Commerzbank Aktiengesellschaft
ots Ad hoc-Service: Commerzbank AG <DE0008032004> Commerzbank achieves new dimension of strength
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Commerzbank achieves new dimension of strength
At a supervisory board meeting on July 10, the chairman of Commerzbank's board of managing directors, Martin Kohlhaussen, reported on the current state of talks with Dresdner Bank on partner-like cooperation. No concrete resolutions were on the agenda and none were taken.
At the same meeting, the supervisory board was informed about the bank's earnings performance. Commerzbank had presented the best results in its history for the first quarter of the year: practically 364m euros, or 40% of its entire year-earlier profit. "The second quarter will be even better due to the IPO of comdirect bank - Europe's most successful discount broker - and, in this connection, the other operating income achieved in June," said Mr.Kohlhaussen. "However, no definitive figures are available yet. But it is clear that we already achieved our ambitious targets of a 15% return on equity, a 60% cost/income ratio and a 6% core capital ratio in the first half of the current year."
In the Commerzbank Group's income statement for the January to May period, net interest income shows a distinct upward trend. Whereas after three months there was still a decline of almost 18%, it is now at its year-ago level. Net interest income after provisioning amounted to 1.19bn euros. Net commission income reached exactly the same amount; it rose by 54%.
All told, the income of 2.94bn euros in the first five months was 26% higher than a year previously. At the same time, operating expenses advanced by 21% to 2.03bn euros. This left a pre-tax profit of 896m euros, 36% more than in the first five months of last year. The group's total assets were 11.5% stronger than at end-1999, reaching almost 415bn euros.
"These figures confirm once again that the strategic moves of the past few years are now proving successful and have taken Commerzbank to a new dimension of strength," claimed Mr.Kohlhaussen. "Our measures to restructure and streamline the bank during the nineties - especially in the branch network - have been systematically implemented and are now bearing fruit."
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