Commerzbank sees €4.5bn loss in 2009

by Richard Kilner

Story link: Commerzbank sees €4.5bn loss in 2009

German financial institution Commerzbank has released its financial results for 2009.

The firm saw a consolidated loss of €4.5bn, compared to a €6.5bn loss in 2008.

This loss included goodwill impairments totalling €768m, and the integration costs relating to the acquisition of Dresdner Bank which amount to €1.9bn.

In the fourth quarter of 2009 Commerzbank lost €1.9bn, an €800m decline from the €1.1bn loss incurred in Q3.

Martin Blessing, the chairman of the Board of Managing Directors, has said that the loss was expected, and indeed was predicted by him in Q3, attributing it to ongoing economic and financial difficulties and the substantial costs involved in the integration of Dresdner Bank.

Blessing went on to state that the firm had more ground to make, but that it had reduced risks and enhanced its capital base, and forecast that 2010 would see an improvement in customer-focused business.