Commerzbank shares surge as Q1 profit jumps

Germany's second-biggest private lender, Commerzbank, said on Monday that its first-quarter net profit rose 40 percent to about €1.0 billion ($1.5 billion), sending its shares soaring in Frankfurt.

Commerzbank shares surge as Q1 profit jumps
Photo: DPA

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.


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Emergency numbers fail in several German states

Callers to the emergency numbers 110 and 112 weren’t able to reach operators Thursday morning in several German states.

The 112 emergency number on an ambulance.
The 112 emergency number on an ambulance. Photo: picture alliance/dpa | Boris Roessler

The emergency number 110 for police and 112 for fire crews failed around the country early Thursday morning, with callers unable to reach emergency operators for urgent assistance between about 4:30 am and 5:40 am local time.

The Office for Civil Protection and Disaster Aid is looking into these outages, which were reported in states including Lower Saxony, Baden-Württemberg, and  Brandenburg, and in major cities like Berlin, Cologne, Hamburg, and Frankfurt. Cologne was further affected by cuts to electricity, drinking water, and regular telephone services. Lower Saxony also saw disruptions to the internal phone networks of police and hospitals.

Emergency services are not reporting any more disturbances and people should be able to once again reach 110 and 112 around the country as normal.

Investigators are looking into the problem, but haven’t yet established a cause or any consequences that may have happened due to the outage. Provider Deutsche Telekom says they have ruled out the possibility of an attack by hackers.