Thursday, July 10, 2014

Commerzbank loses ?716 million in Q4

March 16. 2013 7:38PM
Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) Germany's Commerzbank says it's making progress in reshaping its business but still has a long way to go as higher shipping loan losses and low interest rates continue to squeeze profits.

The bank provided detail Friday on its fourth-quarter earnings announced Feb. 4. It lost 716 million largely due to one-time losses of 185 million on its sale of Bank Forum in Ukraine and 560 million in tax accounting charges.

The bank says it made progress in winding down businesses that it's getting rid of, in commercial real estate and shipping finance. Its non-core assets division shrank by 9 billion to 151 billion during the quarter.

But the bank says high loan losses from its remaining ship finance business weighed on earnings. And low rates are hurting interest income.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds