About: http://data.cimple.eu/news-article/c76da53222e7372b8ed5bd966456c961460c795569454296605a1834

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About: http://data.cimple.eu/news-article/c76da53222e7372b8ed5bd966456c961460c795569454296605a1834 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Germany's second-largest lender Commerzbank sank into a loss in the first quarter as it took a hit of 479 million euros over the coronavirus pandemic, it said Wednesday. The Frankfurt-based bank reported a net loss of 295 million euros ($320 million) for January-March -- compared with a profit of 122 million euros during the same period in 2019. Analysts reviewed by Factset predicted a loss of just 71 million euros. The lender blamed the heavy losses on "temporary valuation effects" and "a higher risk provision booked on account of the pandemic". The group has not provided a firm forecast for 2020. "In view of the uncertainty about the further development of the pandemic, it is difficult to provide a concrete outlook," it said. Assuming that the economy will gradually recover as a lockdown over the coronavirus is lifted and with no new restrictions introduced, Commerzbank expects its banking revenues to be largely stable in 2020. On Monday, Commerzbank said it had abandoned plans to sell off its lucrative Polish subsidiary mBank, blaming unfavourable conditions caused by the coronavirus. Commerzbank, which has been partly state-owned since the financial crisis of 2008, had been in talks to merge with crosstown rival Deutsche Bank. But the bid to join forces failed early last year, leading the bank to slash 4,300 jobs to bring its headcount down to just over 40,000. Commerzbank reported net profit of 644 million euros for 2019. bur-fec/hmn/bmm
schema:headline	Heavy losses at Commerzbank as virus takes its toll
schema:mentions	HeadCount Polish language Deutsche Bank Germany Lockdown Pandemic Virus Valuation effects MBank FactSet Commerzbank Microsoft Outlook
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-13 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	76 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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