Commerzbank 1Q11 net profit up 41%

Commerzbank is expecting to announce a 41%
year on year increase in first quarter net profits.

Germany’s second largest privately-owned
retail bank by branch network, said in its preliminary earnings
announcement that its net profit for the three months to 31 March
amounted to about €1bn ($1.5bn), compared with €790m in the
year-ago quarter.

Commerzbank said that all its core bank segments generated
positive results in the three months to 31 March.

The bank expects to announce operating profits
of €1.1bn for the quarter ended March, which would mean an increase
of 42.7% from the corresponding quarter a year ago.

Commerzbank will publish its full first
quarter earnings on 6 May.

Key financials will
include:

• Gross revenues remain unchanged at
  €3.6bn;
• A sharp year on year decline in loan loss
  provisions from €644m to €320m;
• A marginal decline in operating expenses,
  down from €2.21bn in the first quarter of 2010 to just under
  €2.2bn;
• A 17.3% year on year decline in total assets
  to about €700bn.

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