The Commerzbank logo is displayed on a illuminated sign outside the bank’s branch office on Monday, February 5, 2017, in Frankfurt, Germany, with the bank’s headquarters standing over there at dusk.
Alex Kraus | Bloomberg | Getty Images
London- Commerzbank On Wednesday, a net loss for the second quarter was reported due to restructuring costs and exceptional amortization to outsourcing projects.
German lenders posted a net loss of € 527 million ($ 625.7 million) in the three months to the end of June. This is in close agreement with analysts’ expectations of a net loss of € 504 million.
This was after booking a restructuring cost of € 511 million and amortization to end the € 200 million outsourcing project.
“Despite the high temporary amortization and restructuring costs, we are stabilizing the Tier 1 ratio of common stock,” Commerzbank Chief Financial Officer Betina Orop said in a statement.
“This also proves that we have a very strong foundation for change and that we can handle exceptional costs on our way to a sustainable and profitable future.”
Deutsche Bank’s CET1 ratio, an indicator of banks’ solvency, was 13.4% at the end of the quarter.
Other quarterly highlights:
- Sales reached € 1.86 billion, down 18.1% from a year ago.
- Operating expenses were € 1.7 billion, compared with € 1.53 billion a year ago.
“On the customer side, that’s a good result, as net commission revenues are up 7% year-over-year on the customer side,” Orlopp told CNBC’s Squawk Box Europe on Wednesday.
She also said banks are aiming to achieve operating profit this year, despite the latest results.
“We’re definitely aiming for operating profit. I think the overall question is what the net profit will be for the year. It’s hard to predict,” Orlopp said. increase.
Commerzbank Revenues Q2 2021
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