Germany Earns Commerzbank

February 15, 2013 - 7:30 AM
Martin Blessing , CEO of Germany's Commerzbank , arrives for a balance press conference in Frankfurt, Germany , Friday Feb. 15, 2013. Germany's Commerzbank says it's making progress in reshaping its business but still has "a long way to go" as higher shipping loan losses and low interest rates continue to squeeze profits. The bank provided detail Friday on its fourth-quarter earnings announced Feb. 4. It lost 716 million euro (US$954 million) largely due to one-time losses of 185 million euro on its sale of Bank Forum in Ukraine and 560 million euro in tax accounting charges. For all of 2012, net profit was a meager 6 million euro as loan losses increased and interest earnings shrank. (AP Photo/dpa, Boris Roessler)