Commerzbank: posts Q3 loss - share dives

(CercleFinance.com) - The Commerzbank share is down sharply on Thursday in Frankfurt, after the German bank reported a Q3 loss and warned that its annual accounts would remain in the red.


The share is currently down about 6%, having earlier fallen by up to 8%, by far the biggest faller in the MDAX index, which is up 1% at the same time.

The German company posted a net loss of 69 million euros for its third quarter, compared with a profit of 297 million euros a year ago.

In a statement, the group explains that its quarterly results were hit by a restructuring charge of 201 million euros relating to its strategic transformation plan.

While Commerzbank expects broadly stable revenues this year at its private banking and SME segments, it fears a greater impact on its large corporate client base, which is leading it to anticipate a loss over the full year.


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