German bank Commerzbank on Friday reported a net loss of €861m ($1.16bn) for the first quarter as it booked €1.8bn in new writedowns and prepared for a broad restructuring aimed at limiting its risk profile.

The bank said it wasn't possible to provide a full-year outlook for 2009 but now sees itself returning to profitability by 2011 as it moves away from riskier businesses, like investment banking, public finance and commercial real estate.