Commerzbank confirms turnaround on track, sees profit up
FRANKFURT, March 21
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)