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August 08, 2002

Commerzbank stays in the black

The Commerzbank Group ended the first half of 2002 with a pre-tax profit of 178 million euros. With earnings per share at 0.14 euros, its return on equity is 1.3%; its cost/income ratio stands at 78.5%. Even in the difficult second quarter, the bank's operating business remained in the black.

This result was achieved even though provisioning was increased by more than 70% to 562 million euros. Thanks to further substantial efforts to cut costs, administrative expenses were reduced by 7% in a year-on-year comparison. In the bank's interim report, therefore, the board of managing directors say they expect to be able to meet the target of no more than 5.5 billion euros for administrative expenses in the year as a whole. They also add that only given a far more positive market environment will it be possible to achieve the self-set goal of a pre-tax operating profit of between 700 and 800 million euros. However, the bank also points out that a sizeable tax-exempt item of 700 million euros will be generated, probably in the third quarter, through the integration of Rheinhyp into the new Eurohypo.

Key income statement items (in million euros):

1st half 1st half 2nd1st
20022001quarter 2002quarter 2002
Net interest income:1,7341,834861873
Provisioning:- 562- 329- 308- 254
Net commission income:1,1291,216554575
Trading profit:417602104313
Result on investments/
Operating expenses:2,7062,9091,3081,398
Pre-tax profit:17856925153
Net profit:74302272

The full interim report is available on the internet here.