Page last updated at 06:41 GMT, Thursday, 6 August 2009 07:41 UK

Commerzbank reports more losses

Commerzbank sign
Commerzbank says it will return to profit in 2011

Germany's Commerzbank has reported further losses as it struggles to recover from the financial crisis.

The firm made a net loss of 763m euros ($1.1bn; £647m) between April and June, a slight improvement on the 861m euro loss it made in the previous quarter.

Its results were hit by a charges of 216m euros for integrating Dresdner Bank, which it bought in January.

The bank said that 2009 would remain "a challenging year", but added it was "heading in the right direction".

It said that the total cost of integrating Dresdner would amount to 2bn euros in 2009.

"Over the last few months, we have managed to considerably reduce risks and balance sheet size," said Martin Blessing, the bank's chairman.

He also said the bank was lending record amounts to German companies.

Earlier this week, France's biggest bank, BNP Paribas, reported an increase in profits, while rival Societe Generale reported a fall in profits and Swiss bank UBS made a loss.

Major banks in the UK have also reported mixed results this week, with Barclays and HSBC reporting profits, while Northern Rock and Lloyds Banking Group have announced big losses.

Banks in the US have had similarly mixed fortunes, with Goldman Sachs and JP Morgan making profits and Morgan Stanley posting losses.



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