Positive news from Commerzbank - that has become a rarity in recent years.
The stock exchange and some analysts reacted exuberantly on Thursday when the new CEO Manfred Knof was able to present significantly better figures for the third quarter than expected.
Not only has the corona crisis harmed the loan book little so far.
In spite of fewer customers, it was possible to keep earnings in the operating business largely stable. And Knof is making good progress in restructuring the bank towards more profitability. Half of the planned reduction of 10,000 jobs is already in the towel. In terms of branches, the bank is closing 50 more than originally planned this year.
But there is still no reason to be exuberant.
How long the customers of a bank remain loyal, which demands a lot from them with branch closings and negative interest rates, remains to be seen.
And the potential risks for the loan book have not diminished due to high energy prices and disrupted supply chains.
Some expect that the new federal government could soon put the state's 15 percent stake up for sale.
But it takes more than a strong quarter to be attractive to buyers.