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Commerzbank AG Audit Report / Information 2014

Mar 12, 2015

81_ip_2015-03-12_460025f9-46ae-4979-a7c4-aaab30461dc0.pdf

Audit Report / Information

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Strategy execution since 2012 well under way in a demanding environment

Q4 2014 / FY 2014 final and audited results

Updated presentation compared to analyst call 12th February 2015 reflecting final figures due to late adjustment of €-338m for legal provisions – changes highlighted in graphs and text marked in blueUpdated presentation compared to analyst call 12th February 2015 reflecting final figures due to late adjustment of €-338m for legal provisions – changes highlighted in graphs and text marked in blue

We have made significant progress in the execution of our strategy...

Achievements since Investors' Day 2012

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... though the economic environment since 2012 has generatedsignificant headwinds

Besides lower than expected GDP growth and increased regulatory requirements, especially the lower and flattened yield curve with negative impact on the bank

  • ›lower yields on deposit surplus of €20bn
  • › decreasing results from maturity transformations
  • › hunt for yield puts pressure on asset margins
  • › higher burdens from valuation of pension liabilities

Source: Deutsche Bundesbank

Summary FY 2014

Key financial figures at a glance

Leverage Ratio fully phased-in

1) Consolidated result attributable to Commerzbank shareholders 2) Includes net profit of FY 2014 3) Deutsche Schiffsbank4) Revised rules

Operating result of Commerzbank divisions at a glance

Group operating result of €684m

FY 2014 vs. FY 2013

  • ►Group operating result of €684m slightly below previous year – Group net result of €264m significantly improved
  • ► Group revenues affected by low interest rate environment, decrease in NCA of €177m and higher net additions to legal provisions of €560m– while operating revenues improved
  • ▲Improved LLPs (€1,144m) reflect NCA run-down and prove quality of loan book
  • ▲Costs of €6.9bn have met our expectations following higher expenses for strategic investments and regulation

1) Consolidated result attributable to Commerzbank shareholders

Cost target 2014 achieved – efficiency gains enable investments for strategy and regulatory

FY 2014 vs. FY 2013

  • ► Slight decrease of personnel expenses predominantly due to ongoing staff reduction despite collectively agreed salary increases
  • ► Operating expenses slightly up due to increased strategic investments (e.g. brand positioning, digitalisation and internationalisation in MSB) and regulatory requirements (e.g. AQR)

LLPs of €1,144m better than expected

Provisions for loan losses, Group€m

FY 2014 vs. FY 2013

  • ▲Core Bank benefits from robust German economy and high quality of loan book
  • ▲Reduction in NCA of 40% driven by CRE portfolio
  • ▲Significantly lower LLPs compared to 2013

In 2014 Common Equity Tier 1 ratio fully phased-in increased to 9.3%

Update

Note: Numbers may not add up due to rounding 1) Pro forma based - reported €191bn (B2.5) - segmentation of B3 effect based on assumptions 2) Pro forma based - reported 13.6% (B2.5)3) Pro forma based - reported €24.9bn (B2.5) 4) Includes net profit as of reporting date

Q4 20142)

3.7

3.6

4.6

Leverage ratio further improved to 3.6%fully phased-in

Update

1)Leverage ratio according to revised CRD4/CRR rules published 10 October 2014 2) Includes net profit as of reporting date

Update

Core Bank in 2014 with increased results in PC, MSB and CEE

Strategy is paying off – revenue increase of 2% and almost doubling of operating resultOperating result increased by 10% – higher recurring customer revenues replaced one-off gains in 2013Significant growth in volumes and revenues –mBank with record result in 2014Strong revenues from EMC while FIC burdened by low volatility in low interest rate environmentSolid treasury result in challenging market – increased regulatory costs and provisions for legal casesOperating result€bnRevenues €bn-0.32.00.9FY 20148.62.93.4FY 20138.9-0.22.10.82.93.3-0.3O&CC&MCEEMSBPCLate adjustmentFY 20141.5-0.90.41.20.40.7FY 20131.8-0.60.80.31.10.2-0.3C&MCEEO&CMSBPCLateadjustmentPCMSBCEEC&MO&CNote: Numbers may not add up due to rounding

Core Bank: Increased NCI in PC and MSB could not compensate for additional burdens from valuations and legal provisionsUpdate

Q4 2014 vs. Q3 2014

  • ▲Increase of NCI in PC and MSB
  • ►Negative valuation effects from OCS and net CVA/DVA1) of €46m
  • ▼Q4 2014 with higher net additions to legal provisions of €536m compared to Q3 2014
  • ►Core Bank with operating RoE of 7.5% and after-tax RoE of 6.0% for FY 20142)

1) Net of hedges 2) Based on average tax rate 2012-2014 calculated by applying total group tax expenses to the Core Bank result

Private Customers: Growth story continues – slight drop in revenues only due to legal provisions

Q4 2014 vs. Q3 2014

  • ▲ Positive development of core revenues – NII benefits from active margin management in deposit business and ongoing strong demand in mortgage business, NCI achieves higher return from securities business
  • ▼Drop in revenues of €32m completely due to additional net legal provisions of €35m1)
  • ►Increase of costs caused by higher investments in marketing and brand activities as well as IT-infrastructure
  • ▲73k net new customers in Q4 2014 add up to 288k in 2014 and 532k since 2013

1) Incl. net effect of provisions booked in current net income from companies accounted for using the equity method (CommerzFinanz)

PC divisional split

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Direct Banking – Revenues before LLP

€m

Mittelstandsbank: Further loan growth and stable revenues –LLPs increased but remain at a moderate level

Q4 2014 vs. Q3 2014

  • ►Stable revenues with good net commission income especially from capital market products
  • ▲Growth of loan volume by +1% q-o-q and +8% compared to previous year clearly outperforming the market
  • ►Loan loss provisions as expected but still at a moderate level

MSB divisional split

Financial Institutions – Revenues before LLP

€m

Central & Eastern Europe: Record result 2014 in mBank

Q4 2014 vs. Q3 2014

  • ▲Continued volume growth of loans and deposits in Q4 2014; Loan to Deposit ratio in mBank improves to 103%
  • ▼Interest margin impacted by rate cut of the Polish National Bank in Q4 2014 which results in lower NII
  • ▲Operating expenses stable q-o-q due to prudent cost management
  • ▲ 320k net new customers in 2014 including 41k new customers from successfully started mobile banking cooperation with Orange Polska

Corporates & Markets: Q4 2014 operating result at level of Q3 2014

Q4 2014 vs. Q3 2014

  • ▲Revenues and LLP releases from successful resolution of claims compensate for usual Q4 decline
  • ►Corporate Finance and EMC in line with year end seasonality
  • ▼FIC burdened by persistent low interest rate environment
  • ▼Cost increase amongst others due to accrual of FY 2014 UK bank levy and regulatory projects

1)Net of hedges. 2) Excl. OCS effect and net CVA/DVA (net of hedges)

Corporates & Markets divisional split

Corporate Finance – Revenues before LLPs(excl. CVA/DVA1))€m152 146185Q4 2014Q3 2014Q4 2013▲ ECM remains strong and significantly improved y-o-ybut lower q-o-q after exceptional Q3 2014► DCM businesses with stable performance y-o-y and q-o-q▼ Y-o-y decline driven by lower income from deposits and structured solutions

FIC – Revenues before LLPs(excl. OCS effect, CVA/DVA1))€m

▼ Interest Rates Trading burdened by low client activitywithin low interest rate environment

  • ▲ FX business with improved performance in Q4 2014 thanks to increased market volatility
  • ► Credit Trading with solid FY performance y-o-y

CPM – Revenues before LLPs(excl. CVA/DVA1))€m

  • ▲ Strong revenue contribution from resolved legacy claims
  • ► Loan business with stable revenues

1) Net of hedges

Core Bank: LLPs benefit from robust German economy and high quality of loan book

▲ LLPs in Q4 2014 below Q4 2013 in almost all segments. C&M again with releases

▲ Default portfolio reduced by €0.4bn in 2014 despite overall EaD increase of €32bn

▲ Risk density in Core Bank further improved in 2014 mainly driven by PC portfolio

NCA with significant further asset run-down of 28% in the course of 2014

NCA: Q4 2014 with improved operating result – further organic asset run-down of €4bn EaD

Q4 2014 vs. Q3 2014

  • ▲Sizable asset run-down (€4bn q-o-q) without any material sales transactions
  • ▲Cumulated loss 2013/2014 of €1.86bn in line with €3.0bn guidance until 2016
  • ▲In Q4 2014 booking of €61m restructuring charges for substantial adjustment in operating model

1)CRE and Ship Finance (Deutsche Schiffsbank)

NCA: LLP reduction driven by CRE portfolio

EaD incl. default volume€bn

  • ▲ Substantially improved LLPs in CRE also on a y-o-y basis (2014 with €73m including releases of €112m from portfolio sales after €491m in 2013)
  • ► Higher Q4 2014 LLPs in Ship Finance1) include LLPs of €39m due to regular GLLP validations – coverage ratio ex collaterals in Ship Finance1) improved to 53% after 41% in Q4 2013
  • ▲ Ship Finance1) with reduction of €1.2bn and FX effects of €-0.3bn leading to reported run-down of €0.9bn

Note: Numbers may not add up due to rounding 1) Deutsche Schiffsbank 2) As % of EaD3) Incl. CRE, Ship Finance and Public Finance

NCA: Focus risk cluster with reduction of 61% in EaD since Q3 2012

Financial Outlook 2015

Despite the challenging environment we aim to grow revenues and market share in the Core Bank

We aim to maintain our cost base stable at ~€7.0bn covering strategic investments, regulatory requirements and European bank levy by ongoing efficiency measures

We expect Loan Loss Provisions for the Group at the level of 2014 with lower LLPs in NCA due to the asset run-down

Targets 2016

We strive to meet our targets for the Core Bank to reach a post tax RoE >10% and a CIR of ~60% though the economic environment has generated significant headwinds

We maintain our target to reach a Basel III CET1 ratio fully phased-in >10% however we do not expect a linear development

We confirm our EaD-target for the NCA run-down of €~20bn for CRE and Ship Finance1)

We add a target for the leverage ratio fully phased-in of ~4% by the end of 2016

1)Deutsche Schiffsbank

Appendix

German economy 2015 – Economy defies politics (as yet)

Euribor

1.39

2011

in % (average p.a.)

0.57

2012

Current development

  • › German economy has overcome its temporary weakness. In Q4 the economy probably grew by 0.25% qoq.
  • › Main drivers of the recovery were exports and private consumption which has taken profit from the weaker Euro and the lower oil price.
  • ›Labour market has improved further.
  • › Government is reregulatíngthe economy which will push up labour costs significantly.

DAX

(average p.a.)

Our expectation for 2015

  • › The recovery will go on this year as the oil price and the weak Euro will push the economy further.
  • › The expansionary monetary policy will continue to mask the dampening impetus from politics. We are looking for a growth rate of 1.5% in 2015, which will still be above EMU average.
  • › Underlying inflation will rise slowly. However, because of cheaper energy overall inflation will be just 0.6% in 2015.

2013

0.22

Reasons for outperformance

  • ›No bubble in the housing market.
  • › Low level of private sector debt translating to low refinancing cost.
  • ›Less need for fiscal consolidation.
  • › Improved competitiveness since start of EMU; however, the advantage is about to decline due to cyclical and political reasons.
  • › Strong position in Asian markets and Emerging Markets in general.

GDP

0.00

2015e

2014

0.19

(Change vs previous year in %)

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6		 8
3

EaD target of €~20bn for CRE and Ship Finance1) –Public Finance with held-to-maturity strategy

NCA: Diversified portfolio

EaD (incl. NPL) per 31 December 2014, in €bn

G
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Note: Numbers may not add up due to rounding 1) Utility and infrastructure transactions (mostly UK) – taken over from PRU in mid-2012; without value-impairing securities 2) Deutsche Schiffsbank 3) Claims in the category LaR4) Incl. regions

NCA: Higher risk clusters significantly reduced in 2014

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Note: Numbers may not add up due to rounding 1) Incl. HF Retail portfolio of NCA 2) Deutsche Schiffsbank

Default portfolios CRE and Ship Finance1) as of 31 December 2014

3
1
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1
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(
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3.
7

1) Deutsche Schiffsbank

Default Portfolio (31 December 2014)

Commerzbank Group

U
p		 d
t
a
e
in
€ m		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12
M
20
13		 Q1
20
14		 Q2
20
14		 Q3
20
14		 Q4
20
14		 12
M
20
14		 % y
oy		 %
qo
q
To
tal
Re
ve
nue
s		 2,
45
5		 2,
31
0		 2,
28
1		 2,
22
9		 9,
27
5		 2,
26
0		 2,
24
1		 2,
40
6		 1,
84
7		 8,7
54		 -17
.1		 23
.2
-
/w
To
tal
int
and
ad
ing
inc
net
st
t tr
o
ere
ne
om
e		 1,
67
1		 1,
61
8		 1,
40
9		 1,
38
1		 6,
07
9		 1,5
38		 1,
42
6		 1,5
95		 1,
44
1		 6,
000		 4.3 9.7
-
/w
Ne
t c
mis
sio
n in
o
om
co
me		 844 80
5		 784 77
3		 3,
20
6		 815 78
2		 79
9		 80
9		 3,
20
5		 4.7 1.3
/w
Oth
inc
o
er
om
e		 -60 -11
3		 88 75 -10 -93 33 12 -40
3		 -45
1		 >-1
00		 100
>-
fo
Pro
vis
ion
ible
loa
n lo
r p
oss
ss
es		 -26
7		 -53
7		 -49
2		 -45
1		 -1,
74
7		 -23
8		 -25
7		 -34
1		 -30
8		 -1,
144		 31
.7		 9.7
Op
ting
era
ex
pe
nse
s		 1,7
24		 1,
69
9		 1,
68
6		 1,
68
8		 6,7
97		 1,
698		 1,7
27		 1,7
22		 1,7
79		 6,
926		 5.4 3.3
Op
ati
ofi
t
er
ng
pr		 46
4		 74 103 90 73
1		 324 25
7		 343 -24
0		 684 >-1
00		 100
>-
Imp
air
odw
ill
nts
me
on
go		 - - - - - - - - - - - -
Re
urin
str
uct
g e
xp
ens
es		 49
3		 - - - 49
3		 - - - 61 61 - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
Pre
rof
it
-ta
x p		 -29 74 103 90 23
8		 324 25
7		 343 -30
1		 623 >-1
00		 100
>-
Av
ital
loy
ed
era
ge
ca
p
em
p		 26
44
5
,		 26
45
9
,		 26
,75
8		 26
84
2
,		 26
62
6
,		 27
07
7
,		 27
28
5
,		 27
454
,		 27
37
2
,		 27
29
7
,		 2.0 0.3
-
A (
of
)
RW
end
riod
pe		 20
9,7
96		 20
6,
28
8		 197
28
7
,		 190
,5
88		 190
,5
88		 21
8,
25
9		 21
7,
013		 21
5,7
91		 21
5,
178		 21
5,
178		 12.
9		 0.3
-
Co
st/
inc
atio
(
%)
om
e r		 70
.2%		 73
.5%		 73
.9%		 .7%
75		 73
.3%		 .1%
75		 .1%
77		 71
.6%		 96
.3%		 79
.1%
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 7.0
%		 1.1
%		 1.5
%		 1.3
%		 2.7
%		 4.8
%		 3.8
%		 5.0
%		 -3.
5%		 2.5
%
Re
ity
of
ult
(
%)
tur
-ta
n o
n e
qu
pre
x r
es		 -0.
4%		 1.1
%		 1.5
%		 1.3
%		 0.9
%		 4.8
%		 3.8
%		 5.0
%		 -4.
4%		 2.3
%

Update

Core Bank

in
€ m		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12
M
20
13		 Q1
20
14		 Q2
20
14		 Q3
20
14		 Q4
20
14		 12
M
20
14		 % y
oy		 %
qo
q
To
tal
Re
ve
nue
s		 2,
284		 2,
25
4		 2,
22
7		 2,
15
1		 8,
916		 2,
21
5		 2,
27
8		 2,
32
6		 1,7
53		 8,5
72		 -18
.5		 24
.6
-
/w
To
tal
net
int
st
and
t tr
ad
ing
inc
o
ere
ne
om
e		 1,5
44		 1,
41
3		 1,
385		 1,
26
8		 5,
61
0		 1,
41
6		 1,
49
7		 1,5
07		 1,
35
2		 5,7
72		 6.6 10
.3
-
/w
Ne
mis
sio
n in
t c
o
om
co
me		 825 78
7		 8
77		 75
7		 3,
147		 810 77
7		 78
8		 80
2		 3,
177		 5.9 1.8
/w
Oth
inc
o
er
om
e		 -85 54 64 126 159 -11 4 31 -40
1		 -37
7		 >-1
00		 100
>-
Pro
vis
ion
fo
ible
loa
n lo
r p
oss
ss
es		 -92 -19
0		 -24
9		 -13
4		 -66
5		 -10
4		 -19
2		 -90 -10
4		 -49
0		 22
.4		 15
.6
-
Op
ting
era
ex
pe
nse
s		 1,
642		 1,
60
3		 1,
603		 1,5
99		 6,
44
7		 1,
616		 1,
64
6		 1,
643		 1,7
07		 6,
612		 6.8 3.9
ati
ofi
Op
t
er
ng
pr		 55
0		 46
1		 37
5		 41
8		 1,
804		 495 44
0		 593 -58 1,
47
0		 >-1
00		 100
>-
Imp
air
odw
ill
nts
me
on
go		 - - - - - - - - - - - -
Re
urin
str
uct
g e
xp
ens
es		 49
3		 - - - 49
3		 - - - - - - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
Pre
rof
it
-ta
x p		 57 46
1		 5
37		 41
8		 1,
31
1		 495 44
0		 593 -58 1,
47
0		 >-1
00		 100
>-
Av
ital
loy
ed
era
ge
ca
p
em
p		 16,
38
7		 16
80
8
,		 17,
42
6		 17
93
1
,		 17,
138		 19
09
6
,		 19
150
,		 20
22
8
,		 20
29
2
,		 19,
69
1		 13.
2		 0.3
RW
A (
end
of
riod
)
pe		 144
66
0
,		 144
33
,5		 140
874
,		 137
00
4
,		 137
004
,		 160
94
3
,		 164
33
7
,		 168
,55
5		 170
21
5
,		 170
21
5
,		 24
.2		 1.0
Co
st/
inc
atio
(
%)
om
e r		 71
.9%		 71
.1%		 72
.0%		 74
.3%		 72
.3%		 73
.0%		 72
.3%		 70
.6%		 97
.4%		 77
.1%		 - -
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 13.
4%		 11
.0%		 8.6
%		 9.3
%		 10.
5%		 10.
4%		 9.2
%		 11.
7%		 -1.
1%		 7.5
%		 - -
Re
ity
of
ult
(
%)
tur
-ta
n o
n e
qu
pre
x r
es		 1.4
%		 11
.0%		 8.6
%		 9.3
%		 7.6
%		 10.
4%		 9.2
%		 11.
7%		 -1.
1%		 7.5
%		 - -

Private Customers

in
€ m		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12M
20
13		 Q1
20
14		 Q2
20
14		 Q3
20
14		 Q4
20
14		 12
M
20
14		 % y
oy		 %
qo
q
To
tal
Re
ve
nue
s		 85
8		 83
9		 825 827 3,
34
9		 874 845 86
5		 83
3		 3,
41
7		 0.7 3.7
-
/w
To
tal
int
and
ad
ing
inc
net
st
t tr
o
ere
ne
om
e		 43
1		 44
4		 45
2		 44
6		 1,7
73		 45
0		 48
0		 46
7		 46
6		 1,
863		 4.5 0.2
-
/w
Ne
t c
mis
sio
n in
o
om
co
me		 42
7		 38
9		 38
0		 364 1,5
60		 40
7		 36
1		 37
7		 39
3		 1,5
38		 8.0 4.2
/w
Oth
inc
o
er
om
e		 - 6 -7 17 16 17 4 21 -26 16 >-1
00		 100
>-
fo
Pro
vis
ion
ible
loa
n lo
r p
oss
ss
es		 -35 -27 -31 -15 -10
8		 -36 -16 -16 -11 -79 26
.7		 31
.3
Op
ting
era
ex
pe
nse
s		 75
4		 75
8		 753 752 3,
01
7		 72
6		 714 72
8		 75
0		 2,
918		 -0.
3		 3.0
Op
ati
ofi
t
er
ng
pr		 69 54 41 60 22
4		 112 115 12
1		 72 42
0		 20
.0		 40
.5
-
Imp
air
odw
ill
nts
me
on
go		 - - - - - - - - - - - -
Re
uri
str
uct
ng
ex
pe
nse
s		 - - - - - - - - - - - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
Pre
rof
it
-ta
x p		 69 54 41 60 22
4		 112 115 12
1		 72 42
0		 20
.0		 40
.5
-
Av
ital
loy
ed
era
ge
ca
p
em
p		 4,
00
1		 3,
920		 3,
979		 3,
986		 3,
97
2		 3,
982		 4,
040		 3,
93
2		 3,
87
2		 3,
956		 -2.
9		 1.5
-
A (
of
)
RW
end
riod
pe		 28
80
3
,		 28
97
1
,		 29
20
5
,		 27
21
3
,		 27
21
3
,		 28
48
5
,		 29
023
,		 27
675
,		 27
84
3
,		 27
843
,		 2.3 0.6
Co
st/
inc
atio
(
%)
om
e r		 87
.9%		 90
.3%		 91
.3%		 90
.9%		 90
.1%		 83
.1%		 84
.5%		 84
.2%		 90
.0%		 85
.4%		 - -
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 6.9
%		 5.5
%		 4.1
%		 6.0
%		 5.6
%		 11.
3%		 11.
4%		 12
.3%		 7.4
%		 10.
6%		 - -
Re
ity
of
ult
(
%)
tur
-ta
n o
n e
qu
pre
x r
es		 6.9
%		 %
5.5		 4.1
%		 6.0
%		 5.6
%		 11.
3%		 11.
4%		 12
.3%		 7.4
%		 10.
6%		 - -

Mittelstandsbank

in
€ m		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12M
20
13		 Q1
20
14		 Q2
20
14		 Q3
20
14		 Q4
20
14		 12
M
20
14		 % y
oy		 %
qo
q
To
tal
Re
ve
nue
s		 72
7		 695 78
9		 70
6		 2,
91
7		 71
6		 73
9		 74
2		 71
9		 2,
916		 1.8 3.1
-
/w
To
tal
net
int
st
and
t tr
ad
ing
inc
o
ere
ne
om
e		 45
7		 40
5		 45
7		 44
1		 1,7
60		 44
0		 46
3		 44
7		 43
5		 1,7
85		 -1.
4		 2.7
-
/w
Ne
mis
sio
n in
t c
o
om
co
me		 28
0		 272 264 25
0		 1,
06
6		 27
5		 26
3		 26
5		 28
3		 1,
08
6		 13.
2		 6.8
/w
Oth
inc
o
er
om
e		 -10 18 68 15 91 1 13 30 1 45 -93
.3		 96
.7
-
Pro
vis
ion
fo
ible
loa
n lo
r p
oss
ss
es		 -78 -14
7		 -10
6		 -13
9		 -47
0		 -57 -14
2		 -36 -10
7		 -34
2		 23
.0		 100
>-
Op
ting
era
ex
pe
nse
s		 32
4		 33
3		 335 345 1,
33
7		 32
1		 33
0		 34
3		 36
3		 1,
35
7		 5.2 5.8
ati
ofi
Op
t
er
ng
pr		 32
5		 21
5		 34
8		 222 1,
110		 33
8		 267 36
3		 24
9		 1,
217		 12.
2		 31
.4
-
Imp
air
odw
ill
nts
me
on
go		 - - - - - - - - - - - -
Re
uri
str
uct
ng
ex
pe
nse
s		 - - - - - - - - - - - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
Pre
rof
it
-ta
x p		 5
32		 5
21		 34
8		 222 1,
110		 33
8		 267 36
3		 24
9		 1,
217		 12.
2		 31
.4
-
Av
ital
loy
ed
era
ge
ca
p
em
p		 5,
82
9		 5,
903		 6,
065		 6,
165		 5,
99
0		 6,
67
0		 6,
866		 6,
95
9		 7,
21
0		 6,
926		 17.
0		 3.6
RW
A (
end
of
riod
)
pe		 36
4
55
,		 56
802
,		 354
57
,		 46
57
,7		 46
57
,7		 62
46
7
,		 66
214
,		 67
895
,		 70
64
3
,		 70
643
,		 22
.3		 4.0
Co
st/
inc
atio
(
%)
om
e r		 44
.6%		 47
.9%		 42
.5%		 48
.9%		 45
.8%		 44
.8%		 44
.7%		 46
.2%		 50
.5%		 46
.5%		 - -
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 22
.3%		 14.
6%		 23
.0%		 14
.4%		 18
.5%		 20
.3%		 15.
6%		 20
.9%		 13.
8%		 17.
6%		 - -
Re
ity
of
ult
(
%)
tur
-ta
n o
n e
qu
pre
x r
es		 22
.3%		 14.
6%		 23
.0%		 14
.4%		 18
.5%		 20
.3%		 15.
6%		 20
.9%		 13.
8%		 17.
6%		 - -

Central & Eastern Europe

in
€ m		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12M
20
13		 Q1
20
14		 Q2
20
14		 Q3
20
14		 Q4
20
14		 12
M
20
14		 % y
oy		 %
qo
q
To
tal
Re
ve
nue
s		 185 195 21
2		 21
6		 80
8		 224 234 24
0		 22
5		 923 4.2 6.3
-
/w
To
tal
net
int
st
and
t tr
ad
ing
inc
o
ere
ne
om
e		 129 130 147 145 55
1		 156 175 179 16
1		 67
1		 11.
0		 10
.1
-
/w
Ne
mis
sio
n in
t c
o
om
co
me		 44 50 49 55 198 57 59 51 48 21
5		 -12
.7		 5.9
-
/w
Oth
inc
o
er
om
e		 12 15 16 16 59 11 - 10 16 37 - 60
.0
Pro
vis
ion
fo
ible
loa
n lo
r p
oss
ss
es		 -6 -36 -41 -36 -11
9		 -21 -38 -37 -27 -12
3		 25
.0		 27
.0
Op
ting
era
ex
pe
nse
s		 104 105 106 114 42
9		 105 112 110 109 43
6		 -4.
4		 0.9
-
Op
ati
ofi
t
er
ng
pr		 75 54 65 66 26
0		 98 84 93 89 36
4		 34
.8		 4.3
-
Imp
air
nts
odw
ill
me
on
go		 - - - - - - - - - - - -
Re
uri
str
uct
ng
ex
pe
nse
s		 - - - - - - - - - - - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
rof
it
Pre
-ta
x p		 75 54 65 66 26
0		 98 84 93 89 36
4		 34
.8		 4.3
-
Av
ital
loy
ed
era
ge
ca
p
em
p		 1,7
17		 1,
65
9		 1,
642		 1,5
98		 1,
65
4		 1,5
61		 1,5
76		 1,5
96		 1,
61
3		 1,5
87		 1.0 1.1
RW
A (
end
of
riod
)
pe		 14
,5
48		 14,
20
6		 14,
09
1		 13
677
,		 13
67
7
,		 13,
160		 13,
50
7		 13
84
0
,		 14
109
,		 14,
109		 3.2 1.9
Co
st/
inc
atio
(
%)
om
e r		 56
.2%		 53
.8%		 50
.0%		 52
.8%		 53
.1%		 46
.9%		 47
.9%		 45
.8%		 48
.4%		 47
.2%		 - -
Op
(
%)
ting
tur
ity
era
re
n o
n e
qu		 17
.5%		 13.
0%		 15.
8%		 16
.5%		 15
.7%		 25
.1%		 21
.3%		 23
.3%		 22
.1%		 22
.9%		 - -
Re
ity
of
ult
(
%)
tur
-ta
n o
n e
qu
pre
x r
es		 17
.5%		 13.
0%		 15.
8%		 16
.5%		 15
.7%		 25
.1%		 21
.3%		 23
.3%		 22
.1%		 22
.9%		 - -

Corporates & Markets

in
€ m		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12M
20
13		 Q1
20
14		 Q2
20
14		 Q3
20
14		 Q4
20
14		 12
M
20
14		 % y
oy		 %
qo
q
To
tal
Re
ve
nue
s		 58
4		 57
0		 45
9		 46
6		 2,
07
9		 54
1		 50
3		 48
4		 44
3		 1,
97
1		 -4.
9		 8.5
-
/w
To
tal
int
and
ad
ing
inc
net
st
t tr
o
ere
ne
om
e		 50
4		 41
5		 29
9		 345 1,5
63		 46
4		 40
3		 36
8		 32
5		 1,5
60		 8
-5.		 11
.7
-
/w
Ne
mis
sio
n in
t c
o
om
co
me		 83 93 91 100 36
7		 76 10
1		 102 89 36
8		 -11
.0		 12
.7
-
/w
Oth
inc
o
er
om
e		 -3 62 69 21 149 1 -1 14 29 43 38
.1		 100
>
Pro
vis
ion
fo
ible
loa
n lo
r p
oss
ss
es		 26 19 -43 55 57 9 5 - 41 55 -25
.5		 -
Op
ting
era
ex
pe
nse
s		 33
8		 335 33
1		 355 1,
35
9		 33
6		 32
3		 32
7		 36
5		 1,
35
1		 2.8 11
.6
Op
ati
ofi
t
er
ng
pr		 27
2		 25
4		 85 166 77
7		 21
4		 185 157 119 675 -28
.3		 24
.2
-
Imp
air
odw
ill
nts
me
on
go		 - - - - - - - - - - - -
Re
str
uct
uri
ng
ex
pe
nse
s		 - - - - - - - - - - - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
Pre
rof
it
-ta
x p		 27
2		 25
4		 85 166 77
7		 21
4		 185 157 119 675 -28
.3		 24
.2
-
Av
ital
loy
ed
era
ge
ca
p
em
p		 3,
25
4		 3,
28
6		 2,
823		 2,
887		 3,
06
3		 4,
194		 4,
29
0		 4,
21
7		 4,
06
9		 4,
193		 41
.0		 3.5
-
RW
A (
end
of
riod
)
pe		 33
90
8
,		 31
667
,		 28
09
1
,		 27
67
6
,		 27
67
6
,		 35
,75
2		 38
45
3
,		 36
49
0
,		 35
,5
93		 35
,5
93		 28
.6		 2.5
-
Co
st/
inc
atio
(
%)
om
e r		 57
.9%		 58
.8%		 72
.1%		 76
.2%		 65
.4%		 62
.1%		 64
.2%		 67
.6%		 82
.4%		 68
.5%		 - -
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 33
.4%		 30
.9%		 12.
0%		 23
.0%		 25
.4%		 20
.4%		 17.
2%		 14
.9%		 11.
7%		 16.
1%		 - -
Re
ity
of
ult
(
%)
tur
-ta
n o
n e
qu
pre
x r
es		 33
.4%		 30
.9%		 12.
0%		 23
.0%		 25
.4%		 20
.4%		 17.
2%		 14
.9%		 11.
7%		 16.
1%		 - -

Non-Core Assets

in
€ m		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12
M
20
13		 Q1
20
14		 Q2
20
14		 Q3
20
14		 Q4
20
14		 12
M
20
14		 % y
oy		 %
qo
q
To
tal
Re
ve
nue
s		 17
1		 56 54 78 35
9		 45 -37 80 94 182 20
.5		 17
.5
/w
To
tal
int
and
ad
ing
inc
net
st
t tr
o
ere
ne
om
e		 127 20
5		 24 113 46
9		 122 -71 88 89 22
8		 -21
.2		 1.1
/w
Ne
mis
sio
n in
t c
o
om
co
me		 19 18 6 16 59 5 5 11 7 28 -56
.3		 -36
.4
/w
Oth
inc
o
er
om
e		 25 -16
7		 24 -51 -16
9		 -82 29 -19 -2 -74 96
.1		 89
.5
Pro
vis
ion
fo
ible
loa
n lo
r p
oss
ss
es		 -17
5		 -34
7		 -24
3		 -31
7		 -1,
082		 -13
4		 -65 -25
1		 -20
4		 -65
4		 35
.6		 18
.7
Op
ting
era
ex
pe
nse
s		 82 96 83 89 35
0		 82 81 79 72 314 -19
.1		 8.9
-
Op
ati
ofi
t
er
ng
pr		 -86 -38
7		 -27
2		 -32
8		 -1,
073		 -17
1		 -18
3		 -25
0		 -18
2		 -78
6		 44
.5		 27
.2
Imp
air
nts
odw
ill
me
on
go		 - - - - - - - - - - - -
Re
urin
str
uct
g e
xp
ens
es		 - - - - - - - - 61 61 - -
s f
f d
Ne
t g
ain
los
le o
isp
al g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
Pre
-ta
rof
it
x p		 -86 -38
7		 -27
2		 -32
8		 -1,
073		 -17
1		 -18
3		 -25
0		 -24
3		 -84
7		 25
.9		 2.8
Av
ital
loy
ed
era
ge
ca
p
em
p		 10,
05
8		 9,
65
1		 9,
332		 8,
91
1		 9,
48
8		 98
1
7,		 8,
135		 22
6
7,		 08
0
7,		 606
7,		 -20
.5		 2.0
-
A (
of
)
RW
end
riod
pe		 65
135
,		 61
,75
5		 56
41
3
,		 53
,5
84		 53
,5
84		 57
31
7
,		 52
67
6
,		 47
23
5
,		 44
96
3
,		 44
963
,		 -16
.1		 4.8
-
Co
st/
inc
atio
(
%)
om
e r		 48
.0%		 17
1.4
%		 153
.7%		 114
.1%		 97
.5%		 182
.2%		 n/a 98
.8%		 76
.6%		 172
.5%		 - -
Op
(
%)
ting
tur
ity
era
re
n o
n e
qu		 -3.
4%		 -16
.0%		 -11
.7%		 -14
.7%		 -11
.3%		 -8.
6%		 -9.
0%		 -13
.8%		 -10
.3%		 -10
.3%		 - -
Re
ity
of
ult
(
%)
tur
-ta
n o
n e
qu
pre
x r
es		 -3.
4%		 -16
.0%		 -11
.7%		 -14
.7%		 -11
.3%		 -8.
6%		 -9.
0%		 -13
.8%		 -13
.7%		 -11
.1%		 - -

Others & Consolidation

U
p		 d
t
a
e
in
€ m		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12
M
20
13		 Q1
20
14		 Q2
20
14		 Q3
20
14		 Q4
20
14		 12
M
20
14		 % y
oy		 %
qo
q
Tot
al R
ev
en
ues		 -70 -45 -58 -64 -23
7		 -14
0		 -43 -5 -46
7		 -65
5		 >-1
00		 100
>-
/w
To
tal
int
and
ad
ing
inc
net
st
t tr
o
ere
ne
om
e		 23 19 30 -10
9		 -37 -94 -24 46 -35 -10
7		 67
.9		 100
>-
/w
Ne
t c
mis
sio
n in
o
om
co
me		 -9 -17 -6 -12 -44 -5 -7 -7 -11 -30 8.3 57
.1
-
/w
Oth
inc
o
er
om
e		 -84 -47 -82 57 -15
6		 -41 -12 -44 -42
1		 -51
8		 >-1
00		 100
>-
fo
Pro
vis
ion
ible
loa
n lo
r p
oss
ss
es		 1 1 -28 1 -25 1 -1 -1 - -1 -10
0.0		 100
.0
Op
ting
era
ex
pe
nse
s		 122 72 78 33 305 128 167 135 120 55
0		 >10
0		 11
.1
-
Op
ati
ofi
t
er
ng
pr		 -19
1		 -11
6		 -16
4		 -96 -56
7		 -26
7		 -21
1		 -14
1		 -58
7		 -1,
20
6		 >-1
00		 100
>-
Imp
air
odw
ill
nts
me
on
go		 - - - - - - - - - - - -
Re
urin
str
uct
g e
xp
ens
es		 49
3		 - - - 49
3		 - - - - - - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
Pre
rof
it
-ta
x p		 -68
4		 -11
6		 -16
4		 -96 -1,
06
0		 -26
7		 -21
1		 -14
1		 -58
7		 -1,
20
6		 >-1
00		 100
>-
Av
ital
loy
ed
era
ge
ca
p
em
p		 1,5
86		 2,
04
0		 2,
917		 3,
29
6		 2,
46
0		 2,
688		 2,
37
8		 3,5
24		 3,5
27		 3,
02
9		 7.0 0.1
RW
A (
end
of
riod
)
pe		 12,
037		 12
88
7
,		 12,
134		 10
69
3
,		 10,
693		 21
07
9
,		 17
139
,		 22
654
,		 22
02
6
,		 22
026
,		 >10
0		 2.8
-
Co
st/
inc
atio
(
%)
om
e r		 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - -

Group equity composition

Update

Ca
i
l
ta
p		 Ca
i
l
ta
p		 Ca
i
l
ta
p
Q
3
2
0
1
4		 Q
4
2
0
1
4		 F
Y
2
0
1
4
f
En
d
o		 f
En
d
o		 Av
er
ag
e
€
bn		 Pe
io
d
r		 Pe
io
d
r
Su
bs
i
be
d
i
l
ta
cr
ca
p		 1.
1		 1.
1
Ca
i
l r
ta
p
es
er
ve		 1
5.
9		 1
5.
9
Re
ine
d
in
ta
ea
rn
g
s		 1
0.
3		 1
0.
1
Cu
la
io
tra
t
rre
nc
y
ns
n
re
se
rve		 -0
0		 -0
2
Re
lua
io
t
va
n
re
se
rve		 -0
9		 -1
0
Ca
h
f
low
he
dg
s
es		 -0
3		 -0
2
Co
l
i
da
d
P
&
L
te
ns
o		 0.
5		 1)
0.
3
I
F
R
S
i
l w
i
ho
l
l
in
in
ta
t
t n
tro
te
ts
ca
p
u
on
-c
on
g
re
s		 2
6.
7		 2
6.
1		 2
6.
4		 fo
Ba
is
Ro
E
l
t r
t
s
r
on
n
e
es
u
No
l
l
in
in
(
I
F
R
S
)
tro
te
ts
n-
co
n
g
re
s		 0.
9		 0.
9		 0.
9
S
i
I
F
R
l
ta
ca
p		 2
7.
6		 2
7.
0		 2
7.
3		 Ba
is
fo
in
Ro
E
d
Ro
E
t
-ta
s
r o
p
er
a
g
an
p
re
x
G
dw
i
l
l a
d
in
i
b
les
ta
oo
n
ng		 -3
0		 -3
1
D
T
A		 -1
2		 -1
5
De
du
io
i
iz
io
t
t
t
c
ns
o
n
se
cu
r
a
ns		 -0
4		 -0
4
De
du
io
la
d
l
l
ing
in
t
te
to
tro
te
ts
c
ns
re
n
on
-c
on
re
s		 -0
6		 -0
5
Inv
in
f
in
ia
l e
i
ies
d
ha
tm
ts
t
t
es
en
an
c
n
a
n
ow
n
s
re
s		 -0
1		 -0
1
O
he
la
d
j
t
to
tm
ts
r r
eg
u
ry
a
us
en		 -1
7		 -1
6
Co
i
ie
1
B
3
i
l
(
fu
l
ly
ha
d-
in
)
ty
t
ta
m
m
on
e
q
r
ca
p
p
se
u		 2
0.
7		 1
9.
9		 C
Ba
is
fo
E
T
s
r		 1
B
3
fu
l
ly
ha
d-
in
io
t
p
se
ra
2)
Tr
i
io
d
j
t
tm
ts
an
s
n
a
us
en		 4.
9		 5.
2
Co
i
ie
i
(
in
)
ty
t
1
ta
l
ha
m
m
on
e
q
r
ca
p
p
se
u		 2
5.
5		 2
5.
1		 Ba
is
fo
C
E
T
s
r		 1
B
3
ha
-in
io
t
p
se
ra

Note: Numbers may not add up due to rounding 1) Includes net profit of FY 2014 2) Include mainly capital deductions e.g. for shortfall

Glossary - Capital Allocation / RoE Calculation

C
i
l
A
l
l
i
t
t
a
p
a
o
c
a
o
n		 f a
Am
i
l a
l
lo
d
bu
in
is
lcu
la
d
by
l
ip
ly
in
he
t o
ta
te
to
ts
te
t
t
ts
t
›
ou
n
ve
ra
g
e
ca
p
ca
s
es
s
se
g
m
en
ca
m
u
g
s
eg
m
en
c
ur
re
n
(
)
(
C
S
C
C
O
C
Y
T
D
Ba
l
3
R
W
A
ha
-in
P
€
2
8.
bn
M
B
€
6
bn
E
E
€
1
3.
bn
&
M
€
3
6.
8
bn
&
€
2
0.
9
bn
5
5.
5
5
av
er
ag
e
se
p
se
,
,
,
,
,
N
C
A
(
€
2.
bn
)
by
io
f
9
%
5
5
t
a
ra
o
In
d
d
i
io
la
i
l
de
du
io
l
lo
d
i
bu
b
le
bu
in
h
ic
h
l
in
t
to
ta
t
te
t
tr
ta
to
ts
ts
›
a
n
av
er
ag
e
re
g
ry
c
ap
c
ns
a
re
a
ca
a
s
es
s
se
g
m
en
re
su
u
w
in
d
i
l p
(
P
C
€
bn
M
S
B
€
bn
C
E
E
€
bn
C
&
M
€
bn
O
&
C
€
bn
1.
4
1.
0
0.
4
0.
9
0.
2
ta
t
cr
ea
se
av
er
ag
e
ca
p
er
s
eg
m
en
,
,
,
,
,
C
)
N
A
€
0.
4
bn
O
C
Ex
i
l
is
l
lo
d
he
&
l
i
da
io
ta
te
to
t
t
›
ce
ss
c
ap
a
ca
rs
on
so
n
Re
l
lo
io
f
€
1.
bn
E
B
A
C
i
l
Bu
f
fe
ba
k
(
O
&
C
) -
io
ly
l a
f
€
4
bn
ig
d
t
5
ta
to
to
ta
t o
to
›
a
ca
n
o
ap
r
c
or
e
n
p
re
us
m
ou
n
as
a
ss
ne
v
w
N
C
A
C
i
l a
l
lo
io
is
d
isc
lo
d
in
he
bu
in
in
f
C
ba
k
G
ta
t
t
t r
t
›
ap
ca
n
se
s
es
s
se
g
m
en
ep
or
g
o
om
m
er
z
n
ro
up
C
i
R
E
l
l
t
o
a
c
a
o
n
u		 S
Ro
E
is
lc
la
d
lev
l o
f
I
F
R
i
l
te
ta
›
ca
u
on
a
n
av
er
ag
e
e
ca
p
C
lc
la
io
he
ke
da
d
f
lo
l a
d
in
io
l
f
in
ia
l
in
i
t
ts
t
t m
t s
ta
te
t
t
tu
te
›
a
n
re
p
re
se
n
c
ur
re
n
ar
n
r
o
ca
n
rn
a
na
an
c
s
s
u

For more information, please contact Commerzbank's IR team:

Tanja Birkholz (Head of Investor Relations / Executive Management Board Member)P: +49 69 136 23854M: [email protected]

Christoph Wortig (Head of IR Communications)P: +49 69 136 52668

M: [email protected]

Institutional Investors and Financial Analysts

Michael H. KleinP: +49 69 136 24522M: [email protected]

Maximilian BickerP: +49 69 136 28696M: [email protected]

Retail Investors

Florian Neumann P: +49 69 136 41367M: [email protected]

Ute Heiserer-JäckelP: +49 69 136 41874M: [email protected]

Simone NuxollP: +49 69 136 45660M: [email protected]

Dirk Bartsch (Head of Strategic IR / Rating Agency Relations)P: +49 69 136 22799 M: [email protected]

[email protected]

Disclaimer

Investor Relations

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include, inter alia, statements about Commerzbank's beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates, projections and targets as they are currently available to the management of Commerzbank. Forward-looking statements therefore speak only as of the date they are made, and Commerzbank undertakes no obligation to update any of them in light of new information or future events. By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, among others, the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which Commerzbank derives a substantial portion of its revenues and in which it hold a substantial portion of its assets, the development of assetprices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives and the reliability of its risk management policies.

In addition, this presentation contains financial and other information which has been derived from publicly available information disclosed by persons other than Commerzbank ("external data"). In particular, external data has been derived from industry and customer-related data and other calculations taken or derived from industry reports published by third parties, market research reports and commercial publications. Commercial publications generally state that the information they contain has originated from sources assumed to be reliable, but that the accuracy and completeness of such information is not guaranteed and that the calculations contained therein are based on a series of assumptions. The external data has not been independently verified by Commerzbank. Therefore, Commerzbank cannot assume any responsibility for the accuracy of the external data taken or derived from public sources.

Copies of this document are available upon request or can be downloaded from www.commerzbank.com/aktionaere/index.htm

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