German lender Commerzbank AG (CRZBY.PK) reported first-quarter loss attributable to shareholders of 94 million euros, as against a profit of 355 million euros last year. Pre-tax loss stood at 24 million euros for the period, versus the prior year's 542 million eruos profit.
Quarterly Group revenues before loan loss provisions totaled 2.46 billion euros, compared with 2.58 billion euros a year before. In the first quarter of 2013, Commerzbank attained an operating profit of 469 million euros, down compared with 576 million euros last year, mainly due to the deterioration in the interest rate environment.
'Against the background of an economic and capital market environment that remains challenging we continue to assume that the operating profit in 2013 as a whole will be shaped by ongoing pressure on revenues, slightly increasing loan loss provisions and an investment-related increase in costs. We will continue the value-preserving reduction in the NCA segment provided the market environment remains positive. We continue to aspire to maintain a Common Equity Tier 1 ratio - taking into account the transitional regulations of Basel 3 - of significantly more than 9% throughout the whole of 2013,' said Stephan Engels,' the company said in a statement.
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