(1888PressRelease)
November 28, 2009 - "We are implementing our strategy consistently and in some areas more quickly than originally planned. This is also a response to the challenges of the financial market crisis."
In 2009, crisis-related charges (loan loss provisions and portfolio impairments) are expected to be considerably lower than planned. There have, however, been some shifts between the items, also as a consequence of setting up the Portfolio Restructuring Unit. "In 2010 we will continue to see charges from the financial market crisis, but these will decrease further. For 2012 we expect loan loss provisions of some EUR 2 billion," said Stefan Schmittmann, Member of Commerzbank's Board of Managing Directors and responsible for risk management.
"Gross revenues in 2012 are set to be just below EUR 14 billion; total costs are expected to be below EUR 8 billion. This gives us the basis for an operating result of more than EUR 4 billion and thus for an after-tax return in excess of 12%" said Eric Strutz, Member of the Board of Managing Directors of Commerzbank and CFO.
Commerzbank expects cost synergies of some EUR 2.4 billion per annum from the Dresdner Bank take-over, i.e. EUR 500 million p.a. in excess of what was originally planned. These cost synergies will be effective in full from 2013 onwards. The reasons for this are further savings in processing, office costs, and economies of scale in procurement. Additionally, the greater focus already applied in the capital market-related areas contributes to this.
As a result, one-off charges from the realisation of the synergies will increase by some EUR 500 million. "We invest EUR 500 million once and save an additional EUR 500 million year by year. A worthwhile investment", said Strutz. The costs of the integration total some EUR 2.5 billion.
Press contact:
Reiner Roßmann: +49 69 1 36 4 66 46
Simone Fuchs: +49 69 1 36 4 49 10
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