(Bloomberg) — Commerzbank AG took a 479 million-euro ($520 million) hit to deal with the fallout from the coronavirus crisis, joining peers in marking down assets and boosting reserves to deal with bad loans.The Frankfurt-based bank said on Wednesday that 185 million euros of its 326 million euros in credit provisions were directly related to the outbreak, while the crisis also caused a hit of 295 million euros in the value of customer derivatives. Commerzbank said credit provisions could reach 1.4 billion euros this year, making its goal of posting a profit “very ambitious.”The outbreak has added urgency to a …read more
Source:: Yahoo Finance
