Earnings

Commerzbank earnings q2 2021

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LONDON — Commerzbank on Wednesday reported a net second-quarter loss due to restructuring costs and an exceptional write-off to an outsourcing project.

The German lender saw a net loss of 527 million euros ($625.7 million) in the three months through to the end of June, roughly in line with analyst expectations of a net loss of 504 million euros.

This was after booking restructuring expenses of 511 million euros and a write-off for ending an outsourcing project of 200 million euros.

Shares of Commerzbank tumbled to the bottom of the pan-European Stoxx 600 index on the news, down more than 5% during morning trade in London.

“We have kept our Common Equity Tier 1 ratio stable despite the…



Source cnbc.com

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