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May 08, 2002

Commerzbank returns to profit in first quarter 2002

With a pre-tax profit of 153 million euros - resulting entirely from operating business - the Commerzbank Group achieved a turnaround in earnings in the first quarter of the year. Its earnings per share amounted to 0.13 euros compared with 0.33 euros in the good first quarter of 2001. The bank registered a return on equity of 2.5% and a cost/income ratio of 77.5%.

The bank's board of managing directors sounded a confident note in the interim report for performance in the further course of the year. In particular, having cut operating expenses by 2.2% in a year-on-year comparison, they expect to achieve their target of reducing costs to their 2000 level for the year as a whole. At the same time, however, they believe provisioning will rise to just over one billion euros; 254 million euros of this amount has already been set aside for the first quarter of 2002.

Key income statement items (in million euros):

Q1 2002Q1 2001Q4 2001
Net interest income873905888
Net commission income575613482
Trading profit313312537
Result on investments/securities92129114
Operating expenses1,3981,4301,487
Pre-tax profit153323-247
Net profit72176-9

The full interim report is available on the internet here.