Commerzbank Aktiengesellschaft
ots Ad hoc-Service: Commerzbank AG <DE0008032004> Interim Results as of 30 June 2000: Commerzbank earnings leap
Frankfurt (ots Ad hoc-Service) -
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Commerzbank Group's pre-tax profit in the first half of 2000 reached Euro 1,898m. That is 138% higher than for the same period a year ago and already exceeds all of 1999's earnings by 38%. This extraordinary leap in earnings is based in part on "other operating income" totaling Euro 834m, derived mainly from the sale and placement of shares of subsidiary comdirect bank AG. Even without those extra earnings, pre-tax results would still be 30% higher than in the good first half of 1999. In the second quarter alone, the pre-tax profit reached Euro 1,300m (first quarter: Euro 598m).
Martin Kohlhaussen, chairman of Commerzbank's board of managing directors, said he was very satisfied with the bank's half-year results. "These figures prove that Commerzbank measures up to even the most profitable banks in Europe. Therefore we regard ourselves as well equipped to meet the challenges of the changing banking market."
Note: The complete interim report (after IAS) will be available on 10 August.
Income statement of the Commerzbank Group (IAS)
in Euro million January-June percentage change
2000 1999
Net interest income 1,696 1,693 + 0.2
Provision for possible - 256 - 307 - 16.6 loan losses
Net interest income 1,440 1,386 + 3.9 after provisioning
Net commission income 1,423 957 + 48.7
Trading profit 600 391 + 53.5
Result on financial 71 102 - 30.4 investments
Operating expenses 2,470 2,040 + 21.1
Other operating result 834 0 .
Pre-tax profit 1,898 796 +138.4
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