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Commerzbank Q4 weighed down by provisions at Polish mBank unit

Commerzbank Q4 weighed down by provisions at Polish mBank unit

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Global Business Review Magazine
Saturday, April 1, 2023
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Commerzbank Q4 weighed down by provisions at Polish mBank unit

Commerzbank Q4 weighed down by provisions at Polish mBank unit

Commerzbank said that its fourth-quarter earnings would be impacted by provisions made at its Polish mBank subsidiary. It would still post a net profit for the full year. The German lender said that mBank had made provisions regarding the foreign currency indexed loan agreements in the amount of 2.006 billion zloty. Also, added that its fourth-quarter results would be impacted by a corresponding amount. The additional sum, which translates to around 436 million euros, brings provisions for Germany’s No. 2 bank to around 600 million euros.

The provision is painful for Commerzbank. It is in the midst of a costly restructuring, involving cutting headcount by 10,000 people and closing branches. The issue, which has affected banks operating throughout Poland, stems from more than a decade ago. This is when mortgage customers took out loans in Swiss francs to take advantage of low Swiss interest rates. And that too, only to face far higher costs when the value of the Polish zloty slumped.

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Polish courts have been deciding how the loans can be treated. This includes what banks can charge in interest for the loans. Hereby this is creating uncertainty for banks and their bottom lines.  The German lender’s Frankfurt-listed shares were down 3.5% after this announcement. Commerzbank had attempted to sell mBank but this effort has been abandoned after an auction petered out in 2020.

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BYD, a Chinese EV manufacturer, approaches the United States with caution

BYD, a Chinese EV manufacturer, approaches the United States with caution

BOJ resists market expectations for policy changes, pushing the currency down

BOJ resists market expectations for policy changes, pushing the currency down

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Support measures push Japanese corporate bankruptcies to 50 year low

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Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • BYD, a Chinese EV manufacturer, approaches the United States with caution
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