Net income in the first three months of 2010 probably totaled 479 million euros ($620 million), compared with a loss of 864 million euros in the year-earlier period, according to the median estimate of 10 analysts surveyed by Bloomberg.
“We expect a strong performance in the Corporates & Markets segment driven by an excellent trading result,” Andreas Plaesier, an analyst at M.M. Warburg & Co., wrote in a research report dated April 29. He has a “sell” rating on the shares.
Chief Financial Officer Eric Strutz said in a Bloomberg News interview in March that the lender expected to post a pretax profit in the first quarter. The Frankfurt-based bank had a “good” quarter, helped by fixed income, foreign exchange trading and equity derivatives, he said at the time.
Following are the analysts’ median estimates for Commerzbank’s first-quarter earnings and year-earlier reported results. The numbers are in millions of euros. The bank is scheduled to report earnings tomorrow before the German stock market opens.
Q1 2010 Q1 2009 Number of Estimate Reported Estimates Net interest income before risk provisions 1,862 1,692 9 Loan-loss provisions 750 844 9 Net commission income 975 850 9 Trading profit/loss 713 -527 9 Net investment income 20 386 8 Operating expenses 2,200 2,081 9 Pretax profit/loss 637 -884 9 Net income/loss 479 -864 10
Companies surveyed: Merck Finck, Kepler, Equinet, M.M. Warburg, Citigroup, Helvea, LBBW, DZ Bank, Bankhaus Metzler, Keefe, Bruyette & Woods. One participant wasn’t identified.