Commerzbank Sees Continued Pressure From Negative Rates and Higher Loan-Loss Provisioning in Q3
Commerzbank reported another challenging quarter, with lower interest rates and loan-loss provisioning continuing to pressure overall operating profit. For the quarter, the bank recorded operating profit of EUR 429 million and net loss of EUR 288 million, dragging down year-to-date net income to EUR 96 million, versus EUR 891 million last year. The results are largely as expected and are in line with the management guidance highlighted during the latest strategy update meeting; hence, for the ti...Commerzbank operates through five segments: Private Customers, which comprises the Private Customers, Direct Banking and Commerz Real divisions; Mittelstandsbank, which include the Mittelstand Germany, Corporate Banking & International and Financial Institutions divisions; Central and Eastern Europe, which consists of the universal and regional banking and direct banking activities; Corporates and Markets, which consists the Equity Markets & Commodities, Fixed Income & Currencies, Corporate Finance and Credit Portfolio Management divisions; as well as Non-Core Assets, which includes the operations of CRE Banking Germany, CRE Banking International, Public Finance and Deutsche Schiffsbank.
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