Commerzbank AG (OTCPK:CRZBY)
$ 15.214 -0.166 (-1.08%) Market Cap: 18.02 Bil Enterprise Value: -26.04 Bil PE Ratio: 7.87 PB Ratio: 0.51 GF Score: 64/100
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Q2 2019 Commerzbank AG Earnings Call Transcript

Aug 07, 2019 / 07:00AM GMT
Release Date Price: $6.1 (-6.30%)
Operator

Good morning, ladies and gentlemen, and welcome to the Commerzbank AG Conference Call. Please note that this call is being transmitted as well as recorded by audio webcast and will subsequently be made available for replay on the Internet. (Operator Instructions)

Let me now turn the floor over to Stephan Engels.

Stephan Engels
Commerzbank AG - CFO & Member of the Board of MDs

Good morning, ladies and gentlemen. Welcome to our conference call on the results of the second quarter 2019. In Q2, we reached a year-on-year stable net result of EUR 271 million. This is based on an operating result of $298 million and benefit from a low tax rate. The operating result is based on a good performance of our customer businesses as we maintain our momentum and implementation of our client-focused strategy, Commerzbank 4.0. At the same time, we had a weak revenue contribution from legacy positions held at fair value, mainly in Corporate Clients, and faced higher loan loss provisions, leading to an overall lower group operating results.

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