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August 06, 2003

Commerzbank's interim report as of June 30, 2003

  • 366m euros operating profit in 1st half
  • turnaround confirmed by further improvement in Q2
  • Core capital ratio rises to 7.7%


In the first half of 2003, the Commerzbank Group achieved an operating profit before regular amortization of goodwill of 366m euros, 56% stronger than the corresponding year-ago result. The second quarter confirmed the turnaround at the start of the year; at 194m euros, the operating profit was again higher than in the first quarter, climbing by almost 13%. As no more restructuring expenses had to be borne, the consolidated profit improved - despite considerably higher taxes on income - from 3m euros in the first quarter to 70m euros.

While net interest income recovered further and net commission income was barely changed, the bank was able to raise its trading profit again in the second quarter to 278m euros. For prudential reasons, provisioning was increased to 303m euros. The reduction of operating expenses continues to proceed fully according to plan.

In view of these figures, the management board confirm in the interim report that the bank will be back in the black in 2003 as a whole and will be able to lay the foundations for a sustained upward trend.


Selected income statement items (in million euros):

1st half1st half2nd quarter1st quarter
2003200220032003
    
Net interest income1,4511,734746705
Provision for possible loan losses (555)(562)(303)(252)
Net commission income1,0361,129516520
Trading profit509417278231
Net result on investments/
securities portfolio
15915254105
Operating expenses2,3202,7061,1411,179
Operating profit366235194172
Regular amortization of goodwill60573030
Profit from ordinaryactivities306178164142
Restructuring expenses104--104
Pre-tax profit20217816438
Taxes on income8058782
Consolidated profit7374703

Minus figures appear in parentheses.

Commerzbank's interim report as of June 30, 2003

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