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Commerzbank shares surge as Q1 profit jumps

The Local · 2 May 2011, 16:43

Published: 02 May 2011 16:43 GMT+02:00

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The result beat forecasts, with analysts surveyed by Dow Jones Newswires forecasting an average net profit of €751 million, up from €708 million in the first quarter of 2010.

According to preliminary estimates, operating profits were €1.1 billion, up from €771 million in the year-earlier period, the bank said in a statement. Revenues were €3.6 billion.

With the news, Commerzbank shares gained more than three percent, and by late morning were up 2.42 percent to €4.40, making the stock the strongest performer on the blue chip DAX 30.

The bank was one of the biggest German casualties of the global financial crisis and was rescued in 2009 with €16.2 billion in state money, leaving the government with a 25 percent stake.

Last month Commerzbank said it planned to pay most of the aid back by June.

Story continues below…


The Local (news@thelocal.de)

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Your comments about this article

15:13 May 3, 2011 by Universalismus
Last month Commerzbank said it planned to pay most of the aid back by June.

Did I hear that right? Pay back?

Did you hear that U.S. Banks?
19:25 May 3, 2011 by toemag
I wonder what the interest rate will be, if you borrow from the bank you pay interest on that loan to, right???
22:47 May 4, 2011 by Universalismus

Let the interest rate on the loan be anything. Let the loan not have added interest. Just alone, the fact that the bank is paying back THE loan is something that U.S. banks are not doing with the bailout package. Or are they? Correct me if there is some update that I haven't read.

Im never investing in an American backed bank ever.
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