Commerzbank AG — Earnings Release 2003

Aug 6, 2003

News Details

Ad-hoc | 6 August 2003 07:47

Commerzbank AG english

Commerzbank`s interim report as of June 30, 2003 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Commerzbank`s interim report as of June 30, 2003 – 366m euros operating profit in 1st half – turnaround confirmed by further improvement in Q2 In the first half of 2003, the Commerzbank Group achieved an operating profit of 366m euros, 56% stronger than the corresponding year-ago result. The second quarter confirmed the turnaround at the start of the year; at 194m euros, the operating profit was again higher than in the first quarter, climbing by almost 13%. As no more restructuring expenses had to be borne, the consolidated profit improved – despite considerably higher taxes on income – from 3m euros in the first quarter to 70m euros. While net interest income recovered further and net commission income was barely changed, the bank was able to raise its trading profit again in the second quarter to 278m euros. For prudential reasons, provisioning was increased to 303m euros. The reduction of operating expenses continues to proceed fully according to plan. In view of these figures, the management board confirm in the interim report that the bank will be back in the black in 2003 as a whole and will be able to lay the foundations for a sustained upward trend. end of ad-hoc-announcement (c)DGAP 06.08.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Selected income statement items (in million euros): 1st half 2003 1st half 2002 2nd quarter 1st quarter 2003 Net interest income 1,451 1,734 746 705 Provision for (555) (562) (303) (252) possible loan losses Net commission income 1,036 1,129 516 520 Trading profit 509 417 278 231 Net result on investments/ securities portfolio 159 152 54 105 Operating expenses 2,320 2,706 1,141 1,179 Operating profit 366 235 194 172 Regular amortization of Goodwill 60 57 30 30 Profit from ordinary Activities 306 178 164 142 Restructuring expenses 104 – – 104 Pre-tax profit 202 178 164 38 Taxes on income 80 58 78 2 Consolidated profit 73 74 70 3 Minus figures appear in parentheses. The complete interim report is available on the internet at http://www.commerzbank.de/aktionaere/konzern/index.html . ——————————————————————————– WKN: 803200; ISIN: DE0008032004; Index: DAX Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München und Stuttgart; Schweizer Börse (Hauptsegment); London; New York (ADR); Tokio 060747 Aug 03