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Tags: EU | Germany | Earns | Commerzbank

Commerzbank's 1st-Quarter Earnings Jump 40 Percent

Monday, 02 May 2011 01:18 PM

German bank Commerzbank AG says its first-quarter profits improved to about 1 billion euros ($1.48 billion) while provisions for bad loans declined.

The provisional net profit figure released Monday by Commerzbank compared with earnings of 708 million euros in the January-March period of last year.

Commerzbank says loan-loss provisions were "significantly lower" than a year earlier at 320 million euros. The bank's gross revenues came in at about 3.6 billion euros.

Commerzbank's full quarterly earnings report is due on Friday.

The bank last month announced plans to repay 14.3 billion euros in aid from the German government by June, saying it aims to return most of the money it received at the height of the financial crisis with the help of a capital increase.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
German bank Commerzbank AG says its first-quarter profits improved to about 1 billion euros ($1.48 billion) while provisions for bad loans declined.The provisional net profit figure released Monday by Commerzbank compared with earnings of 708 million euros in the...
EU,Germany,Earns,Commerzbank
124
2011-18-02
Monday, 02 May 2011 01:18 PM
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