The web lack of 69 million euros ($80.96 million) compares with a web revenue of 297 million euros a yr earlier. It’s barely worse than a consensus forecast for a 62 million euro loss.
The financial institution put aside 272 million euros in provisions for future credit score losses, up from 114 million euros a yr in the past and largely associated to the pandemic. That’s lower than analysts had anticipated.
The financial institution, which is ready for a brand new chief government to reach in January earlier than deciding on a brand new technique, has warned that it might publish a full-year loss.
The financial institution is contemplating workers cuts, department closures and streamlining of its worldwide operations as a part of its overhaul.
“We’ve paved the best way fourth additional price financial savings,” stated finance chief Bettina Orlopp.
($1 = 0.8522 euros)
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