German-based Commerzbank has reported a third
quarter net profit of €113m ($157m) compared to a loss of €1.1bn in
the same period a year ago.
For the year to date, Commerzbank posted a net
profit of €1.13bn, having reported a loss of €2.68bn in the first
three quarters last year.
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Commerzbank’s retail focused Private Customers
unit returned to the black, with a pre-tax profit of €72m for the
year to date, compared to a loss of €143m for the corresponding
period last year.
Loan loss provisions were reduced by more than
one third in the third quarter of 2010 over the same period of the
previous year, to €621m.
The bank’s 11m-customer strong domestic retail
arm added a net 50,000 new customers during the third quarter; it
has targeted an additional 100,000 new customers in the fourth
quarter.
Mittelstandsbank, the bank’s SME lending
division, was the main driver for profitability in the nine month
to 30 September; third quarter pre-tax profits at the unit
increased from €10m last year to €456m.
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By GlobalData“The Private Customers segment is still
heavily burdened by the [Dresdner] integration, but this will
increasingly change with the conclusion of the data migration in
the second quarter [of] 2011,” said Commerzbank chairman Martin
Blessing.
The bank’s Eastern European division posted a
loss of €31m for the third quarter, a slight improvement from a
loss of €41m a year ago.
