Commerzbank is expecting to announce a 41%
year on year increase in first quarter net profits.

Germany’s second largest privately-owned
retail bank by branch network, said in its preliminary earnings
announcement that its net profit for the three months to 31 March
amounted to about €1bn ($1.5bn), compared with €790m in the
year-ago quarter.

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Commerzbank said that all its core bank segments generated
positive results in the three months to 31 March.

The bank expects to announce operating profits
of €1.1bn for the quarter ended March, which would mean an increase
of 42.7% from the corresponding quarter a year ago.

Commerzbank will publish its full first
quarter earnings on 6 May.

Key financials will
include:

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  • Gross revenues remain unchanged at
    €3.6bn;
  • A sharp year on year decline in loan loss
    provisions from €644m to €320m;
  • A marginal decline in operating expenses,
    down from €2.21bn in the first quarter of 2010 to just under
    €2.2bn;
  • A 17.3% year on year decline in total assets
    to about €700bn.