Home News Commerzbank returns in the first quarter back into the black

Commerzbank returns in the first quarter back into the black

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FRANKFURT (Dow Jones) – Commerzbank AG is teilverstaatlichte in the first quarter with an improvement in trading profit and a lower risk provisions unexpectedly well in the black numbers returned. recorded after taxes and third party Bank earnings of 708 (previous year: -861) million EUR was, well on the forecasts of analysts, on average, profit of 435 million EUR were considered.
Because of the continuing fragile market environment, including the Bank Setbacks, but not out. One could therefore not a good first quarter extrapolated to the full year, said CFO Eric Strutz on Thursday. "Therefore, it remains in our statement: In FY 2010 we will see in the Group only black when Economy and financial markets play. "
For high income for the first three months was a 24% to EUR 644 million decline in risk provisions in. In addition, net interest income compared with the previous quarter by 12% to almost EUR 1.9 billion, while the Net commission income rose 16% to EUR 983 million attracted.
The main reason for this was increasing Securities activities of Commerzbank customers, which include the trading profit benefited: EUR 850 million, the institute posted here. Last year was a loss of EUR 527 million was earned. The central bank of the segments Retail, SME Bank, Central & Eastern Europe (CEE) and Corporates & Markets (C & M) was operationally profitable.
Continue to fight, Commerzbank has at its Risk portfolio. Here, the adjustments resulted in a structured Products (ABS portfolio) means that the result on investment income minus EUR 119 million decreased (previous year: EUR 386 million).
The goals of the program for Group restructuring Roadmap 2012 "CEO Martin Blessing holds firmly on. "The core banking was planned in 2010 as a positive operating complete, "he said." By 2011 we will be in the group again Make money. 2012 we are an operating profit of more than EUR 4 billion to be fully profitable. "
No information made the bank in its first communication in the morning to Reimburse the state aid issue. Blessing will with the repayment of the silent partnership by 2012 , The current plan start. Commerzbank had on the Highlight the financial crisis in the purchase of Dresdner Bank verhoben. Total needed the federal government, Commerzbank with 18.2 billion EUR based and considers Since then 25% plus one share of capital in form of a hidden reserve.

   

Website: www.commerzbank.de

-From Madeleine Nissen, Dow Jones Newswires;
+49 (0) 69-29725 115, madeleine.nissen @ dowjones.com
DJG / maw / rio
Visit our website http://www.dowjones.de 


(END) Dow Jones Newswires

May 06, 2010 01:43 ET (05:43 GMT)

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