Commerzbank net profit plummets after writedowns

Bank ran up losses of €720 million in October-December alone

Gulf News

Frankfurt: Commmerzbank, Germany’s second-biggest bank, said on Monday that its full-year net profit tumbled to just €6 million euros ($8.2 million, Dh30.12 million) in 2012 after heavy writedowns pushed it into the red in the fourth quarter. Commerzbank said in a statement it booked the full-year profit for 2012, compared with €638 million a year earlier, after it ran up a net loss of €720 million in the period from October-December alone.