Commerzbank Aktiengesellschaft
ots Ad hoc-Service: Commerzbank AG <DE0008032004> Commerzbank-Interim Report as of September 30, 2000: Pre-tax profits up 139 percent vs. a year ago
Frankfurt (ots Ad hoc-Service) -
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Commerzbank-Group pre-tax profits from January to September 2000 were 2,416m euros, or 139 percent, more than for the same period a year ago. After deducting taxes, which almost tripled, and the profits attributable to minority interests, there remained 1,438m euros (+129 percent) in profits. Earnings per share improved to 2.80 euros from 1.27 euros, and after-tax return on equity to 17.9 percent. Both net interest income after provisioning, up 13 percent, and net commission income, plus 37 percent, showed dynamic growth. Trading profit was 22 percent higher. The "other operating result" of 1,030m euros was in large part due to the IPO of comdirect bank AG. In the third quarter alone, pre-tax profits reached 518m euros (+141 percent more than a year ago).
The Board of Managing Directors expects a good result for the whole year 2000, substantially exceeding the bank's budgeted figures.
NOTE: The complete Interim Report will be presented today at 10:30 a.m. at a press conference (also to be broadcast via the Internet) in Frankfurt. Simultaneously it will also be made available in both German and English on the Internet at www.commerzbank.com.
Profit and Loss Statement of the Commerzbank Group (IAS) In million euros January - September Change in %
2000 1999
Net interest income 2,646 2,447 + 8.1
Provision for possible - 397 - 460 - 13.7 loan losses
Net interest income 2,249 1,987 + 13.2 after provisioning
Net commission income 2,075 1,511 + 37.3
Trading profit 751 614 + 22.3
Result on financial 164 94 + 74.5 investments
Operating expenses 3,853 3,190 + 20.8
Other operating result 1,030 - 5 .
Pre-tax profit 2,416 1,011 + 139.0
Taxes on income 931 332 + 180.4
Profit attributable -47 -51 -7.8 to minority interests
Net profit 1,438 628 + 129.0
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