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.
Most Popular Stories
- Gas Prices Expected to Stay High
- Yahoo to Pay $1.1 Billion for Tumblr
- Consumer Spending Will Offset Sequester: Economists
- AT&T Seeks to Fill 120 Jobs in South Carolina
- California Considers Oil Tax to Fund Schools
- Google Fiber Making an Impact
- Will Yahoo Splurge on $1-Billion acquisition of Tumblr?
- Yahoo Indeed Buying Tumblr
- Dude! California Beach Parking Plan Making Waves
- Record Yearly Profit for Ryanair