Commerzbank – $32.1B

2008-11-03 Q3 Report:

Commerzbank fell into the arms of a German government bailout. The bank took $1.43B in write-downs, and raised $30B from the German taxpayer. Despite the capital increase, the bank nevertheless increased its provision for loan losses.

Here’s the tally thus far:

1. Write-Downs/Charge-Offs: $150.25M + $1.43B = $1.58B
   
2. Cash Raised: $29.9B
3. Level III assets: $0
4. Loan Loss Reserves: $628M
   

We now sum all the distresses to get Commerzbank’s current Pain Factor of $32.1B.  <>

2008-08-06 Q2 Profits:

Commerzbank, Germany’s second-largest bank by assets, reported a profit of €17M ($1.27B) in the second quarter, aided by a one time tax gain. Commerzbank also took write-downs of $64.75M and loan loss provisions of $908.1M. We are still searching for the bank’s level 3 equivalent, so we set it to zero for now.

Here’s the tally thus far:

1. Write-Downs/Charge-Offs: $85.5M + $64.75M = $150.25M
2. Cash Raised: $0.0
3. Level III assets: $0
4. Loan Loss Reserves: $908.1M
   

We now sum all the distresses to get Commerzbank’s current Pain Factor of $1.06B. <>

2008-02-15:

Commerzbank reported net income of €201M ($293M) in the fourth quarter, down from €359M a year earlier. The declined removed some of the polish from full-year net income of €1.92B.

Commerzbank had write-downs of $54M and $428M in the second and third quarters of 2007, respectively. For the fourth quarter, the bank took additional write-downs on its subprime-linked investments of €248M ($364.2M) for a grand total of €583M ($855.6M) in subprime-related write-downs.

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