Commerzbank Quarterly Profit Didn’t Improve, Handelsblatt Saysby
Commerzbank AG’s second-quarter financial results weren’t better than in the first three months of the year, Handelsblatt reported, citing unidentified people familiar with the matter.
The German newspaper didn’t specify which factors weighed on the Frankfurt-based company’s performance in the quarter. Commerzbank’s net income fell 52 percent to 163 million euros ($181.2 million) in the first quarter from a year earlier as the European Central Bank’s record-low interest rates eroded revenue at the company’s main corporate clients unit. Profit was 280 million euros in the second quarter of 2015, company filings show.
A Commerzbank spokeswoman declined to comment on the report.
The German Finance Ministry has come to terms with the fact that it will have to hold on to its 15.5 percent stake in Commerzbank for a longer period of time, given the company’s depressed share price, Handelsblatt said. Commerzbank has fallen 38 percent this year, more than the 30 percent decline of the 48-member Stoxx Europe 600 Banks Index.