Germany's Commerzbank said today it suffered a quarterly loss due to a tax charge, missing analyst forecasts of a profit, and confirmed it had ended 2003 with its worst ever loss.
Germany's third-largest bank said the fourth quarter net loss of €88 million - the second straight loss after €2.3 billion in the third quarter due to an investment write-down - was the result of a €139 million tax payment.
A spokesman said the payments were made by the bank's profitable subsidiaries such as its online brokerage comdirect and CommerzLeasing und Immobilien.
Commerzbank's quarterly results showed some improvement in revenue, while loan loss provisions sank and costs remained under control. An analyst said revenues were broadly in line with expectations.
Commerzbank said then that it would not pay a dividend for the year, the fourth time shareholders have gone empty handed in its 134-year history.