Commerzbank AG — Earnings Release 2002

Aug 8, 2002

News Details

Ad-hoc | 8 August 2002 07:56

Commerzbank AG english

Commerzbank stays in the black Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Commerzbank stays in the black The Commerzbank Group ended the first half of 2002 with a pre-tax profit of 178 million euros. With earnings per share at 0.14 euros, its return on equity is 1.3%; its cost/income ratio stands at 78.5%. Even in the difficult second quarter, the bank`s operating business remained in the black. This result was achieved even though provisioning was increased by more than 70% to 562 million euros. Thanks to further substantial efforts to cut costs, administrative expenses were reduced by 7% in a year-on-year comparison. In the bank`s interim report, therefore, the board of managing directors say they expect to be able to meet the target of no more than 5.5 billion euros for administrative expenses in the year as a whole. They also add that only given a far more positive market environment will it be possible to achieve the self-set goal of a pre-tax operating profit of between 700 and 800 million euros. However, the bank also points out that a sizeable tax-exempt item of 700 million euros will be generated, probably in the third quarter, through the integration of Rheinhyp into the new Eurohypo. Key income statement items (in million euros): 1st half 2002 1st half 2001 2nd quarter 1st quarter 2002 Net interest income: 1,734 1,834 861 873 Provisioning: -562 -329 -308 -254 Net commission income: 1,129 1,216 554 575 Trading profit: 417 602 104 313 Result on investments/ securities: 152 179 60 92 Operating expenses: 2,706 2,909 1,308 1,398 Pre-tax profit: 178 569 25 153 Net profit: 74 302 2 72 The full interim report is available on the internet at: http://www.commerzbank.com/navigate/irel_frm.htm. end of ad-hoc-announcement (c)DGAP 08.08.2002 ——————————————————————————– WKN: 803200; ISIN: DE0008032004; Index: DAX Listed: Amtlicher Markt in Berlin, Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, München und Stuttgart; Schweizer Börse (Hauptsegment); London, New York (ADR), Tokio 080756 Aug 02