Commerzbank Reports Profits, Restructuring Costs Dip
Germany’s Commerzbank reported a consolidated net profit of €470mn ($478.9mn) for Q2 vs. a net loss of €527mn ($536.9mn) in the previous year. Total revenues were at €2.4bn ($2.5bn), up 30.1% YoY driven by strong customer business and rising interest rates. Net...
Commerzbank Downgraded to A2 by Moody’s
Commerzbank’s long term issuer and senior unsecured ratings were downgraded to A2 from A1 by Moody’s. This is due to expectations that the “volume of its loss-absorbing bonds will be reduced” relative to the size of the German bank’s balance sheet. Based...
Commerzbank Q4 Earnings to Drag on $504mn Provision Increase
German lender Commerzbank announced on Friday that its Q4 earnings, expected on February 17, will include provisions of ~$504mn from its Polish subsidiary mBank. The provisions are related to foreign currency indexed loan agreements from over a decade ago when...
