Q2 2022 Commerzbank AG Earnings Call Transcript
Good morning, ladies and gentlemen, and welcome to the Commerzbank AG conference call. Please note that this call is being transmitted as well as recorded by audio webcast and will subsequently be made available for replay in the Internet. (Operator Instructions)
Let me now turn the floor over to our CEO, Manfred Knof.
Good morning, everyone, and welcome to our earnings call. In challenging times, the team has made a good job in the transformation of the bank and delivered a decent financial performance. With an operating profit of EUR 1.3 billion, the first half of the year has been very successful. Our customer business has been strong across all client groups from the Mittelstand consumers. Together with first benefits from rising rates, this has led to a large increase in revenues by 20%. At the same time, we have made further steps in our strategy execution and remain on track with our cost reduction measures.
But we have to acknowledge that the pressure from inflation
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