Commerzbank expects first-quarter profits of $612 million

26 April 2007

German bank Commerzbank has announced it expects to record profits of $612 million euros for the first quarter of 2007.

The announcement comes ahead of the official unveiling of figures on May 9th, and represents a significantly better than expected performance for the firm.

However, the figures were down on those for the same period last year when profits stood at $1.42 billion, having been boosted by the sale of its 8.1 per cent shareholding in Korea Exchange Bank.

This quarter, meanwhile, profits for the second-largest German bank by assets were helped by the sale of its stake in Germanische Lloyd AG for $51.7 million.

The statement from the company also outlined its intention to up its revenue deriving from equity from the 11 per cent at which it now stands to 15 per cent by 2010 "at the latest" and revealed it has set a target of net income of $2.1 billion this year.

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