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May 10, 2001

Commerzbank with strong earnings improvement in first quarter 2001

After unsatisfactory developments in the fourth quarter 2000, the Commerzbank Group achieved a strong earnings turnaround in the first quarter 2001. Its pre-tax profit hit euro 309m, with the net profit, after deducting taxes and profits attributable to minority interests, reaching euro 168m. Compared to the first quarter 2000, which, due to the strong stock market was the best quarter ever, these results were around 50 percent lower.

Strong growth in volume (total assets were up 7.2 percent to euro 493bn compared to end-2000) was reflected by net interest income (+19.6 percent). At the same time, both net commission income and the trading profit, due to the weaker turnover on the stock markets, did not reach the totals of a year earlier. Operating expenses once again registered a high growth rate (+19.4 percent), but were 12 percent less than in the previous quarter. Earnings per share were 0.32 euro versus 0.71 euro a year earlier. The Board of Managing Directors is confident that the earnings performance of the bank will continue to strengthen in the next few months.

Profit and Loss Account in First Quarter 2001 (Q1 2000) in million euros:

Net interest income905 (757)+ 19.6%
Provisions for possible loan losses152 (141)+ 7.8%
Net commission income613 (751)- 18.4%
Trading profit300 (360)- 16.7%
Result on financial investments129 (67)+ 92.5%
Operating expenses1430 (1198)+ 19.4%
Pre-tax profit309 (598)- 48.3%
Taxes on income116 (217)- 46.5%
Net profit168 (364)- 53.8%

(The complete interim report is available here)


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