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November 09, 2001

Commerzbank's interim report as of September 30, 2001

In a year-on-year comparison, the Commerzbank Group's earnings fell by 11.5% in the first nine months of 2001, while operating expenses rose 13.4% over the same period. Net interest income before provisioning registered a slight increase of 1.8%, but net commission income and the trading profit were down by 14.0% and 16.9%, respectively. A pre-tax profit of 226 million euros remains and an after-tax profit of 78 million euros, or 0.15 euros per share.

With the immediate cost-cutting measures now having their first effects, the board of managing directors believes that operating expenses will fall well short of their budgeted level for 2001 as a whole. As things stand today, the parent bank at least will achieve a result - even with the provisions for restructuring costs taken into consideration - that enables it to pay a dividend.

In the third quarter alone, stock-market weakness and the cyclically-induced rise in provisioning produced a negative net result of 184 million euros.

1.1.-30.9.2001 Euro m1.1.-30-9.2000 Euro mChange in %
Net interest income26932646+ 1.8
Provision for possible loan losses-571-397+ 43.8
Net interest income after provisioning21222249-5.6
Net commission income 17852075- 14.0
Trading profit 624751- 16.9
Result on financial investments105164- 36.0
Operating expenses 4368385313.4
Other operating result- 421030-
Profit from ordinary activities2262416-90.6
Extraordinary profit---
Pre-tax profit2262416- 90.6
Taxes on income -82-931- 91.2
After-tax profit1441485-90.3
Profit/loss attributable to minority interests-66-4740.4
Net profit781438-94.6

The complete Interim Report is available at website: