Commerzbank posted a pre-tax loss in the third quarter despite booking a one-off gain from spinning off its mortgage subsidiary.

Germany's third largest bank benefited from a €721m ($729m) one-off gain from selling mortgage bank RheinHyp, but rising loan loss provisions and investment losses offset that gain and the bank's aggressive cost-cutting efforts, leading to a pre-tax loss of €133m. The gloomy results followed similarily disappointing figures from HVB Group and Deutsche Bank. Allianz, the German insurer that owns Dresdner Bank, will post results on Thursday.