With an operating profit of EUR 1.14 billion in the first quarter of 2011, Commerzbank has gotten off to a very good start into the current financial year (first quarter 2010: EUR 771 million). At around EUR 3.6 billion, gross revenues were roughly on par with the same quarter last year.
Due to the continued derisking, and supported by the favourable economic development, loan loss provisions fell by more than half to EUR 318 million from EUR 644 million in the first quarter of 2010. Net profit (including minorities) of roughly EUR 1.0 billion represented a 41 % increase year-on-year.
The core bank with the operating segments Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe, generated an operating profit of approximately EUR 1.2 billion overall, after EUR 695 million a year earlier. This includes extraordinary gains of EUR 358 million from capital optimisation measures successfully implemented at the beginning of 2011. All segments of the core bank concluded the first quarter 2011 on a positive note. The Portfolio Restructuring Unit was also profitable. In Asset Based Finance, the continued derisking had a negative impact on results.
Martin Blessing, Chairman of the Board of Managing Directors of Commerzbank, said:
"From January to March 2011 we achieved our best quarterly results to date. Our very good start into the current year shows the potential of the Bank in normalised markets. Once again, Mittelstandsbank and Corporates & Markets delivered a strong earnings contribution. In our Private Customers business, we have made significant progress. In Central & Eastern Europe the positive trend has stabilised. Moreover, at the end of May 2011, after only 1,000 days, we will have completed the Dresdner Bank integration project."
Following the finalisation of the largest integration project ever seen within the German banking sector, just under 400 branch pairs will be merged by the end of 2012.