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Home»Finance»Commerzbank to take 490 mln euro Q3 hit due to mBank unit
Finance

Commerzbank to take 490 mln euro Q3 hit due to mBank unit

September 28, 2022No Comments2 Mins Read
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FRANKFURT, Sept 27 (Reuters) – Germany’s Commerzbank (CBKG.DE) mentioned on Tuesday it might take a 490 million euro ($471 million) hit to its third-quarter working revenue after its Polish mBank (MBK.WA) unit booked further provisions for its Swiss franc loans.

The German lender mentioned it nonetheless nonetheless anticipated to succeed in its internet revenue goal of greater than 1 billion euros for the total 12 months.

Frankfurt-listed shares of Commerzbank, which is within the midst of a pricey restructuring that includes chopping 10,000 jobs and shutting branches, have been down 5.5% after the information.

The difficulty, which has affected banks throughout Poland, stems from greater than a decade in the past, when mortgage prospects took out loans in Swiss francs to benefit from low Swiss rates of interest, solely to face far increased prices when the worth of the Polish zloty slumped.

Polish courts have been deciding how the loans will be handled, together with what banks can cost in curiosity for the loans, creating uncertainty for banks and their backside traces.

“Regardless of the brand new burden in Poland, we’re sustaining our earnings goal for the total 12 months 2022 in view of the sturdy general income improvement,” mentioned Commerzbank’s finance chief Bettina Orlopp.

Commerzbank had tried to promote mBank however deserted the trouble after an public sale petered out in 2020.

Commerzbank in July introduced it might even be impacted within the third quarter by a regulation in Poland that enables mortgage debtors to skip month-to-month repayments as many as eight occasions by means of the top of 2023.

($1 = 1.0408 euros)

Reporting by Tom Sims and Sabine Wollrab
Modifying by Mark Potter

: .

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Commerzbank due euro hit mBank mln unit
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