Commerzbank Reports Massive Loss as One-Time Charges Erase Profits

Monday, 04 Feb 2013 08:39 AM

 

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Germany's Commerzbank says it expects bigger than expected losses for the final quarter of 2012 as large one-off charges wiped out earnings.

Commerzbank said Monday it would take a net loss of 720 million euros ($982 million) in the fourth quarter, including a one-time charge of 185 million euros from the sale of Ukrainian subsidiary Bank Forum and 560 million euros in tax claims.

In a release ahead of its Feb. 15 earnings report, Commerzbank said it made a full year profit of only 6 million euros, down from 638 million euros in 2011 due to 980 million euros in one-time charges.

Commerzbank said in January it would cut as many as 6,000 jobs over three years to reduce costs.


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