Commerzbank to Take $372 Million Charge on Polish Mortgages

Commerzbank AG will take a charge of 342 million euros ($372 million) in the second quarter on some Polish mortgages after an unfavorable court ruling last week.

“Despite this burden, Commerzbank still aims for a net result in 2023 well above that of 2022,” the lender said in a statement Friday confirming its previous guidance. However it also said that the outlook “depends on the further development of mBank’s Swiss franc mortgages and is based on the assumption of a mild recession in Germany.”

Last week’s European Court of Justice ruling will allow Polish customers to avoid paying interest on ...