RSS   Newsletter   Contact   Advertise with us
Post Online Media
Commerzbank   Loan loss provisions stood at 167 million euros

Commerzbank stock dips on Q2 loss

CommerzbankShares of Commerzbank were declining around 2 percent in the morning trading after the German lender reported a loss in its second quarter, compared to profit last year, hurt by significant restructuring charges and weak revenues.

Article continues below

READ MORE Commerzbank Q3 net loss 288 million euros

Looking ahead, for fiscal 2017, the Bank is expecting a slightly positive net result.

For the second quarter, net result was a loss of 637 million euros, compared to profit of 215 million last year.

Loss per share was 0.50 euro, compared to profit of 0.18 euro a year ago.

Pre-tax loss was 624 million euros, compared to profit of 311 million euros last year.

The latest results were hurt by restructuring charges of 807 million euros, compared to 40 million euros a year ago.

The company said the charges this year were lower than the originally expected charges of around 1.10 billion euros, split between 2017 and 2018, due to the personnel reductions already implemented, staff turnover, and expected efficiencies in staff transfers and replacements.

The operating profit for the second quarter came in at 183 million euros, down from 351 million last year, due to slower markets.

Loan loss provisions stood at 167 million euros in the quarter, down from 187 million euros a year ago.

Revenues for the second quarter amounted to 2.07 billion euros, lower than prior year's 2.24 billion euros.

In the Private and Small Business Customers segment, revenue declined to 1.11 billion euros from 1.23 billion euros a year ago.

What to read next

We use cookies to ensure that we give you the best experience on our website. Please allow cookies for fully-functioning website.

Allow Cookies Privacy Policy