Commerzbank AG — Earnings Release 2001

Feb 4, 2002

News Details

Ad-hoc | 4 February 2002 14:04

Commerzbank AG english

Commerzbank Results 2001: Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Commerzbank Results 2001: – Cost-cutting offensive starts to grip – 40 cents/share dividend recommended – 283m euro in restructuring costs The Commerzbank Group last year achieved a pre-tax profit of 37m euros, with a net profit of 92m euros. The still provisional figures also include a high one- off expense of 283m euros for restructuring costs. As Klaus-Peter Müller, chairman of the bank’s board of managing directors, reported to the supervisory board on February 4, a dividend of 0.40 euros, half that of the previous year, will also be recommended. With total assets topping 510bn euros, up more than 10 percent, net interest income increased a good two percent. At the same time, provisions for possible loan losses, in light of weaker economic performance, increased more than one- third to 935m euros. The lower net commission income (minus 16 percent) contrasts with the 20 percent higher trading profit, partially due to the first- time application of IAS 39. As a result of increased cost-cutting measures, the growth rate in operating expenses slowed from 18 percent in the first half of the year to less than seven percent for the year as a whole. In the Other operating result, the minus 179m euro includes both amortization of goodwill and a special charge for the German Industry Foundation Initiative (Stiftungsinitiative der deutschen Wirtschaft) for paying compensation to WWII forced-labor victims. The Board sees its dividend recommendation as an expression of confidence in 2002. For the current year the Bank, in light of its initiated restructuring measures, plans a clear improvement in its earnings. end of ad-hoc-announcement (c)DGAP 04.02.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Commerzbank Group Income Statement 2001 (unaudited) in million euros: 2001 2000 Net interest income before provisioning 3597 3516 Provision for possible loan losses – 935 – 685 Net commission income 2277 2724 Trading profit 1146 949 Hedging profits 66 — Result on financial investments 200 80 Operating expenses – 5852 – 5477 Other operating result – 179 1127 Profit from ordinary activities 320 2234 Restructuring expenses – 283 — Pre-tax profit 37 2234 Taxes on income 110 – 823 Profit/loss attributable to minority interests – 55 – 69 Net profit 92 1342 Cost/income ratio without restructuring 82.3% 65.2% Cost/income ratio with restructuring 86.3% ——————————————————————————– WKN: 803200; ISIN: DE0008032004; Index: DAX Listed: Amtlicher Handel in Berlin, Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, München und Stuttgart; Schweizer Börse (Hauptsegment); London, New York (ADR), Tokio 041404 Feb 02