Commerzbank AG — Earnings Release 2001

May 10, 2001

News Details

Ad-hoc | 10 May 2001 08:01

Ad hoc-Service: Commerzbank AG english

Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– After unsatisfactory developments in the fourth quarter 2000, the Commerzbank Group achieved a strong earnings turnaround in the first quarter 2001. Its pre- tax profit hit euro 309m, with the net profit, after deducting taxes and profits attributable to minority interests, reaching euro 168m. Compared to the first quarter 2000, which, due to the strong stock market was the best quarter ever, these results were around 50 percent lower. Strong growth in volume (total assets were up 7.2 percent to euro 493bn compared to end-2000) was reflected by net interest income (+19.6 percent). At the same time, both net commission income and the trading profit, due to the weaker turnover on the stock markets, did not reach the totals of a year earlier. Operating expenses once again registered a high growth rate (+19.4 percent), but were 12 percent less than in the previous quarter. Earnings per share were 0.32 euro versus 0.71 euro a year earlier. The Board of Managing Directors is confident that the earnings performance of the bank will continue to strengthen in the next few months. Profit and Loss Account in First Quarter 2001 (Q1 2000) in million euros: Net interest income 905 (757) + 19.6% Provisions for possible loan losses 152 (141) + 7.8% Net commission income 613 (751) – 18.4% Trading profit 300 (360) – 16.7% Result on financial investments 129 (67) + 92.5% Operating expenses 1430 (1198) + 19.4% Pre-tax profit 309 (598) – 48.3% Taxes on income 116 (217) – 46.5% Net profit 168 (364) – 53.8% (The complete interim report is available at website www.commerzbank.com) end of ad hoc announcement (c) DGAP 10.05.2001 ——————————————————————————– 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 100801 Mai 01