commerzbank profits plunge in 2016
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

Commerzbank profits plunge in 2016

Arab Today, arab today

Arab Today, arab today Commerzbank profits plunge in 2016

Commerzbank
Frankfurt am Main - AFP

Germany's second-largest lender Commerzbank booked net profits down more than 74 percent in 2016, financial results released Thursday showed, as it continues to battle through a tough restructuring.

The bank's 279 million euros ($298 million) net profit beat the 222 million forecast by analysts surveyed by Factset, but fell far short of the almost 1.1-billion-euro result it reported in 2015.

Lower profits had been on the cards for the lender since it forecast only that it would not post a loss as it released its third-quarter results last year.

At 1.4 billion euros, operating profit lost 28 percent, while revenues showed a more modest drop, falling around 4.0 percent to 9.4 billion euros.

The bank said it had set aside some 900 million euros to cover loan losses, an increase of more than 200 million over 2015 as it remains exposed to struggling shipping firms.

"We cannot yet be satisfied with the quality of our earnings," chief executive Martin Zielke said in a statement, but "we have now given ourselves the room for manoeuvre needed" for the restructuring.

Commerzbank invested some 129 million euros into restructuring expenses in 2016, as Zielke seeks to return its focus to core activities of lending to households and businesses and slash some 9,600 jobs by 2020.

The German government still holds a 15-percent stake in the lender, as it had to be rescued in the face of heavy losses in the 2008 financial crisis.

Like other German banks, it faces stiff headwinds from low interest rates and intense competition thanks to a crowded domestic market and the arrival of new digital competitors.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

commerzbank profits plunge in 2016 commerzbank profits plunge in 2016

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

commerzbank profits plunge in 2016 commerzbank profits plunge in 2016

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 19:14 2016 Friday ,09 September

Macedonia's GDP up by 2.2% in Q2

GMT 20:33 2016 Thursday ,29 December

Minister meets AL chief on suicide conference

GMT 21:34 2017 Monday ,29 May

Kenya unveils first new railway in a century

GMT 15:06 2017 Tuesday ,17 January

Dar Al Ber initiates ‘Barq of Giving’ service

GMT 11:10 2016 Monday ,05 December

New swimming stars seek to shine

GMT 15:29 2016 Saturday ,17 September

UN Chief Condemns Netanyahu's 'Ethnic Cleansing' Remark

GMT 09:40 2015 Thursday ,19 March

Yahoo shutting office, cutting jobs in China

GMT 14:53 2017 Wednesday ,27 December

UAE, Kuwait to meet tomorrow at 23rd Arabian Gulf Cup

GMT 17:52 2016 Friday ,09 September

Donald Trump: the (Russian) people’s choice

GMT 04:24 2017 Thursday ,13 July

JLo back with ex Marc Anthony

GMT 14:34 2017 Wednesday ,11 January

Egypt’s cost-of-living soars as currency dives

GMT 01:28 2016 Saturday ,26 November

King of Bahrain receives Abdullah bin Zayed, GCC FMs

GMT 18:14 2016 Wednesday ,30 November

Mosul campaign going according to plan

GMT 11:29 2016 Saturday ,17 September

All Blacks crush Springboks in six-try rout

GMT 19:26 2017 Wednesday ,12 April

Sheikh Tamim bin Hamad Al-Thani Arrives in Pretoria

GMT 20:16 2017 Monday ,20 February

SDF retake 2 more villages eastern Riqqa

GMT 14:29 2016 Friday ,18 November

Bahrain Press headlines
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday