Commerzbank AG — Earnings Release 2003

May 7, 2003

News Details

Ad-hoc | 7 May 2003 07:42

Commerzbank AG english

Commerzbank’s interim report as of March 31, 2003 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Commerzbank’s interim report as of March 31, 2003 – operating profit of 172m euros – marked improvement in trading profit – risk situation less acute – costs almost 16% down on year-ago level – restructuring expenses already fully taken into account After an encouraging start to the year, with an operating profit of 172m euros, the Commerzbank Group was back in the black again in the first quarter of 2003, almost reaching the level achieved in the first three months of 2002. Both net interest income and net commission income recovered after the weak previous quarter. There was an especially marked improvement in the bank`s trading profit, which rose to 231m euros. Provision for possible loan losses, at 252m euros, was somewhat higher than the amount set aside a year earlier. However, the actual need to provide for possible loan losses was far less pressing as the situation regarding risk has become less acute. The overall result was positively influenced by operating expenses declining for the fifth quarter in a row (1,179m euros). The bank`s management board resolved to make provision in the first quarter for the entire foreseeable restructuring expenses of 104m euros under its second cost-cutting offensive. Even so, a positive result in the form of a pre-tax profit of 38m euros remained. end of ad-hoc-announcement (c)DGAP 07.05.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Selected items from income statement (in Euro m): 1st quarter 03 1st quarter 02*) 4th quarter 02 Net interest income 705 873 678 Provision for possible loan losses (252) (254) (323) Net commission income 520 575 490 Trading profit 231 313 91 Net result on investments and securities portfolio 105 92 291 Operating expenses (1,179) (1,398) (1,220) Operating profit 172 181 32 Restructuring expenses (104) – (177) Pre-tax profit 38 153 (417) Net profit/loss 3 72 (243) Minus figures appear in parentheses. *) Figures for 1st quarter 2002 still include Rheinhyp; on an adjusted basis, net interest income amounts to 763m euros, provision for possible loan losses 240 million euros and operating expenses 1,368 million euros. The complete interim report is available on the internet at http://www.commerzbank.com/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 070742 Mai 03