Commerzbank set aside millions of euros in the first quarter to mitigate the effects of loans that may never be repaid due to the corona crisis. Partly as a result of this, the German financial group went into the red.

The second bank in Germany currently has a slots of 326 million euros. That is the highest level in more than five years. Over the year, the provisions can rise to between 1 billion and 1.4 billion euros. A loss of EUR 295 million remained in the reporting period. That was a profit of 122 million euros a year earlier. The benefits amounted to more than 1.8 billion euros.

According to Commerzbank, it is very difficult to provide a reliable forecast for the whole year, due to the uncertainty due to the corona crisis. The bank does, however, think that it will be able to keep its turnover largely stable. In addition, Commerzbank is counting on a scenario that there will be no second lockdown and the economy will slowly regain its strength.

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