Commerzbank profit plunges to 24 million euros

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The second biggest German bank, Commerzbank, said Wednesday that its second-quarter net profit plunged by 93 percent from the same period a year earlier to 24 million euros ($34.4 million).

Commerzbank noted in a statement that it had revalued its holdings of Greek debt, resulting in a depreciation of 760 million euros.

The bank maintained its full year outlook of an operating profit "well above the figure achieved in 2010," or 1.386 billion euros.

That figure came to just 55 million euros for the second quarter of 2011, but climbed to 1.199 billion for the first six months of the year, the data showed.

© 2011 AFP

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