Commerzbank damped talk of an early end to its losses following its takeover of Dresdner Bank, reiterating that it would be profitable by 2011 at the latest but raising its estimates of the synergies it would generate from Germany’s biggest banking merger. Martin Blessing, chief executive, told investors that the bank stood by its goals laid out earlier this year, including an expectation of €4bn ($6bn) of operating profit in 2012.