COMMERZBANK AKTIENGESELLSCHAFT

280 Commerzbank Interim Report as of June 30, 2009
(1H2008: €35m), Corporates & Markets €9m (1H2008: –), Com-
mercial Real Estate €57m (1H2008: €245m) and Others and Con-
solidation €125m (1H2008: €17m).
The operating expenses shown in the operating result consist
of personnel costs, other expenses, depreciation of fixed assets
and amortization of other intangible assets. Restructuring ex-
The following tables contain information on the segments for the first half of 2009 and the first half of 2008.
1.1.–30.6.2009 Private Mittel- Central and Corporates Commercial Others Group
Customers standsbank Eastern & Markets Real Estate and Conin
€ m Europe solidation
Net interest income 1,200 1,089 333 510 487 –89 3,530
Provision for
possible loan losses –1 1 –309 –375 –478 –507 –7 –1,837
Net interest income
after provisioning 1,039 780 –42 32 –20 –9 1, 93
Net commission income 1,038 447 80 180 14 –94 1,797
Trading profit – 8 48 –342 39 –183 –430
Net investment income –11 –37 – –1 3 –97 872 558
Other result –18 – 0 10 27 –22 –3 –
Revenue before provisioning 2,209 1,447 465 212 553 503 5,389
Revenue after provisioning 2,048 1,138 90 –266 46 496 3,552
Operating expenses 1,950 57 231 1,109 270 127 4,344
Operating profit 98 481 –141 –1,375 –224 369 –792
Impairments of goodwill – – – – 70 – 70
Restructuring expenses 94 25 – 128 43 215 505
Profit from ordinary activities /
Pre-tax profit 4 456 –141 –1,503 –337 154 –1,367
Assets 96,004 91,264 25,461 526,411 104,371 68,304 911,815
Average equity tied up 2,623 4,817 1,655 7,141 5,994 3,005 25,235
Operating return on equity 1 (%) 7.5 20.0 –17.0 –38.5 –7.5 . –6.3
Cost / income ratio in
operating business (%) 88.3 45.4 49.7 523.1 48.8 . 80.6
Return on equity of
pre-tax profit 1 (%) 0.3 18.9 –17.0 –42.1 –11.2 . –10.8
Staff (average no.) 22,955 5,57 10,898 3,51 1,8 0 21,028 5,833
1 annualized
penses are stated beneath operating profit in pre-tax profit.
Operating expenses are attributed to the individual segments on
the basis of cost causation. Indirect costs arising from the
performance of internal services are charged to the user and
credited to the segment performing the service. Intra-group services
are provided at market prices or at full cost.