German bank back in black after crisis
Source: Agencies |
May 7, 2010, Friday
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Print Edition
Print Edition
COMMERZBANK AG rebounded to profitability in the first quarter, as big gains in trading stemmed a string of quarterly losses, the bank said yesterday.
Germany's second-biggest lender earned a net profit of 708 million euros (US$915 million) in the January-March period, compared with a loss of 864 million euros the year before.
The figure was helped by a major improvement in trading profits, which reached 850 million euros in the first quarter compared with a loss of 527 million euros last year.
"Overall, the first quarter of 2010 went better than originally anticipated," Chief Financial Officer Eric Strutz said in a statement.
"We have made considerable operational progress in all areas," he said, noting that efforts to cut costs and integrate Dresdner Bank "were also supported by the market recovery."
Commerz bought Dresdner from Allianz SE in 2009.
Other banks in Europe and the United States have also reported strong earnings for the first quarter and Commerzbank investors cheered the results, pushing shares up 2.9 percent to 5.88 euros in Frankfurt trading yesterday.
The bank's net interest income rose 12 percent to 1.88 billion euros in the quarter, compared with 1.69 billion euros a year earlier.
Germany's second-biggest lender earned a net profit of 708 million euros (US$915 million) in the January-March period, compared with a loss of 864 million euros the year before.
The figure was helped by a major improvement in trading profits, which reached 850 million euros in the first quarter compared with a loss of 527 million euros last year.
"Overall, the first quarter of 2010 went better than originally anticipated," Chief Financial Officer Eric Strutz said in a statement.
"We have made considerable operational progress in all areas," he said, noting that efforts to cut costs and integrate Dresdner Bank "were also supported by the market recovery."
Commerz bought Dresdner from Allianz SE in 2009.
Other banks in Europe and the United States have also reported strong earnings for the first quarter and Commerzbank investors cheered the results, pushing shares up 2.9 percent to 5.88 euros in Frankfurt trading yesterday.
The bank's net interest income rose 12 percent to 1.88 billion euros in the quarter, compared with 1.69 billion euros a year earlier.
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