04.05.2000 – 08:12

Commerzbank Aktiengesellschaft

ots Ad hoc-Service: Commerzbank AG <DE0008032004> Interim report as of March 31, 2000: Commerzbank achieves record result

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Interim report as of March 31,
2000: Commerzbank achieves record result

The  Commerzbank Group began the year 2000 with outstanding
earnings figures. At Euro 598m, its pre-tax profit was 27.2% 
stronger than the already high year-earlier result, easily topping
the previous all-time record registered in the first quarter of 1998.
After tax expenses and minority interests have been deducted, a
profit of Euro 364m remains (+7.1%); this  represents Euro 0.71 per
share (Euro  0.69 a year previously). The after-tax return on equity
of 13.6% came fairly close to the targeted 15%. In view of these
results, the bank's board of managing directors are confident as
regards the rest of the year. In the interim report, they write:"The
development of operative earnings is very encouraging; the strong
increases in net commission income and the trading profit show that
we are on the right course in both investment banking and branch
business."

For the first time, net commission income exceeded net interest
income. Due above all to a virtual doubling of commissions on
securities transactions effected on behalf of customers and
successful asset-management activities, net commission  income
expanded by almost 65% to Euro 751m. At Euro 616m, net interest
income after provisioning, for which a pro-rata amount of  Euro 141m
was set aside, was slightly less than 20% lower than the high
year-earlier figure, which was boosted by special influences. The
trading profit showed further strong improvement, at Euro 360m
(+91.5%). On the other hand, the rise in costs was slowed
considerably; while operating expenses of Euro 1,198m were as much as
21.4% higher than in the first  quarter of 1999, they were 6.8% down
on the final quarter of the year. The bank's excellent earnings
performance went hand in hand with strong business expansion.The
Group's balance-sheet total rose by 9%, or Euro 33bn, from its
end-1999 level to reach Euro 405bn.

Note: The complete Interim Report is available in German and
English on the internet at www.commerzbank.de.

Income statement of the Commerzbank Group (IAS)
  in Euro  million              January-March         percentage
change
                            1999          2000

Net interest income          757           920             - 17.7

Provision for possible     - 141         - 153             -  7.8
loan losses

Net interest income          616           767             - 19.7
after provisioning

Net commission income        751           456             + 64.7

Trading profit               360           188             + 91.5

Result on financial           67            46             + 45.7
investments

Operating expenses         1,198           987             + 21.4

Other operating result         2             0                 .

Pre-tax profit               598           470             + 27.2

Taxes on income              217           113             + 92.0

After-tax profit             381           357             +  6.7

Minority interests          - 17          - 17                 .

Net profit                   364           340             +  7.1

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