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Press Release :: Commerzbank

Logo CommerzbankCommerzbank posts a net profit of EUR 1.1 bn in the first half of 2010.

- Operating profit of EUR 243 m in Q2, EUR 1.0 bn in the first half of 2010.
- Gross revenues in Q2 stable at EUR 3.1 bn, loan loss provisions of EUR 639 m.
- Core capital ratio (Tier 1) as at June 30, 2010 with 10.8% still at a high level.
- In a stable environment Commerzbank expects to generate a profit in 2010.
- Blessing: "Stability is more important to us than maximizing short-term earnings"

Commerzbank achieved an operating profit of EUR 243 million in the second quarter of 2010 (Q2 2009: minus EUR 223 million). The bank's operating profit totalled EUR 1.0 billion in the first half of 2010. Net profit (attributable to Commerzbank shareholders) came in at EUR 1.1 billion. Compared to the first six months of 2009, this corresponds to an improvement of around EUR 2.7 billion. The decrease in loan loss provisions due to the improved economic environment was particularly noticeable in the second quarter (EUR 639 million after EUR 993 million in Q2 2009). However, the volatile capital markets impacted the trading result. Gross revenues (EUR 3.1 billion) were stable year-on-year (EUR 3.0 billion), but fell by 14% compared to Q1 2010. In the second quarter 2010, net profit (attributable to Commerzbank shareholders) was EUR 352 million due to the positive tax result.

"Germany is Europe's economic engine - a fact which is also being noticed by our clients. Overall, we performed well in the first two quarters of the year; however, a steep road still lies ahead and we are still a fair way from normalcy. In accordance with the 'Roadmap 2012', we are therefore still systematically reducing risks. This is taking its toll on profits, but stability is more important to us than maximizing short-term earnings," said Martin Blessing, Chairman of the Board of Managing Directors of Commerzbank. "We have always said that we will be profitable by 2011 at the latest. On the basis of the pleasing development in results in the first six months, we now assume that in a stable market environment we will conclude 2010 as a whole with a profit."

Source: Commerzbank
Date: 05.08.2010
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