Commerzbank reports rising profits

by Richard Kilner

Story link: Commerzbank reports rising profits

Commerzbank has released its financial results for the second quarter of 2010, during which it recorded an operating profit of €243m, a return to the black after a loss of €223m in the same quarter last year.

In the first half of the year the bank made an operating profit of €1bn, with net profits attributable to shareholders of €1.1bn (an improvement on the corresponding period in 2009 of approximately €2.7bn).

In the second quarter net profit was recorded at €352m, half that of the €708m net profit of Q1, but dramatically better than the Q2 2009 net loss of €201m.

Gross revenues increased marginally, up from €3bn to €3.1bn, but fell by 14% compared to the first quarter.

Commerzbank’s Martin Blessing has said that although the firm performed well in the first six months of the year it still faces a challenging time ahead.

However, Blessing did forecast that, should the market be stable, Commerzbank would achieve a net profit for 2010 as a whole.