tag:blogger.com,1999:blog-2175221250397068442.post3257261534162639393..comments2023-09-20T14:49:49.816+02:00Comments on fasesdelabolsa: Deutsche Telekom sales up, earnings down : ReportBilliehttp://www.blogger.com/profile/10170799879562687416noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2175221250397068442.post-18653331876116036452013-11-07T13:56:35.218+01:002013-11-07T13:56:35.218+01:00By MarketWatch
Commerzbank AG reported a stronger...By MarketWatch <br />Commerzbank AG reported a stronger-than-forecast third-quarter net profit on a combination of improvements in cost cutting, a lower tax rate and lower loan-loss provisions, while the main revenue driver, net interest income, exceeded expectations. <br /><br />Germany's second-biggest lender by market value also made progress in further cleaning up its balance sheet and said it was on track for full-year cost-management and loan-loss provision targets amid continued pressure on revenues. <br /><br />Commerzbank is in the middle of a four-year restructuring plan, whereby it aims to strengthen its four main business units by 2016, while shedding other assets that were transferred to an internal "bad bank" a year ago. <br /><br />Assets in its internal "bad bank" were cut by 12 billion euros ($16.2 billion) in the quarter to EUR124 billion, beating the year-end target of EUR125 billion. <br /><br />"We have further enhanced the stability of the bank," said Chief Executive Martin Blessing, pointing to progress in reducing risks, improving capital ratios and cutting costs. <br /><br />Third-quarter net profit rose 15% to EUR77 million from EUR67 million in the year-earlier period, defying expectations of a decline to EUR17 million. <br /><br />Overall revenue was weaker, due to falls in net commission income and a swing to a trading loss of EUR74 million from a trading profit of EUR224 million a year ago, below forecast of EUR162 million. This reflected a weak performance in the fixed-income business, similar to peers. <br /><br />Net interest income rose 16% to EUR1.48 billion from EUR1.28 billion, above the forecast EUR1.36 billion. Operating costs fell to EUR1.69 billion from EUR1.73 billion, better than the forecast EUR1.71 billion. <br /><br />The sale of a U.K. commercial real-estate portfolio valued at about EUR5 billion in the quarter helped to reduce non-performing loans and speed up asset reduction in the bank's internal bad bank, though Commerzbank has said that chances for future asset sales of a similar size are thin. <br /><br />Commerzbank has said there will be a EUR179 million charge related to the sale, of which EUR45 million is in the third quarter. <br />El Geniohttps://www.blogger.com/profile/08742294875329795608noreply@blogger.com