Commerzbank returns to the black in Q1
by Richard Kilner
Story link: Commerzbank returns to the black in Q1
Commerzbank has published its financial performance results for the first three months of 2010.
The German financial institution recorded an operating profit of €771m, up hugely from the loss of €595m incurred during Q1 2009.
Gross revenues surged upwards by 56%, to reach €3.6bn, with net profits recorded at €708m, a €1.5bn improvement on the €864m net loss suffered during the corresponding period last year.
It also marks an even bigger turn around from the huge Q4 2009 loss of €1.9bn, a loss that was partially attributed to the costs of integrating Dresdner Bank.
Chairman of the Board of Managing Directors Martin Blessing has said that although Commerzbank has not yet achieved its objectives, its positive results do indicate that it remains on the right track.
Blessing went on to predict that 2010 would see the core bank in the black, with profit achieved at the group level by the end of 2011 at the latest.