Commerzbank confirms turnaround on track, sees profit up

FRANKFURT, March 21 Fri Mar 21, 2014 5:43am EDT

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FRANKFURT, March 21 (Reuters) - Commerzbank on Friday said it was on track to improve profit considerably this year and that it was well-prepared for the ongoing comprehensive risk assessment conducted by the European Central Bank.

"Commerzbank's consolidated profit, both pre-tax and after tax, should be considerably higher in 2014 even in a challenging economic and capital market environment," the bank said in its annual report.

Chief Executive Martin Blessing said in letter to shareholders: "We feel that we are well-prepared for the asset quality review introduced by the new banking regulator, the ECB, and the associated stress test." (Reporting by Thomas Atkins and Jonathan Gould)