Commerzbank posts Q3 loss

4 November 2011

Commerzbank experienced a decline in profits during the third quarter of the year due to the impact of the ongoing Greek debt crisis.

Figures released by the German financier today (4 November) show that its net loss throughout this three-month timeframe was €687 million ($949 million).

This fall has been attributed primarily to the fact the company wrote down the value of its debt holdings with the Greek government, Bloomberg reports.

In addition, the company expects this trend to continue negatively affecting its performance throughout the rest of 2011 and next year due to the extent of the eurozone's problems.

Martin Blessing, chief executive officer of Commerzbank, said in a statement that uncertainty and the number of austerity measures being implemented will result in "an increasing drag on the real economy".

This comes after fellow European bank BNP Paribas revealed its profits fell by 72 per cent in the third quarter.

By Gary Cooper

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development