Expected revenue burden for “credit holidays” in Polish mBank in the range of €210 to €290 million – Commerzbank’s Q3 result impacted by corresponding amount
Commerzbank Aktiengesellschaft (CZB) Today, mBank in Poland announced that revenues for the third quarter of 2022 are expected to be burdened in the amount of PLN 1.0 to PLN 1.4 billion (appr. €210 to €290 million). The reason for this is a law ratified yesterday in Poland, which provides for deferrals of interest and repayment of private real estate financing (“credit holidays”). The stated range is based on an estimated participation between 60% and 80% among currently assumed eligible borrowers. Commerzbank’s third quarter operating result is expected to be burdened by a corresponding amount which will be booked as negative revenues predominantly (>80%) in “Other net income from financial instruments”. Nevertheless, Commerzbank still expects a net result of more than €1 billion for the financial year 2022, assuming no further deterioration in the economic environment including gas supply and no material additional provisions for the CHF loan portfolio at mBank.
**** Disclaimer This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern inter alia the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management’s current plans, expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Such factors include the conditions in the financial markets in Germany, in Europe, in the USA and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, especially due to the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives to improve its business model, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.
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ISIN: | DE000CBK1001 |
Category Code: | MSCU |
TIDM: | CZB |
LEI Code: | 851WYGNLUQLFZBSYGB56 |
OAM Categories: | 2.2. Inside information |
Sequence No.: | 175170 |
EQS News ID: | 1399245 |
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End of Announcement | EQS News Service |