DGAP-News

Operating profit increased to more than EUR 1 bn in first half of 2015

DGAP-News: Commerzbank AG / Key word(s): Half Year Results
Operating profit increased to more than EUR 1 bn in first half of 2015

03.08.2015 / 07:07

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- Operating profit in Group increased to EUR 1,070 m (first half of 2014:
EUR 581 m); in second quarter at EUR 385 m (Q2 2014: EUR 257 m)

- Revenues before loan loss provisions in Core Bank improved by
approximately 14% to EUR 5.1 bn in first half (first half of 2014: EUR
4.5 bn) - revenues in all Core Bank segments higher than in first half
of 2014 despite adverse interest rate environment

- Operating expenses in Group at EUR 1,753 m in second quarter of 2015
(Q2 2014: EUR 1,727 m)

- Net profit more than doubled to EUR 646 m (first half of 2014: EUR 300
m); net profit improved to EUR 280 m in second quarter of 2015 (Q2
2014: EUR 100 m)

- NCA with substantial portfolio run-down of EUR 1.0 bn in CRE and of EUR
1.8 bn in Ship Finance division - successful CRE transactions totalling
EUR 2.9 bn will be visible in third quarter of 2015

- Loan loss provisions of EUR 280 m in Group in second quarter of 2015
(Q2 2014: EUR 257 m) and thus still at low level

- Capital ratio CET 1 increased to comfortable level of 10.5% as of end
of June 2015 (end of March 2015: 9.5%)

- Blessing: "The substantially improved operating profit in the first six
month of the year is clear testimony to the successful turnaround
achieved by Commerzbank."

Commerzbank improved its operating profit in the first half of 2015
compared to the previous year by more than 80% to more than EUR 1 billion
and increased the capital ratios to a comfortable level for the business
model of Commerzbank. The operating profit in the Group in this period
amounted to EUR 1,070 million (first half of 2014: EUR 581 million). In the
second quarter of 2015, the operating profit improved substantially to EUR
385 million (Q2 2014: EUR 257 million). The revenues before loan loss
provisions in the Group also increased considerably in the first half of
2015, to EUR 5.2 billion (first half of 2014: EUR 4.5 billion). In total,
the second quarter of 2015 contributed EUR 2.4 billion to this result (Q2
2014: EUR 2.2 billion). The loan loss provisions in the second quarter of
2015 were EUR 280 million (Q2 2014: EUR 257 million). The ongoing low level
is based on the high quality of the loan book and on the ongoing good state
of the German economy. In the second quarter of 2015 the operating expenses
amounted to EUR 1,753 million (Q2 2014: EUR 1,727 million). There were