Commerzbank AG — Earnings Release 2001

Nov 9, 2001

News Details

Ad-hoc | 9 November 2001 08:14

Commerzbank AG english

Commerzbank’s interim report as of September 30, 2001 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Commerzbank’s interim report as of September 30, 2001 In a year-on-year comparison, the Commerzbank Group’s earnings fell by 11.5% in the first nine months of 2001, while operating expenses rose 13.4% over the same period. Net interest income before provisioning registered a slight increase of 1.8%, but net commission income and the trading profit were down by 14.0% and 16.9%, respectively. A pre-tax profit of 226 million euros remains and an after-tax profit of 78 million euros, or 0.15 euros per share. With the immediate cost-cutting measures now having their first effects, the board of managing directors believes that operating expenses will fall well short of their budgeted level for 2001 as a whole. As things stand today, the parent bank at least will achieve a result – even with the provisions for restructuring costs taken into consideration – that enables it to pay a dividend. In the third quarter alone, stock-market weakness and the cyclically-induced rise in provisioning produced a negative net result of 184 million euros. Key income statement items: January-September 2001 (Jan.-Sept. 2000 in parentheses) in million euros: Net interest income 2,693 (2,646) + 1.8% Provisioning 571 (397) + 43.8% Net commission income 1,785 (2,075) – 14.0% Trading profit 624 (751) – 16.9% Result on financial investments 105 (164) – 36.0% Other operating result – 42 (1,030) . Operating expenses 4,368 (3,853) + 13.4% Pre-tax profit 226 (2,416) – 90.6% Taxes on income 82 (931) – 91.2% Minority interests 66 (47) + 40.4% After-tax profit 78 (1,438) – 94.6% Interim report: http://www.commerzbank.de/navigate/irel_frm.htm end of ad-hoc-announcement (c)DGAP 09.11.2001 ——————————————————————————– WKN: 803200; Index: DAX Listed: Amtlicher Handel in Berlin, Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, München und Stuttgart; Schweizer Börse (Hauptsegment); London, New York (ADR), Tokio 090814 Nov 01