Polish loans burden Commerzbank: still profit?

Frankfurt/Main (dpa) – Commerzbank is preparing for another burden due to the uncertainty surrounding foreign currency loans in Poland. The Polish subsidiary mBank made additional provisions in the equivalent of around 436 million euros at the end of 2021, the Frankfurt money house announced on Friday evening. Commerzbank’s operating result in the fourth quarter will also be affected by this amount. Nevertheless, the management around CEO Manfred Knof still expects to be in the black for the whole of 2021.

The Commerzbank share came under pressure, however, and the price on the Tradegate trading platform fell by more than three percent in an initial reaction. In mid-November, analysts had expected an average operating result of 1.2 billion euros and a surplus of 163 million euros for 2021. The provisions that have now been made relate to loans granted by mBank that are linked to foreign currencies.

© dpa-infocom, dpa:220121-99-802890/2

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.