Global Banking Directory 2.0
Press Release Distribution Service
Add Bank | Banking Forum Online
BankDEP Crypto Bank
BanksDaily on Twitter BanksDaily on LinkedIn BanksDaily on Instagram

Press Release :: Commerzbank

Logo CommerzbankCommerzbank posted an operating result of minus EUR 201 million for the second quarter of 2009 (Q1 2009: minus EUR 591 million). The significant improvement of EUR 390 million can particularly be attributed to lower charges on structured credit products, the so-called ABS portfolio.

- Gross revenues increase by 31% to EUR 3.1bn, after EUR 2.3bn in Q1
- Balance sheet total reduced by 13% from end of 2008, risk-weighted assets fell 12%
- Loans to German companies at a record level
- Tax expenses charge of EUR 276m in the second quarter
- Core capital ratio (Tier 1) of 11.3%, compared to 10.2% (pro forma) as at end of March
- SoFFin guarantees of EUR 5bn to be returned ahead of time
- Blessing: "2009 will remain a challenging year but we are heading in the right direction"

At the same time, the core segments of Private Customers and Mittelstandsbank again achieved an operating profit (totalling EUR 206 million) in spite of the ongoing difficult market conditions. Corporates & Markets improved its mandate flow in the area of corporate finance, thanks to the integration of the investment banking unit of Dresdner Bank. The segment's operating profit improved quarter-on-quarter by EUR 913 million to stand at minus EUR 231 million.

"2009 will remain a challenging year, but we are heading in the right direction. We are continuing to implement the 'Roadmap 2012' consistently and we are also running perfectly to schedule with the integration of Dresdner Bank", said Martin Blessing, Chairman of the Board of Managing Directors of Commerzbank. "Over the last few months, we have managed to considerably reduce risks and balance sheet size. Nevertheless, we are ready to meet the German Mittelstand's demand for loans. Our total lending to Germany-based companies stands at a record level of EUR 134 billion. Due to the general economic environment we expect the demand for loans to decline in the second half of the year."

Q2 saw charges of EUR 216 million due to the integration of Dresdner Bank. Impairments on goodwill came at EUR 70 million. Including tax expenditures totalling EUR 276 million, net profit came in at minus EUR 763 million (Q1: minus EUR 888 million). Due to the Dresdner Bank acquisition, the figures for 2009 cannot be compared directly with those for 2008. Last year's figures therefore relate to pro-forma numbers of the new Commerzbank. To allow a comparison quarter-on-quarter, the segment figures for Q1 2009 also include the first days of January, during which Dresdner Bank did not yet belong to Commerzbank. Group figures relate to the time after the acquisition of Dresdner Bank.

Source: Commerzbank
Date: 06.08.2009
Get your content published on in just a few clicks.
Financial and Banking News
 Post-Pandemic Economic Recovery: Key Factors Driving Growth and Stability

The COVID-19 pandemic caused a global economic halt, resulting in disruption, job losses, and uncertainty. However, as vaccination efforts progress and countries adjust to the new normal, there is hope for an economic recovery.

 Wiki Finance Expo Sydney 2023 Is Coming Soon!

Regulation, Forex, Crypto, Web 3.0, Metaverse, AI, ESG Will Be in Focus. Taking place on November 16th, Wiki Finance Expo, Sydney 2023 is Aussie largest and most anticipated fintech event of the year. 30.10.2023 | Source: WikiExpo

 Blockchain Economy Dubai Summit 2023: Just Two Weeks Away and Buzzing with Anticipation

Dubai, UAE - The Blockchain Economy Dubai Summit is generating palpable excitement within the blockchain and crypto communities, with only two weeks remaining until the event. Scheduled for October 4-5, 2023, at the Le Meridien Dubai Hotel & Conference Center, this prestigious event gathers over 3,000 blockchain entrepreneurs, crypto enthusiasts, and industry leaders from 85 countries. 20.09.2023 | Source: Teklip

 📰 News Archive

2007-2024 © | All Banks in One Place | Privacy Policy