Commerzbank Turns To Profit In Q1 - Quick Facts

Commerzbank AG (CRZBY.PK) reported that its first-quarter consolidated profit attributable to shareholders was 133 million euros compared to a loss of 291 million euros in the prior year.

Total operating profit was 538 million euros compared to an operating loss of 278 million euros in the prior year. It more than compensated for the restructuring charges of 465 million euros booked in the first quarter.

Revenues for the first quarter increased 35% to 2.49 billion euros from last year, primarily on the basis of a strong net commission income and positive valuation effects. The underlying revenues, excluding exceptional items, rose to 2.31 billion euros from 2.02 billion euros in the prior year.

Commerzbank had already agreed a voluntary redundancy program on a headcount reduction of 1,700 full-time equivalents for 2021.

The company said revenues should slightly exceed the previous year. While uncertainty of the further development of the pandemic remains, a risk result in the range from minus 0.8 billion euros to minus 1.2 billion euros is anticipated. Based on current observations, a risk result up to minus 1 billion euros is likely.

Commerzbank expects a positive operating result. The expectations are based on the assumption that there is no fundamental change affecting the Swiss francs loan portfolio at mBank.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration approved Boehringer Ingelheim Pharmaceuticals, Inc.'s Pradaxa (dabigatran etexilate) oral blood thinning medication for children. Pradaxa is the first FDA-approved blood thinning medication that children can take by mouth. The only other approved blood thinning medication for children is given by injection. Amazon.com Inc.'s two-day Prime Day event is happening now with more than 2 million deals on offer. The e-commerce giant's biggest shopping extravaganza of the year started June 21 at 3 a.m. EDT and runs for 48 hours, through June 22. Prime Day 2021 will feature the largest number of deals ever offered in the seven year history of the Prime Day Celebrations. New deals are being launched throughout The European Commission announced Tuesday that it has opened a formal antitrust investigation to assess whether Google has violated EU competition rules by favoring its own online display advertising technology services in the so called "ad tech" supply chain, to the detriment of competing providers...
Follow RTT