Q1 2022 Commerzbank AG Earnings Call Transcript
Good morning, and welcome to our earnings call for the first quarter of 2022. 2 weeks ago, we had to pre-release our very good financial figures with an ad hoc statement. But it's not easy to talk about financial success while many people in Ukraine suffer from the wall. We experienced a turning point in history and its implications are hard to assess. This applies both to politics and business. But it's our job to assess risks and professionally manage our bank and, of course, to move forward with the execution of our strategy.
And Q1 is a convincing proof for the progress we have made. We reached a strong operating profit despite provisions due to Russia. The strong delivery in Q1 is driven by a 12% increase in revenues, which has pushed the pre-provision profit to EUR 1 billion in just 1 quarter. On the risk side, we have prudently built additional provisions. We have increased our top level adjustment by roughly EUR 200 million to more than EUR 700 million. With this, we should be well prepared for potential credit defaults
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