Salem Radio Network News Thursday, July 7, 2022

Business

Commerzbank’s Q4 burdened by provisions at Polish mBank unit

FRANKFURT (Reuters) – Commerzbank on Friday said its fourth-quarter earnings would be impacted by provisions made at its Polish mBank subsidiary.

The German lender said mBank had made provisions regarding the foreign currency indexed loan agreements in the amount of 2.006 billion zloty ($504 million), adding that its fourth-quarter results would be impacted by a corresponding amount.

Commerzbank said it still expects a positive net profit for 2021.

($1 = 3.9814 zlotys)

(Reporting by Christoph Steitz, Editing by Louise Heavens)

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