(Tiper Stock Exchange) – Commerzbank has communicated that it will register an additional provision of approximately 342 million euro because of his Polish subsidiary mBank (for its loan portfolio in CHF). Commerzbank’s second quarter operating result will be burdened by a corresponding amount which will be booked as negative revenue under “Other net income”.
The additional provision arises from an adjustment of the provisioning models mainly as a result of a judgment of the Court of Justice of the European Union relating to foreign currency lending of a competitor of mBank.
Despite this burden, Commerzbank is still aiming for a net result in 2023 “well higher” than that of 2022. The outlook depends on the further development of mBank’s Swiss franc mortgages and is based on the assumption of a mild recession in Germany.