded up 11, at 10.78 euros 11.44, slightly off the session highs.

1 0.9425 euros

Reporting by Tom Sims and Tristan Veyet, Editing by Friederike Heine

Source Reuters