Commerzbank Aktiengesellschaft - CMVM
Commerzbank Aktiengesellschaft - CMVM
Commerzbank Aktiengesellschaft - CMVM
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12 MANAGEMENT REPORT<br />
Development in individual quarters<br />
2003 financial year<br />
7 m Total 4 th quarter 3 rd quarter 2 nd quarter 1 st quarter<br />
Net interest income 2,776 663 662 746 705<br />
Provision for possible loan losses –1,084 –256 –273 –303 –252<br />
Net interest income after provisioning 1,692 407 389 443 453<br />
Net commission income 2,136 591 509 516 520<br />
Net result on hedge accounting 40 3 12 15 10<br />
Trading profit<br />
Net result on investments<br />
737 121 107 278 231<br />
and securities portfolio 291 68 64 54 105<br />
Operating expenses 4,511 1,113 1,078 1,141 1,179<br />
Other operating result 174 15 98 29 32<br />
Operating profit 559 92 101 194 172<br />
Regular amortization of goodwill<br />
Profit from ordinary activities before<br />
expenses arising from special factors<br />
110 21 29 30 30<br />
and restructuring expenses 449 71 72 164 142<br />
Expenses arising from special factors 2,325 – 2,325 – –<br />
Restructuring expenses<br />
Profit from ordinary activities after<br />
expenses arising from special factors<br />
104 – – – 104<br />
and restructuring expenses –1,980 71 –2,253 164 38<br />
Extraordinary profit – – – – –<br />
Pre-tax profit –1,980 71 –2,253 164 38<br />
Taxes on income 249 139 30 78 2<br />
After-tax profit –2,229 –68 –2,283 86 36<br />
Profit/loss attributable to minority interests –91 –20 –22 –16 –33<br />
Net loss/profit for the year –2,320 –88 –2,305 70 3
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