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5/13, 7:04 AM (Source: TeleTrader)
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Commerzbank revenue drops 14.1% to €1.85B in Q1

Commerzbank posted revenue of €1.85 billion in the quarter ended March, the company said on Wednesday, adding the figure fell 14.1% year on year as a result of the coronavirus crisis. Meanwhile, its loss was at €277 million which compares to earnings of €227 million in the same three-month period last year.

The bank's operating loss was €277 million after operating profit had been reported in the first quarter of 2019 at €246 million. Commerzbank added its capital ration remained strong at 13.2% and liquidity was high. The German company went on to stress it gained about 10,000 new customers during the first quarter, mostly through online channels.

Chairman Martin Zielke said: "Our strong balance sheet and our robust liquidity and capital position place us in a good position to meet this challenge and help the German economy with full strength." He added: "we have already provided around €11 billion of additional liquidity."

Breaking the News / VP