Skip to content
Subscriber Only

Commerzbank Scraps Full-Year Target, Sees Decline in Profit

  • Commerzbank shares fall 44% this year, more than banks index
  • Negative rates cut income at main units by 71 million euros
Video player cover image

European Banks Report Card, How Are They Doing?

Updated on

Commerzbank AG dropped the most in more than a month after Germany’s second-largest lender forecast a decline in full-year profit, adding pressure on Chief Executive Officer Martin Zielke to lower costs further.

Both operating profit and net income will be lower this year, the Frankfurt-based lender said in a statement on Tuesday. In 2015, Commerzbank posted operating profit of 1.9 billion euros ($2.1 billion) and net income of 1.06 billion euros. In the second quarter, the bank reported a 32 percent drop in net income, in line with a preliminary release on July 26.