Recovering Commerzbank manages $99M profit in Q3

Germany's Commerzbank returns to modest profit, bounces back after losses on Greek bonds

Associated Press

FRANKFURT, Germany (AP) -- Germany's Commerzbank saw profit held back in the third quarter as interest income declined and the bank suffered more costs on businesses that it is getting out of.

The bank said Thursday it made €78 million ($99.4 million) in net profit, compared to a loss of €687 million in the same quarter a year ago, when the bank suffered write-downs on Greek government bonds.

The bank took €476 million in losses at its non-core assets division, which is winding down its businesses in commercial real estate and shipping finance. The bank is leaving those businesses to strengthen its finances by reducing risky investments.

Commerzbank is still recovering after being bailed out during the financial crisis. The German government still owns 25 percent after the 2009 rescue.

Rates

View Comments