Despite the expected one-off charges, Commerzbank is sticking to its annual target.
(Photo: Bloomberg/Getty Images)
Frankfurt Commerzbank expects three-digit millions of charges at its Polish subsidiary mBank for the third quarter. mBank expects negative earnings of 210 to 290 million euros for the summer quarter, the Frankfurt money house announced on Friday. The operating result of Commerzbank will be burdened to a corresponding extent. However, Commerzbank still wants to stick to its annual target.
Unfortunately, the changed legislation in Poland caused considerable one-off expenses, explained CFO Bettina Orlopp. “In view of the ongoing good development of our operating business, we still expect a consolidated profit of more than one billion euros for the full year,” she noted. It is assumed that the economy does not slow down significantly, for example due to further bottlenecks in the gas supply.
According to Commerzbank, new laws in Poland will allow borrowers to suspend their monthly installment payments on current mortgage loans up to eight times until the end of 2023. mBank expects that 60 to 80 percent of borrowers will make use of it. Commerzbank will examine legal steps.
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