Commerzbank Q3 net profit misses expectations

FRANKFURT Thu Nov 8, 2012 1:18am EST

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FRANKFURT Nov 8 (Reuters) - Germany's second biggest lender, Commerzbank, missed analyst expectations with its third-quarter net profit citing a difficult market environment and negative valuation effects on non-core operations.

Net profit on group level came in at 78 million euros ($99 million), up from a net loss of 687 mln a year earlier, but clearly lagging analysts' forecasts of 131 million.

Commerzbank late on Wednesday said it would spend more than 2 billion euros on its core business with about half of the investment earmarked for its retail business, adding the core bank is targeting a return on equity after taxes (ROE) of more than 10 percent until 2016.

($1 = 0.7840 euros) (Reporting by Arno Schuetze)