Commerzbank of Germany recorded a loss of 54 million euros (59 million dollars) in the fourth quarter of 2019, which was less than expected.
According to Reuters, the bank made it clear that it was looking to further cut costs while it was in the process of restructuring after a failed merger attempt with Deutsche Bank.
Chief Executive Martin Zilke said he was more optimistic about the bank's prospects despite the 54 million euro ($ 59 million) loss the bank attributed to the increase in taxes and provisions for layoffs.
The loss, which comes compared to a net profit of 113 billion euros a year ago, was not as bad as expected at 99 million euros, according to analysts' estimates, while Commerzbank shares rose 4.7%.
The quarterly revenue was also slightly better than analyst expectations. The bank said it will announce new measures to cut costs in the coming months.
For the whole year, Commerzbank made a profit of 644 million euros, down from 862 million in 2018.
