FRANKFURT (Dow Jones) – The chapter Billion in losses has been completed for the time being, Commerzbank : After a surprisingly strong second quarter promises CEO Martin Blessing for 2010 a profit. Hitherto he wanted it only for 2011 fixed commit . Reason for optimism Blessings is the net profit , thanks to a positive tax effect and a lower loan losses is nearly three times as high as analysts expected. (Photo : Commerzbank )
In the period April to June , Commerzbank could Risk provisions to 639 million EUR , lower in the previous year were for or 993 EUR million required. Before taxes , the Frankfurt bank earned 210 million EUR, while in the previous year half a billion euro loss for beech had struck . From Dow Jones Newswires had interviewed analysts in Cut with only EUR 169 million expected .
A positive tax effect due to losses in the UK contributed EUR 151 million positive contribution to net profit at, so that this higher turned out as the pre-tax profit. After taxes were 352 ( previous year: minus 761) million EUR remained. There were only 121 million EUR in the consensus been estimated . Yield was the bringer of Commerzbank SME business , while in investment banking, the fragility Capital markets have left their mark . Total positive developed Also the business in Eastern Europe , especially Poland.
This allowed the Commerzbank , the positive development from the first quarter to continue . it has benefited mainly the economic recovery, credit losses in the medium Entity less likely. The reduced risk is the Commerzbank allow for the full year with less than the originally planned EUR 3.8 billion loan loss provisions to get along . Risk provisions will probably lie with EUR 3 billion , possibly including , it said.
The development at Commerzbank is a reflection of many other private banks in Europe: decrease loss provisions may , as less burden on the balance sheets of bad loans . This allows the Banks, despite the uncertain capital markets environment and the losses in to make investment banking profits.
In the forecasts , the picture is similar as well: The more Developments in international financial markets is uncertainty marked and there is no reason for arrogance – are in it , the banks agreed on by France’s second largest bank Societe Generale , the Commerzbank and Deutsche Bank.
Blessing also warned of a difficult environment for banks, both this year and next . But the difficult Conditions had already factored in the Commerzbank chief , so he can hold on to his goals for 2012. From then to the Commerzbank the full reach profitability .
Also regarding reimbursement of state assistance, it remains the previous state : the reimbursements due to start later than 2012, in the largest possible individual steps. A partial recovery was possible, said Chief Financial Officer Eric Strutz. Adds that the state any time the opportunity to sell shares. Commerzbank wants to But step by step and can not at this time to make a statement earlier than planned recovery.
For excitement a few days ago had the words of Federal Minister Rainer Brüderle ensured that he was a Withdrawal of the state in more than three years presenting . Commerzbank had at the height of the financial crisis in the purchase of Dresdner Bank verhoben and had to be supported with the federal government a total of EUR 18.2 billion . Since then , the federal government holds 25% plus one share of capital in the form of a passive holding .
In order to stem the repayment , Commerzbank could be based on a Capital to fall back . For this purpose they had in the give the last general meeting approving leave . When is it but actually come to a capital increase had not yet decided , "said Strutz.
The ultimate goal for the bank, it is loud teilverstaatlichte Strutz, to stay on the winning track and reduce the risks. Satisfied, he appeared with the development of Portfolio Restructuring Unit ( PRU ) : The risk portfolio had produced a profit and is for the full year to complete positive.
The risks also include the positions in the economically depressed countries of the European Union, all Greece ahead . Here are some of positions , Commerzbank separately , without the so -called " gentlemen’s agreement " with the federal government to break . To this end , there was also no reason , "said Strutz. The agreement saw , medium and short term expiring Bonds that expire in the next three years to be extended. "That we keep , " said the CFO.
Website: www.commerzbank.de -From Madeleine Nissen , Dow Jones Newswires +49 ( 0 ) 69 29 725 115, madeleine.nissen @ dowjones.com DJG / maw / ebb / mrf