DJ Commerzbank Aktiengesellschaft: Preliminary operating profit for the first quarter 2022 at EUR544 million - above expectations due to higher revenues despite increased risk result
Commerzbank Aktiengesellschaft (CZB) Commerzbank Aktiengesellschaft: Preliminary operating profit for the first quarter 2022 at EUR544 million - above expectations due to higher revenues despite increased risk result 26-Apr-2022 / 18:16 CET/CEST Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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Based on preliminary figures, Commerzbank posted an operating profit of EUR544 million for the first quarter 2022 (Q1 2021: EUR538 million). This exceeds the analyst consensus of the operating result of EUR282 million. The net result after taxes and minorities reached EUR284 million in the first quarter of 2022.
Revenues increased by 12% to EUR2,795 million (Q1 2021 EUR2,492 million, analyst consensus EUR2,308 million). The net interest income increased 12% to EUR1,401 million (Q1 2021 1,254 million, analyst consensus EUR1,278 million). The net commission income increased 2% to EUR972 million (Q1 2021 EUR951 million, analyst consensus EUR932 million).
The risk result was minus EUR464 million (Q1 2021 EUR149 million, analyst consensus EUR262 million) and includes a top level adjustment (TLA) of EUR334 million for expected impacts of the Russia-Ukraine war. At the end of Q1, overall TLAs stood at EUR713 million (Q4 2022 EUR523 million).
Commerzbank continues to expect a net result of more than EUR1 billion for the financial year 2022 and confirms all other 2022 financial targets.
Figures shown in this release are preliminary. Commerzbank will publish its final figures for the first quarter 2022 on 12 May 2022.
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Disclaimer This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern inter alia the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management's current plans, expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Such factors include the conditions in the financial markets in Germany, in Europe, in the USA and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, especially due to the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives to improve its business model, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release. Contact: Christoph Wortig Head of Investor Relations Commerzbank AG Investor Relations Tel.: +49 69 136 - 21331 e-mail:ir@commerzbank.com
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ISIN: DE000CBK1001 Category Code: MSCU TIDM: CZB LEI Code: 851WYGNLUQLFZBSYGB56 OAM Categories: 2.2. Inside information Sequence No.: 157781 EQS News ID: 1336039 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
April 26, 2022 12:16 ET (16:16 GMT)
