Commerzbank made an operating profit of €243 million (about $320 million) in the second quarter of 2010 (Q2 2009: € 223 million loss). The bank's operating profit was €1.0 billion in the first half of 2010; net profit attributable to shareholders €1.1 billion, a year-on-year swing of around €2.7 billion. The decrease in loan loss provisions due to the improved economic environment was particularly noticeable in the second quarter (€639 million against €993 million in Q2 2009).

But the bank reports that volatile capital markets are impacting trading. Gross revenues (€3.1 billion) were stable year-on-year (€3.0 billion), but fell by 14 per cent compared to Q1 2010. Trading profit (€337 million) was impacted by “uncertainties concerning the developments in individual European countries”. Although it rose by €266 million year-on-year, it fell by more than half compared to Q1 2010.

Martin Blessing, chairman of the board of managing directors of Commerzbank, said: "We are still a fair way from normalcy. In accordance with the Roadmap 2012, we are therefore still systematically reducing risks. This is taking its toll on profits, but stability is more important to us than maximizing short-term earnings. We have always said that we will be profitable by 2011 at the latest. On the basis of the pleasing development in results in the first six months, we now assume that in a stable market environment we will conclude 2010 as a whole with a profit."

Commerzbank, which was bailed out by the German government following heavy losses sustained in the market turmoil, has been forced under EU laws to sell non-German assets including private banking and wealth businesses, such as the UK-based private bank Kleinwort Benson.