Commerzbank first quarter net profit falls on higher tax burden
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FILE PHOTO: A sign for an ATM of Commerzbank is seen in Frankfurt, Germany, March 19, 2019. REUTERS/Kai Pfaffenbach
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Kai Pfaffenbach(Reuters)
FRANKFURT (Reuters) – Germany’s Commerzbank on Wednesday posted a 54 percent drop in net profit in the first quarter, just weeks after merger talks with rival Deutsche Bank fell apart. It attributed the decline to a higher tax burden.
Net profit of 120 million euros (103 million pounds) was slightly above the 115 million euros expected by analysts in a Reuters poll. It fell from 262 million euros a year earlier.
(Reporting by Tom Sims; Editing by Tassilo Hummel)
