LONDON (CNBC) — Commerzbank on Wednesday reported a net second-quarter loss due to restructuring costs and an exceptional write-off to an outsourcing project.
The German lender saw a net loss of 527 million euros ($625.7 million) in the three months through to the end of June, roughly in line with analyst expectations of a net loss of 504 million euros.
This was after booking restructuring expenses of 511 million euros and a write-off for ending an outsourcing project of 200 million euros.
Shares of Commerzbank tumbled to the bottom of the pan-European Stoxx 600 index on the news, down more than 5% during morning trade in London.
“We have kept our Common Equity Tier 1 ratio stable despite the high one-time write-off and restructuring expenses,” Bettina Orlopp, chief financial officer of Commerzbank said in a statement.