Commerzbank Profit Falls
FRANKFURT--Germany's Commerzbank AG won't reach its targeted net profit of [euro]1.2 billion in the first half of the year, it said Wednesday, after first-quarter net profit shrank by almost two-thirds</br></br>Net profit for the period was [euro]369 million ($480 million), down 63% from [euro]985 million, and operating profit fell by about 50% to [euro]584 million, hit by a charge on its own debt as well as lower interest and commission income.</br></br>However, the bank added that it had already surpassed European capital requirements.</br></br>"Despite challenging markets, we have made a solid start to 2012. We have again made good progress with our strategic goal of consistently de-leveraging the balance sheet and strengthening the capital base," Chief Executive Martin Blessing said.</br></br>Analysts welcomed the news on Commerzbank's equity capital situation, which "offset a weaker operating performance," according to J.P. Morgan analysts.