February 04, 2013
Commerzbank: Net loss of approximately EUR 720 million for the fourth quarter of 2012. Extraordinary depreciation on deferred tax accruals in the amount of EUR 560 million in fourth quarter of 2012
On the basis of preliminary, unaudited figures the Commerzbank expects a net loss of approximately EUR 720 million for the fourth quarter of 2012. This result includes the charges of EUR 185 million from the sale of Bank Forum as announced in July 2012 and extraordinary depreciation on deferred tax accruals in the amount of EUR 560 million.
On the basis of preliminary, unaudited figures, Commerzbank has increased its operating profit to EUR approximately 1,200 million (2011: EUR 507 million) for the 2012 financial year as a whole. Revenues before loan loss provisions were virtually unchanged at EUR 9.9 billion; in contrast, administrative expenses were reduced to approximately EUR 7,000 million (2011: EUR 7,992 million). As expected, loan loss provisions increased to almost EUR 1.7 billion (2011: EUR 1.4 billion). The net profit of EUR 6 million (2011: EUR 638 million) includes extraordinary charges totalling approximately EUR 980 million (relating primarily to charges in connection with the sale of Bank Forum of EUR 268 million and depreciation on deferred tax accruals of EUR 673 million). Commerzbank continues to assume it can service the silent participation of the SoFFin for the 2012 financial year.
In the context of the cost reductions in the material and personnel areas announced in November 2012, Commerzbank currently assumes that the Group will implement headcount reductions in the region of 4,000 to 6,000 full-time equivalents through 2016. Restructuring charges of approximately EUR 500 million are expected in the first quarter of 2013 in connection with these measures.
Commerzbank will publish its detailed financial results for the fourth quarter and full year 2012 as planned on February 15, 2013.