Commerzbank Reports Improved Q1 Following Year-Long Build-Up In FX

BANKS

Commerzbank reports a vast improvement in its first quarter net income from financial transactions, up 130 per cent to DM299 million from DM130 million a year ago. This figure includes own-account income from financial bonds, precious metals, stock and foreign exchange trading for the period ended March 31.

Although the bank does not break out a quarterly number for FX revenues, Alfred Schorno, head of global FX, says FX performed well during the first quarter and reached its budget. "Foreign