Commerzbank reports Q3 results

by Richard Kilner

Story link: Commerzbank reports Q3 results

Commerzbank has released its financial results for the third quarter of the year.

The German bank saw its operating profits rise by €345m from the previous quarter to €122m.

However, it incurred a net loss of just over €1bn, largely due to the €904m costs of integrating Dresdner Bank and goodwill impairments.

Chairman Martin Blessing has stated that the core German business is profitable, but warned that the bank would end 2009 in the red for the year as a whole.

Although the world economy is performing better than earlier expected the operating environment remains challenging.

The bank will benefit from a predicted 2% increase in German GDP in 2010, should the forecast prove accurate.