Commerzbank sees return to profit

7 May 2010

German financial services provider Commerzbank has recorded a profit for the first time since 2008, according to its figures for the first quarter of 2010.

Statistics released by the bank revealed that it posted a profit of €708 million ($915 million) during the first three months of the year.

The figure was higher than the €864 million loss the financial institution recorded during the same period in 2009.

According to the bank, an increase in trading profits - from minus €527 million in the first quarter of last year to €850 million in the first three months of 2010 - helped boost the firm’s balance sheet.

Eric Strutz, chief financial officer, said: “Overall, the first quarter of 2010 went better than originally anticipated. We have made considerable operational progress in all areas.

“This shows the successes achieved in implementing the 'Roadmap 2012', which were also supported by the market recovery. In addition, we saw increasingly positive effects from the Dresdner Bank integration.”

Martin Blessing, chairman of the Board of Managing Directors of Commerzbank, added that the bank expects to record an operating profit of €4 billion by 2012.

According to the bank, better guidance on the institution’s likely full year performance will be available when its half year results are published in August.

By Jim Ottewill

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