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Commerzbank Jumps To Profit In Q1

Commerzbank has posted an operating profit of EUR771m for the first quarter of 2010 compared to an operating loss of EUR595m, in the first quarter of 2009.

Gross revenues by 56% year-on-year to EUR3.6bn. Net profit (after minority interests) was EUR708m compared to a net loss of EUR864m in 2009 first quarter.

Net interest income for the first quarter of 2010 increased by 12% to EUR1.88bn from EUR1.69bn in the same quarter of 2009. Net commission income improved by 16% to EUR983m from EUR850m in 2009 first quarter.

Risk-weighted assets came at EUR279bn. At the end of March 2010, the bank’s core capital ratio (Tier 1) was 10.8%. Including the first-quarter profit, the core capital ratio is 11%.

Martin Blessing, chairman of the board of managing directors of Commerzbank, said: “We have not yet reached our targets, but the positive result shows that we are on the right track with ‘Roadmap 2012’. We have significantly improved our operating performance, thereby reaching another key milestone on the path to full profitability.

“The core bank will close 2010 with an operating profit as planned. By 2011 at the latest we will once again be profitable at group level. In 2012, we will be fully profitable with an operating result of more than EUR4bn.”