Commerzbank posts loss on overhaul, sees full-year profit

Washington

COMMERZBANK said it expects to post a full-year profit after costs tied to chief executive officer Martin Elke's overhaul pushed Germany's second-largest lender into a third-quarter loss.

The net loss of 288 million euros (S444 million) compares with a profit of 235 million euros a year earlier, the Frankfurt-based company said in a statement on Friday. Analysts in a Bloomberg survey had forecast a loss of 475 million euros. Commerzbank said it expects a "positive net result" this year.