Business & Finance
Commerzbank posts Q4 surprise net loss of 720mn euros
FRANKFURT: Commerzbank, Germany's No.2 bank, posted a surprise net loss of 720 million euros ($986 million) for the fo
FRANKFURT: Commerzbank, Germany's No.2 bank, posted a surprise net loss of 720 million euros ($986 million) for the fourth quarter.
The lender said on Monday it booked an extraordinary depreciation on deferred tax accruals of 560 million euros and charges of 185 million related to the sale of its Ukrainian Bank Forum unit.
According to StarMine, analysts had on average expected a net loss of 295 million euros.
The bank further said it expects restructuring charges of approximately 500 million euros in the first quarter of 2013 in connection with the reduction of 4,000 to 6,000 jobs until 2016.
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