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Commerzbank may miss 2008 target

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Date: Wednesday 07 May 2008

LONDON (ShareCast) - Commerzbank reported slightly better-than-expected first-quarter earnings, but warned it may miss its full-year target.

The German bank said it is aiming to match the profit it made last year, but chief executive Klaus-Peter Mueller admitted that it is going to be “very hard”.

Pre-tax profit fell by 55% to €410m, with net profits down 54% at €280m, after further write-downs of €244m.

"Thanks to its balanced business model and its conservative investment policy, Commerzbank has weathered the financial crisis well, and this was also true of the first quarter of 2008," said Klaus-Peter Mueller.

"Due to the unusual market situation, it would not, however, make sense at this time to present a narrow range for the income targets in 2008," he added.