Commerzbank beats analyst expectations

6 August 2009

Commerzbank has posted better than-expected earnings for the second quarter of 2009.

The German financial organization revealed an operating loss of $289 million for the three-month period, with profits from its retail banking operations helping to limit its poor performance.

According to a poll by Reuters, analysts had expected an operating loss of $505 million, however the result is still worse than that of the same period of 2008, when the bank lost $188 million.

Gross revenues rose 31 per cent when compared to the first quarter, with net interest income climbing nine per cent to over $2.6 billion.

Chairman of the board of managing directors at Commerzbank Martin Blessing said that the company is "heading in the right direction".

"Over the last few months, we have managed to considerably reduce risks and balance sheet size," he stated, but warned that 2009 "will remain a challenging year".

Commerzbank, which provides financial packages for many German small and medium-sized enterprises, merged with Dresdner Bank in May of this year.

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