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.
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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:
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By GlobalData- 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.
