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Commerzbank reports massive Q4 loss

Source : AP
Last Updated: Mon, Feb 04, 2013 13:45 hrs

Germany's Commerzbank says it expects bigger than expected losses for the final quarter of 2012 as large one-off charges wiped out earnings.

Commerzbank said Monday it would take a net loss of €720 million ($982 million) in the fourth quarter, including a one-time charge of €185 million from the sale of Ukrainian subsidiary Bank Forum and €560 million in tax claims.

In a release ahead of its Feb. 15 earnings report, Commerzbank said it made a full year profit of only €6 million, down from €638 million in 2011 due to €980 million in one-time charges.

Commerzbank said in January it would cut as many as 6,000 jobs over three years to reduce costs.

Shares in the bank were down 2.73 percent to €1.57 in afternoon Frankfurt trading.

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