Germany's second-biggest bank Commerzbank issued
Thursday a bleak profit outlook as the eurozone debt crisis resulted
in second-quarter earnings falling short of forecasts.
The part-state owned bank said its second-quarter net profit rose
to 275 million euros ($340 million) from 24 million euros in
the same period a year ago.
However, analysts had expected profit would rise to 315 million
euros in the latest quarter.
"We still do not expect the macroeconomic and market environment
to stabilize in the second half of 2012," Chief Financial Officer
Stephan Engels said. "We expect operating profits to continue to be
under pressure."
As a result, the Frankfurt-based bank said it expects net profit
in the second half of the year to be "significantly below" the net
profit of the first six months.
