Commerzbank Posts Loss on Overhaul, Sees Full-Year Profit
- German lender had net loss of $319 million in third quarter
- Commerzbank CFO says bank won’t pay dividend in 2017, 2018
Commerzbank Reports 3Q Loss on Overhaul Costs
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Commerzbank AG said it expects to post a full-year profit after costs tied to Chief Executive Officer Martin Zielke’s overhaul pushed Germany’s second-largest lender into a third-quarter loss.
The net loss of 288 million euros ($319 million) compares with a profit of 235 million euros a year earlier, the Frankfurt-based company said in a statement on Friday. Analysts in a Bloomberg survey had forecast a loss of 475 million euros. Commerzbank said it expects a “positive net result” this year.