Commerzbank Reports FY20 Preliminary Operating Loss Of €233 Mln

(RTTNews) - Commerzbank (CRZBY.PK) Wednesday reported preliminary figures for 2020 of an operating loss of 233 million euros, compared to an operating profit of 1,253 million euros last year.

The bank said the results reflects the burdens of the coronavirus pandemic.

Overall, a net result of loss of 2.9 billion euros, compared to profit of 585 million euros last year is expected. This includes the already announced restructuring charges of more than 800 million euros and a goodwill impairment of around 1.5 billion euros.

Commerzbank will present its complete financial results at the annual results press conference on 11 February 2021.

Commerzbank announced that it targets cost reductions of 1.4 billion euros by 2024. Commerzbank anticipates restructuring expenses totaling 1.8 billion euros, which will be fully financed with existing funds.

Commerzbank will reduce the number of branches from the current level of 790 to 450 locations across Germany.