Commerzbanka major German bank, said the Polish subsidiary mBank made provisions for the fourth quarter of 2021 on foreign currency indexed loan agreements for an amount of PLN 2,006 million (approx. 436 million euros). “Commerzbank’s fourth quarter operating result is burdened by a corresponding amount – a note from the German banking group reads – However, Commerzbank expects a net profit for the year 2021“The additional sum brings the total provisions to around 600 million euros, at a time when the group is engaged in a restructuring plan that includes heavy cuts in the workforce.
Commerzbank, new provisions but expects a positive net result for 2021
