Risk costs snag Commerz as outlook worsens
Michael Reuther, head of Commerzbank’s corporate clients division, expects more firms to enter the bank’s "intensive care department" as economic pressures weigh on European corporates. And in his unit the cost of risk more than tripled in the second quarter, helping to shrink operating profits.
Operating profit in the division was €22m, versus €218m in the equivalent quarter last year and a consensus estimation of €145m, according to results released on Thursday.The three main reporting lines performed well, however. Mittelstand revenues were up 2% to €437m; international corporates were up 4% to ...
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