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DGAP-News: Commerzbank AG / Key word(s): Quarter Results Commerzbank: Operating profit of EUR 469 m in the first quarter of 2013 - pre-tax profit includes all restructuring charges

07.05.2013 / 07:00

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- Pre-tax profit of minus EUR 24 m in the first quarter of 2013 due to announced restructuring expenses of EUR 493 m; net profit of minus EUR 94 m

- Revenues increase by 4.7% compared to fourth quarter of 2012, operating expenses 2.9% lower than in the previous quarter

- Core Bank has increased operating profit by 36% over the previous quarter to EUR 556 m

- NCA portfolio reduced by a further EUR 7.3 bn in the first quarter of 2013

- Blessing: 'We were able to increase our operating profit in the first quarter and have made considerable progress in the consistent reduction of our non-strategic activities'

In the first quarter of 2013 Commerzbank attained an operating profit of EUR 469 million (Q4 2012: minus EUR 40 million). The reasons for the increase over the previous quarter were higher revenues, lower loan loss provisions, as well as lower costs. In a year-on-year comparison, however, the operating profit decreased mainly due to the deterioration in the interest rate environment (Q1 2012: EUR 576 million). In the Core Bank, which encompasses the strategically significant customer-centric business of Commerzbank, the operating profit improved over the previous quarter to EUR 556 million (Q4 2012: EUR 408 million; Q1 2012: EUR 866 million).

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DGAP-News: Commerzbank: Operating profit of EUR 469 m in the first quarter of 2013 - pre-tax profit includes all ...