Commerzbank Swings To Third-quarter Net Loss Amid Pandemic, Restructuring
FRANKFURT: Germany’s Commerzbank on Thursday said that it swung to a third-quarter loss, as the lender undergoes a restructuring and deals with the fallout of the coronavirus outbreak.
The net loss of 69 million euros ($80.96 million) compares with a net profit of 297 million euros a year earlier. It is slightly worse than a consensus forecast for a 62 million euro loss.
The bank set aside 272 million euros in provisions for future credit losses, up from 114 million euros a year ago and largely related to the pandemic. That is less than analysts had expected.
The bank, which is waiting for a new chief executive to arrive in January before deciding on a new strategy, has warned that it would post a full-year loss.
The bank is considering staff cuts, branch closures and streamlining of its international operations as part of its overhaul.
“We have paved the way fourth further cost savings,” said finance chief Bettina Orlopp.
($1 = 0.8522 euros)
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