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May 07, 2003

Commerzbank's interim report as of March 31, 2003

  • operating profit of 172m euros
  • marked improvement in trading profit
  • risk situation less acute
  • costs steadily cut further
  • restructuring expenses already fully taken into account
  • core capital ratio raised to 7.4%

After an encouraging start to the year, with an operating profit of 172m euros, the Commerzbank Group was back in the black again in the first quarter of 2003. Both net interest income and net commission income recovered after the weak previous quarter. There was an especially marked improvement in the bank's trading profit, which rose to 231m euros. Provision for possible loan losses amouted to 252m euros. However, the actual need to provide for possible loan losses was far less pressing as the situation regarding risk has become less acute. The overall result was positively influenced by operating expenses declining for the fifth quarter in a row (1,179m euros).

The bank's management board resolved to make provision in the first quarter for the entire foreseeable restructuring expenses of 104m euros under its second cost-cutting offensive. Even so, a positive result in the form of a pre-tax profit of 38m euros remained.

We attach selected figures from the income statement PDF, 60 kB in the form of a pdf.

Commerzbank's interim report as of March 31, 2003