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Commerzbank profit falls to $501 million

Commerzbank profit falls to $501 million

Germany's Commerzbank says profit fell sharply in the first quarter as the bank saw less income from trading and commissions.
Net profit fell to (EURO)385 million ($501 million)from (EURO)985 million in the same quarter a year ago.
Customer trading and investment activity was muted in the quarter, which was marked by continued market turbulence from the European debt crisis.
Last year's profit was boosted by a one-time effect of (EURO)358 million from earlier efforts to strengthen its capital structure.
Commerzbank said Wednesday it had now exceeded by (EURO)1.1 billion the (EURO)5.3 billion in new capital that it was asked to raise as part of an European Union effort to strengthen the banking system.


Updated : 2021-10-20 22:04 GMT+08:00