Commerzbank AG reported a net loss in Q1 2013. It reached €94 million. For comparison sake, the bank earned €355 million in Q1 2012. Because of higher expenditures connected with job cuts the bank has seen net losses for the second consecutive month.
At the same time, the result turned to be slightly better than expected since analysts had anticipated a €153,7 million loss.
Commerzbank AG’s operating profit declined by 19% during the reporting period, thereby reaching €469 million. At the same time, the net revenue declined by 20% from €1,36bn as compared to €1,69bn a year before.
The company’s experts do not expect positive financial results this year since the revenues are expected to decline. Earlier this year, Commerzbank AG announced its decision to dismiss some 4-6 thousand employees by 2016.
The negative financial performance shown by Commerzbank AG cannot but affect its stock, which is currently depreciating. The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of CZB.LS:
