Commerzbank profit drops casting increasing doubt over its full-year outlook

Commerzbank - 1Q16 net profit fell to €163m ($189m), down from €338m ($391m) YoY, as market turmoil and low interest rates causes a drop in revenue, casting further doubt over its FY16 outlook

FRANKFURT--Commerzbank AG cast further doubt over its full-year outlook Tuesday as first-quarter net profit more than halved, with the German bank battling ultralow interest rates and sluggish activity in capital markets.

"In view of the subdued nature of the first quarter, it will be more challenging to reach the net profit [of EUR1.06 billion ($1.22 billion)] posted in 2015," Germany's second-largest lender said. Outgoing Chief Executive Martin Blessing last month told shareholders the goal was increasingly ambitious.