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Aug. 5, 2020, 2:07 a.m. EDT

Commerzbank forecasts 2020 loss as profit dips 21%

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By Pietro Lombardi

Commerzbank AG said Wednesday that it expects to be loss-making this year as it posted a decline in second-quarter profits that were hit by higher provisioning.

Net profit for the period fell 21% to 220 million euros ($259.7 million), the German bank said.

Risk provisions rose sharply to EUR469 million from EUR178 million, offsetting a 6.8% increase in revenue and lower operating expenses.

The bank said it expects to post a loss this year "in light of the expected risk result and potential restructuring charges."

Risks provisions should be in a range of EUR1.3 billion and EUR1.5 billion in 2020, while the cost base should fall slightly from last year, Commerzbank said.

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