The figures were a major disappointment to the market. Analysts expected the quarterly profit to be around double that acheived.
The bank increased loan provisions to $229m in the period. Commerzbank is known to be exposed to struggling German media company Kirch, which is mired in debt of around $5.7bn.
At the present time German banks are among the most unprofitable in Europe as difficult trading conditions and the increase in German companies filing for bankruptcy continue to take their toll.
Commerzbank plans to cut 3,400 jobs and close over 200 branches in an effort to reduce costs. The bank issued a statement saying that 'our measures and programmes are having an impact.'
Commerzbank Profits Dive
Germany's third largest bank, Commerzbank, has confirmed that net income for the first quarter fell to $66m. This represents a 59% reduction on profit acheived in the first quarter last year.
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