UK-Regulatory: Commerzbank: Operating profit of EUR 469 m in the first quarter of 2013 - pre-tax profit includes all restructuring ch.

07.05.13 07:05
DGAP-UK Regulatory Service: Commerzbank AG / Quarter ResultsCommerzbank: OpeRating profit of EUR 469 m in the first quarter of2013 - pre-tax profit includes all restructuring charges07.05.2013 / 07:04---------------------------------THIS PRESS RELEASE AND THE INFORMATION CONTAINED HEREIN ARE NOT BEINGISSUED AND MAY NOT BE DISTRIBUTED IN THE UNITED STATES OF AMERICA, CANADA,JAPAN OR AUSTRALIA.
- Pre-tax profit of minus EUR 24 m in the first quarter of 2013 due to announced restructuring expenses of EUR 493 m; net profit of minus EUR 94 m - Revenues increase by 4.7% compared to fourth quarter of 2012, operating expenses 2.9% lower than in the previous quarter - Core Bank has increased operating profit by 36% over the previous quarter to EUR 556 m - NCA portfolio reduced by a further EUR 7.3 bn in the first quarter of 2013 - Blessing: 'We were able to increase our operating profit in the first quarter and have made considerable progress in the consistent reduction of our non-strategic activities'In the first quarter of 2013 Commerzbank attained an operating profit ofEUR 469 million (Q4 2012: minus EUR 40 million). The reasons for theincrease over the previous quarter were higher revenues, lower loan lossprovisions, as well as lower costs. In a year-on-year comparison, however,the operating profit decreased mainly due to the deterioration in theinterest rate environment (Q1 2012: EUR 576 million). In the Core Bank,which encompasses the strategically significant customer-centric businessof Commerzbank, the operating profit improved over the previous quarter toEUR 556 million (Q4 2012: EUR 408 million; Q1 2012: EUR 866 million).'We were able to increase our operating profit in the first quarter despitea very challenging environment with extremely low interest rates, and havemade further considerable progress in the consistent reduction of ournon-strategic activities. Furthermore, we have begun to implement theplanned investments in the future of the Bank. The clear focus this yearlies on the implementation of the strategic agenda. The positive effectsfrom this should increasingly become visible from the coming year onwards.Initial initiatives are already bearing fruit - in particular in thePrivate Customers business,' said Martin Blessing, Chairman of the Board ofManaging Directors of Commerzbank.Revenues increased with a simultaneous reduction in costs and lower loanloss provisionsThe Group's revenues before loan loss provisions in the first quarter of2013 were EUR 2,460 million (Q4 2012: EUR 2,349 million). This increaseresults from improved commission income and a rise in the trading result asa consequence of greater client activity. On the other hand the ongoingweak interest rate environment was one of the factors leading to lowerinterest income. The loan loss provisions in the Group declined by 56.5% toEUR 267 million in the first quarter of 2013 (Q4 2012: EUR 614 million).Thanks to recently initiated efficiency measures it was possible to reducethe operating expenses over the previous quarter by EUR 51 million to EUR1,724 million (Q4 2012: EUR 1,775 million).The pre-tax profit include the announced restructuring expenses of EUR 493million and in the first quarter of 2013 amounted to minus EUR 24 million(Q4 2012: minus EUR 225 million). In total Commerzbank posted a net profitof minus EUR 94 million (Q4 2012: minus EUR 726 million).Risk-weighted assets virtually unchanged, Core Tier 1 ratio at 11.5%The risk-weighted assets (RWA) increased over the previous quarter bynearly 1% to EUR 210 billion (Q4 2012: EUR 208 billion). In a year-on-yearcomparison, in contrast, the RWA declined by 5.9%. The total assets in theGroup increased versus the fourth quarter of 2012 to EUR 647 billion (Q42012: EUR 636 billion). Compared to the same period of the previous yearthis represents a decrease of 6.3%, however. The Core Tier 1 ratio declinedsince end of December 2012 by 0.5 percentage points to 11.5% yet remains ata comfortable level. The main reason for this was the first-timeapplication of new accounting regulations for pension commitments. Underfull application of Basel 3 the Common Equity Tier 1 ratio as of the end ofMarch would be 7.5%.'The Common Equity Tier 1 ratio under full application of Basel 3 should beincreased significantly by around 1 percentage point as a result of theplanned capital increase. Thus we will attain our target of 9% for thisCommon Equity Tier 1 ratio probably as early as the end of 2014,' saidStephan Engels, Chief Financial Officer of Commerzbank.Funding position remains comfortable Commerzbank remains in a comfortable funding situation. In the firstquarter of 2013 - in addition to the new 'Small and Mid-sized Enterprises(SME) Structured Covered Bond' with a volume of EUR 500 million, seniorunsecured bonds with a volume of EUR 700 million were successfully placedon the market. Within the context of meeting the requirements ofCommerzbank's branch network and for the further diversification of thefunding base, the Bank has the flexibility to procure funding from thecapital markets as opportunities arise. The funds from the three-yeartenders of the European Central Bank (LTRO I and II) were already repaid infull by Commerzbank in the first quarter.Profitability increases in the Core Bank, all operational Core Banksegments positiveThe operating profit of the Core Bank increased in the first quarter of2013 versus the previous quarter by 36.3% to EUR 556 million (Q4 2012: EUR408 million), with improvements in the results of the Private Customerssegment and in Corporates & Markets making major contributions to thisincrease. Moreover, the reduction of the default portfolio saw furtherprogress in the first quarter; the solid portfolio quality of the Core Bankhas thus seen a further improvement. The ratio of non-performing loans (NPLratio) decreased to 1.9%, following on from 2.1% in the previous quarterand 2.8% in the same quarter of the previous year.The Private Customers segment was able to more than double its operatingprofit in the first quarter of 2013 over the previous quarter, to EUR 70million (Q4 2012: EUR 25 million). The key factors for this were higherrevenues, and in particular in the securities business, thanks to greaterclient activity in the currently positive capital market environment. Theloan loss provisions rose as expected. The operating expenses weremaintained at a stable level over the fourth quarter of 2012 thanks toactive cost management. The impact of the ongoing reorientation of thePrivate Customers business also became tangible in the first quarter of2013: Thus the new business in construction financing was increased to morethan EUR 1.8 billion, the volume in asset management rose by 10%.Mittelstandsbank attained an operating profit of EUR 325 million (Q4 2012:EUR 374 million). The revenues before loan loss provisions declinedespecially due to positive valuation effects from restructured loans in thefourth quarter of 2012 which did not reoccur in the first quarter of 2013,the weak interest-rate environment, and a moderate demand for loans. Asexpected the loan loss provisions increased in the first quarter of 2013 toEUR 78 million. The operating expenses decreased over the fourth quarter of2012 by 6.6%, to EUR 325 million. The operational return on equity atMittelstandsbank in the first quarter was more than 22%, the cost-incomeratio in the operational business was less than 45%.The Central & Eastern Europe segment increased its operating profit overthe fourth quarter of 2012 to EUR 75 million (Q4 2012: EUR 42 million). Thedecisive factors here were lower loan loss provisions of EUR 6 million dueto successful restructuring and lower operating expenses of EUR 104million. The lower interest income as a result of the interest rate cuts bythe Polish Central Bank was compensated for by an increase in the tradingresult.Corporates & Markets was able to significantly increase its operatingprofit to EUR 271 million (Q4 2012: minus EUR 69 million). Seasonal effectsand the increase in client activity, and in particular in trading ininterest-rate derivatives and equity derivatives, led to higher revenues inthe first quarter of 2013. The operating profit also includes a smallpositive effect from the market valuation of Commerzbank's own liabilities('Own Credit Spread' - OCS) in the amount of EUR 25 million, after anegative OCS effect of minus EUR 118 million in the fourth quarter of 2012.In the first quarter of 2013 the loan loss provisions also saw netreversals of EUR 26 million. The operating expenses declined over theprevious quarter by 6.9% to EUR 338 million.Further progress with portfolio reduction in the Non-Core Assets segmentThe Non-Core Assets (NCA) segment was able to clearly reduce its loss overthe previous quarter to minus EUR 87 million (Q4 2012: minus EUR 448million). The main reason for this was a decrease in the loan lossprovisions by 65.8% to EUR 175 million. Despite the ongoing portfolioreduction it was possible to keep the revenues stable. In line with theportfolio reduction the operating expenses were lowered by 19.4% to EUR 83million. With regard to the portfolio reduction it was possible to achieveexcellent progress for the second quarter in a row: Especially theCommercial Real Estate and Public Finance portfolios were reduced furtherin the first quarter of 2013. In total the NCA portfolio has been loweredby EUR 7.3 billion since the end of 2012 to approximately EUR 143 billion,after approximately EUR 9 billion had already been reduced in the fourthquarter of 2012. Since the first quarter of 2012 it has been possible toreduce the portfolio in the field of Ship Finance by 10%, in the field ofCommercial Real Estate by 20%, and in Public Finance by 10%. At the sametime the portfolio quality was maintained.Outlook'Against the background of an economic and capital market environment thatremains challenging we continue to assume that the operating profit in 2013as a whole will be shaped by ongoing pressure on revenues, slightlyincreasing loan loss provisions and an investment-related increase incosts. We will continue the value-preserving reduction in the NCA segmentprovided the market environment remains positive. We continue to aspire tomaintain a Common Equity Tier 1 ratio - taking into account thetransitional regulations of Basel 3 - of significantly more than 9%throughout the whole of 2013,' said Stephan Engels.Excerpt from the consolidated profit and loss statement*
In EUR m                           Q1 2013   Q1 2012   Q4 2012      2012Net interest income                  1,356     1,694     1,728     6,487Provisions for loan losses            -267      -212      -614    -1,660Net commission income                  847       864       764     3,249Net trading income                     317       164      -383        89Net investment income                   -6      -176       250        81Current income on companies              8        11        12        46accounted for at equityOther income                           -62        21       -22       -77Income before loan loss              2,460     2,578     2,349     9,875provisionsOperating expenses                   1,724     1,790     1,775     7,029Operating profit or loss               469       576       -40     1,186Impairments of Goodwill                  -         -         -         -Restructuring expenses                 493        34         -        43Net gain or loss from sale of            -         -      -185      -268disposal groupsPre-tax profit or loss                 -24       542      -225       875Taxes                                   45       159       477       806Consolidated profit or loss            -94       355      -726       -34attributable to CommerzbankshareholdersCost/income ratio in operating        70.1      69.4      75.6      71.2business (%)
* Note:As of January 1, 2013 Commerzbank is applying the new accountingregulations from the International Accounting Standards (IAS).Consequently, among other things all interest income from trading is postedas part of the net interest income. To date this income has been posted aspart of the trading result. In the course of the new definition the Bankhas also decided to reclassify income components of the debt capitalmarkets business with commission characteristics. In the future these willno longer be stated in the trading result but in the net commission income.As of January 1, 2013 the new accounting regulations of IAS 19 were appliedfor the first time to the valuation of pension commitments. To ensurecomparability with the previous year the figures for 2012 have beenadjusted. The figures originally reported for the 2012 business year remainunchanged.*****Under you will find broadcast-ready video material withstatements by Stephan Engels from approximately 7am onwards.The videos can be viewed directly using mobile end devices..Statements Stephan Engels:*****Press contact: Simon Steiner +49 69 136 46646Nils Happich +49 69 136 44986Karsten Swoboda +49 69 136 22339*****About Commerzbank Commerzbank is a leading bank in Germany and Poland. It is also presentworldwide in all markets for its customers as a partner to the businessworld. With the business areas Private Customers, Mittelstandsbank,Corporates & Markets and Central & Eastern Europe, it offers its privateand corporate clients as well as institutional investors the banking andcapital market services they need. With some 1,200 branches Commerzbank hasone of the densest branch networks among German private banks. In total,Commerzbank boasts nearly 15 million private customers, as well as 1million business and corporate clients. In 2012, it generated revenues ofjust under EUR 10 billion with approximately 56,000 employees on average.*****Disclaimer The information contained herein serves information purposes and does notconstitute a prospectus or any offer for sale or subscription of orsolicitation or invitation of any offer to buy or subscribe for anysecurities for the purposes of EU Directive 2003/71/EC. Securities willsolely be offered on the basis of a prospectus or other offering circularto be issued by the company in connection with such offering. Subject toapproval by the German Federal Financial Services Supervisory Authority, aprospectus will be available free of charge from COMMERZBANKAktiengesellschaft (Kaiserstraße 16 (Kaiserplatz), 60311 Frankfurt am Main)and on the website of COMMERZBANK Aktiengesellschaft The securities will be offered exclusively on thebasis of the prospectus required to be approved by the Federal FinancialServices Supervisory Authority.This press release does not constitute an offer to sell securities, or asolicitation of an offer to buy securities, in the United States ofAmerica. Securities may not be offered or sold in the United States ofAmerica absent registration or an exemption from registration under theU.S. Securities Act of 1933, as amended (the 'Securities Act'). Thesecurities of COMMERZBANK Aktiengesellschaft described herein have not beenand will not be registered under the Securities Act, or the laws of anyState, and may not be offered or sold within the United States, exceptpursuant to an exemption from, or in a transaction not subject to, theregistration requirements of the Securities Act and applicable State laws.COMMERZBANK Aktiengesellschaft does not intend to register any portion ofthe offering in the United States or conduct a public offering ofsecurities in the United States.This press release is for information purposes only and does not constitutean offer document or an offer of transferable securities to the public inthe U.K. to which section 85 of the Financial Services and Markets Act 2000of the U.K. ('FSMA') applies and should not be considered as arecommendation that any person should subscribe for or purchase any of theSecurities. The Securities will not be offered or sold to any person in theU.K. except in circumstances which have not resulted and will not result inan offer to the public in the U.K. in contravention of section 85(1) ofFSMA.The communication of this document is restricted by law; it is not intendedfor distribution to, or use by any person in, any jurisdiction where suchdistribution or use would be contrary to local law or regulation.This press release is not being distributed by, nor has it been approvedfor the purposes of section 21 of FSMA by, a person authorised under FSMA.This document is being communicated only at (I) persons who are outside theUnited Kingdom (II) to investment professionals falling within Article19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)Order 2005, as amended (the 'Order') or (III) high net worth companies andother persons within the categories described in Article 49(2)(a) to (d) ofthe Order (all such persons together being referred to as 'RelevantPersons').Any person who is not a Relevant Person should not act or rely on thisdocument or any of its contents. The Securities are available only to, andany invitation, offer or agreement to purchase will be engaged in only withRelevant Persons. Persons in possession of this document are required toinform themselves of any relevant restrictions. No part of this documentshould be published, reproduced, distributed or otherwise made available inwhole or in part to any other person without the prior written consent ofCOMMERZBANK Aktiengesellschaft.This release contains forward-looking statements. Forward-lookingstatements are statements that are not historical facts. In this release,these statements concern the expected future business of Commerzbank,efficiency gains and expected synergies, expected growth prospects andother opportunities for an increase in value of Commerzbank as well asexpected future financial results, restructuring costs and other financialdevelopments and information. These forward-looking statements are based onthe management's current expectations, estimates and projections. They aresubject to a number of assumptions and involve known and unknown risks,uncertainties and other factors that may cause actual results anddevelopments to differ materially from any future results and developmentsexpressed or implied by such forward-looking statements. Such factorsinclude the conditions in the financial markets in Germany, in Poland,elsewhere in Europe and other regions from which Commerzbank derives asubstantial portion of its revenues and in which Commerzbank holds asubstantial portion of its assets, the development of asset prices andmarket volatility, potential defaults of borrowers or tradingcounterparties, the implementation of Commerzbank's strategic initiatives,the reliability of Commerzbank's risk management policies, procedures andmethods, and other risks. Forward-looking statements therefore speak onlyas of the date they are made. Commerzbank has no obligation to periodicallyupdate or release any revisions to the forward-looking statements containedin this release to reflect events or circumstances after the date of thisrelease.Contact:Commerzbank AGGroup CommunicationsTel.: +49 69 136 - 22830mediarelations@commerzbank.comEnd of UK-Regulatory news---------------------------------07.05.2013 DGAP's Distribution Services include RegulatoryAnnouncements, Financial/Corporate News and Press Releases.Media archive at and English Company: Commerzbank AG Kaiserplatz 60261 Frankfurt am Main Germany Phone: +49 (069) 136 20 Fax: - E-mail: Internet: ISIN: DE000CBK1001 WKN: CBK100 Indices: DAX, CDAX, HDAX, PRIMEALL Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München, Stuttgart; Terminbörse EUREX; London, SIX Category Code: MSC LSE Ticker: CZB Sequence Number: 1443 Time of Receipt: May 07, 2013 07:00:30 End of News DGAP News-Service --------------------------------- 209917 07.05.2013


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