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Commerzbank results

November 2, 2009

Germany's second-largest bank, Commerzbank, reported a loss of more than one billion euros for the third quarter tied to costs related to Dresdner Bank.

https://p.dw.com/p/KLt3
A branch of the Commerzbank in Frankfurt, central Germany
Commerzbank is part owned by the state with a 25 percent plus one share stakeImage: AP

In an advance notice of third-quarter results, Commerzbank announced a net loss of 1.1 billion euros ($1.62 billion) on Monday.

The loss was worse than expected, as analysts polled by Dow Jones Newsires had anticipated an average loss of 782 million euros

The Frankfurt-based lender cited expenses related to its January merger with Dresdner Bank that totaled 900 million euros for the loss.

Bright spot on the horizon

Commerzbank, which received 18.2 billion euros from the German state to float it through the economic crisis, has forecast a net loss for the fiscal year.

The good news was that the bank saw 120 million euros in operating profit for the quarter, up from a loss of 475 million euros in the same period a year ago.

Official results will be published on Thursday.

sjt/AFP/AP
Editor: Jennifer Abramsohn

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