Commerzbank’s nine-month pretax profits higher than all 1996
FRANKFURT, Germany (AP) _ Commerzbank posted higher pretax profits for the first nine months of 1997 than for all of 1996, the bank announced Wednesday, citing increases in interest and commission income.
Commerzbank is Germany’s third-largest bank.
The 52 percent surge in pretax profits to 2.54 billion marks, or $1.45 billion, far exceeded the bank’s expectations, said chairman Martin Kohlhausen. He projected a full-year operating profit, after risk provisions, of more than 3 billion marks.
``The bank has every reason to look into the future with optimism,″ Kohlhaussen said.
Pretax profits for the same nine-month period last year were 1.68 billion marks, and for all of last year, the bank earned 1.79 billion marks.
Interest income rose 15 percent to 5.04 billion marks during the first three quarters, while commission income rose 29 percent to 2.18 billion marks in the period.