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Commerzbank CEO says profit in 2010 possible -paper

Source: Reuters - Tue 1st Sep 2009

Commerzbank, Germany's second-biggest bank, could return to profit as soon as next year, chief executive Martin Blessing said in a newspaper interview on Tuesday.

"In the second quarter, we started to pay taxes again. I expect 2010 to be better. The question is by when we are profitable again - we have said that this will be in 2011 but it could be earlier" Blessing told the Financial Times.

The first quarter of 2009 had "marked the bottom" for the company, which was now "back on a growth path" Blessing said.

Commerzbank posted a net loss of 746 million euros ($1.07billion) in the second quarter after losing 861 million in the first.

Commerzbank had to turn to the German government for help in shouldering the dual burdens of the financial market crisis andits take over of rival Dresdner Bank.

The government bolstered Commerzbank with 18.2 billion euros in capital and now holds a stake of 25 percent plus one share in the lender. ($1 = 0.6998 euro)

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