|
Commerzbank profits down
|
 |
November 11, 1998: 3:24 a.m. ET
Trading losses in Asia and Russia blamed for 15 percent fall, though net profit is up
|
LONDON (CNNfn) - Pretax profits at Germany's 5th largest bank, Commerzbank AG, plunged more than 15 percent during the first nine months of this year to 1.865 billion marks ($1.11 billion).
But net profits rose about 4.7 percent in the 9 month period to 1.365 billion marks ($811 million).
The results exceeded most analysts' expectations.
Earnings were dragged down in part by a nearly 19 percent drop in trading profits, which the bank blamed on turmoil in emerging markets.
Commerzbank also said it was increasing its loan-loss provision for the entire year to 1.6 billion marks due to the crises in Russia and Asia.
Third-quarter pre-tax and net profit both stood at 387 million marks. Earnings per share for the nine months was 2.80 marks compared to 3.04 marks a year ago.
|
|
|
|
|
|
Commerzbank
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
