The bank reported a net loss of 295 million euros ($319.99 million) in the first quarter, compared with a net profit of 122 million euros last year. The quarterly numbers came in worse than a consensus forecast for a 240 million euro loss.
FRANKFURT: Germany's Commerzbank said on Wednesday it swung to a loss in the first quarter as the impact of the coronavirus pandemic drove up loan loss provisions and risked derailing its recovery.
The German lender has endured a rough few months as it halted its 2019 dividend plans, back-tracked on the sale of its Polish lender mBank, faced credit rating downgrades, and lost a long-standing sponsorship deal for the local soccer team to larger rival Deutsche Bank.
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