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Commerzbank AG Earnings Release 2011

Nov 4, 2011

81_ip_2011-11-04_054d7f85-d1f0-4c24-899d-61cf2e63f3cf.pdf

Earnings Release

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Commerzbank – Sound performance of Core Bank weighed down by sovereign debt crisis

Analyst conference – Q3 2011 results

Eric StrutzCFO Frankfurt November 4th, 2011

Agenda

1 G
r
o
p
s
m
m
a
r
u
u
y
2 F
i
i
l
h
i
h
l
i
h
t
n
a
n
c
a
g
g
s
3 R
l
b
d
i
i
i
t
e
s
s
s
o
n
u
y
v
4 B
l
h
i
l
&
f
d
i
t,
t
a
a
n
c
e
s
e
e
c
a
p
a
n
n
g
u
5 C
l
i
d
l
k
t
o
n
c
u
s
o
n
a
n
o
u
o
o
6 A
d
i
p
p
e
n
x

Operating profit of Core Bank reached €3bn within 9 months

9M operating profit of the Core Bank more than doubled

G
r
o
u
p		 C
o
r
e		 **
B
k
a
n
in
€
m		 Q
3
2
0
1
0		 Q
2
2
0
1
1		 Q
3
2
0
1
1		 9
M
2
0
1
1		 3 2
Q
0
1
0		 3 2
Q
0
1
1		 9
M
2
0
1
0		 9
M
2
0
1
1
Re
be
fo
L
L
P
ve
nu
es
re		 2,
9
2
2		 2,
3
6
3		 1,
9
4
5		 3
7,
5
7		 2,
3
4
1		 2,
9
0
3		 8,
0
2
7		 9,
0
0
8
L
L
P		 -6
2
1		 -2
8
7		 -4
1
3		 -1
0
0
9
,		 -1
2
6		 -1
6
7		 -6
8
0		 -3
0
2
O
ing
t
p
er
a
e
xp
en
se
s		 2,
1
8
5		 2,
0
3
0		 2,
0
3
6		 6,
2
2
0		 2,
0
1
0		 1,
8
7
6		 6,
0
9
6		 5,
7
2
4
O
f
ing
i
t
t
p
er
a
p
ro		 1
1
6		 5
5		 -8
5
5		 3
4
4		 2
0
5		 8
5
1		 1,
2
9
6		 2,
9
8
2
f
i
Ne
*
t p
t
ro		 1
1
3		 2
4		 -6
8
7		 3
2
2		 2
0
2		 1,
0
2
0		 1,
3
7
2		 2,
9
6
1
  • 9M revenues before LLP in the Core Bank increased by €1bn (+12%)
  • Moderate LLP level of Core Bank in Q3, lower provisioning need in ABF (y-o-y)
  • Overall cost base decreased y-o-y by 7% due to realization of cost synergies
  • Operating profit affected by impairment on Greek sovereign bonds (€798m) and PF de-risking

* Consolidated result attributable to Commerzbank shareholders ** incl. Others & Consolidations

Agenda

1 G
r
o
u
p
s
u
m
m
a
r
y
2 i
i
i
i
F
l
h
h
l
h
t
n
a
n
c
a
g
g
s
3 R
l
b
d
i
i
i
t
e
s
s
s
o
n
u
y
v
4 B
l
h
i
l
&
f
d
i
t,
t
a
a
n
c
e
s
e
e
c
a
p
a
u
n
n
g
5 C
l
i
d
l
k
t
o
n
c
u
s
o
n
a
n
o
u
o
o
6 A
d
i
p
p
e
n
x

9M revenues before LLP in the Core Bank increased by €1bn (+12%)

Revenues before LLPin € m

* incl. Others & Consolidations

Eric Strutz CFO Frankfurt November 4th, 20115

Further reduction of LLP guidance for FY2011

Provisions for loan losses in € m

  • LLP in ABF still on high level, but significantly down on previous year

  • Guidance FY2011: LLP <€1.7bn

  • €798m impairment on Greek sovereign bonds booked in net investment income

  • Greek bond exposure down to €1.4bn, portfolio valued at 48%

Eric StrutzCFO Frankfurt November 4th, 2011

Overall cost base flat q-o-q, but down y-o-y by 7%

  • Personnel cost down q-o-q by €23m
  • Other expenses up q-o-q by €29m due to accelerated merger of branch pairs
  • CIR in Core Bank at 65% (Q3)
  • Cost target for Roadmap 2012 confirmed

Integration charges

Operating profit and Net profit

  • Impairment on Greek sovereign bonds & PF de-risking
  • Operating profit of -€855m in Q3 2011
  • Tax benefit of €191m
  • Minorities of €23m
  • Net profit of -€687m*
  • 9M 2011 EPS of €0,11**
  • NAV per share at €3.95***

Eric Strutz CFO Frankfurt November 4th, 20118

Agenda

1 G
r
o
u
p
s
u
m
m
a
r
y
2 F
i
i
l
h
i
h
l
i
h
t
n
a
n
c
a
g
g
s
3 R
l
b
d
i
i
i
t
e
s
u
s
y
v
s
o
n
4 f
B
l
h
i
l
&
d
i
t,
t
a
a
n
c
e
s
e
e
c
a
p
a
u
n
n
g
5 C
l
i
d
l
k
t
o
n
c
u
s
o
n
a
n
o
u
o
o
6 A
d
i
p
p
e
n
x

Core Bank with significantly improved result

Eric StrutzCFO Frankfurt November 4th, 2011

Private Customers remains stable despite challenging markets

P&L at a glance

Q
3
1
0		 Q
2
1
1		 Q
3
1
1		 9
M
1
0		 9
M
1
1
Ø
i
(
€
)
ty
eq
u
m		 3,
4
4
3		 3,
3
2
6		 3,
3
2
3		 3,
5
0
9		 3,
3
5
5
Op
Ro
E
(
%
)		 2.
8		 9.
5		 8.
5		 2.
3		 1
0.
6
C
I
R
(
)
%		 9
0.
9		 8
8.
1		 8
9.
1		 9
1.
2		 8
7.
3
in
€
m		 Q
3
1
0		 Q
2
1
1		 Q
3
1
1		 9
M
1
0		 9
M
1
1
f
R
b
L
L
P
e
v
e
nu
e
s
e
o
r
e		 9
6
3		 9
5
9		 9
5
9		 2,
9
6
1		 2,
9
6
3
L
L
P		 -6
4		 -3
5		 -3
4		 -2
0
0		 -1
1
0
O
i
t
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 8
7
5		 8
4
5		 8
5
4		 2,
7
0
1		 2,
5
8
7
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 2
4		 9
7		 1
7		 6
0		 2
6
6
  • › Q3 revenues before LLP stable y-o-y despite client reluctance in securities business
  • ›LLP reduced y-o-y, remains stable q-o-q
  • ›Q3 costs 2% lower, further synergies still to come
  • ›Customer base stable at 11 million

Mittelstandsbank continues to generate strong results

P &
L
l
t
a
a
g
a
n
c
e
in
€
m		 Q
3
1
0		 Q
2
1
1		 Q
3
1
1		 M
9
1
0		 M
9
1
1
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 2
7
7		 8
3
4		 8
3
7		 2,
3
8
9		 2,
4
2
1
L
L
P		 6
9		 2
5		 1
-5		 -1
8
6		 -3
4
O
i
t
p
e
r
a
n
g
e
p
e
n
s
e
s
x		 3
6
6		 3
6
1		 3
8
8		 1,
0
1
7		 1,
1
3
1
i
f
i
O
t
t
p
e
r
a
n
g
p
r
o		 4
3
0		 4
9
8		 3
4
4		 1,
1
3
2		 1,
2
5
6
Q
b
f
L
L
P
3
›
r
e
v
e
n
u
e
s
e
o
r
e		 i
d
b
8
%
n
c
r
e
a
s
e
y		 i
l
d
t
y
-o
-y
m
a
n
y
u
e
o
-------------------------------------------------------------------------------------------------- --------------------------------------------------------------- ----------------------------------------------------------------------
  • higher net interest income (margins remains on high levels)
  • improved fee business (mainly international trade business)

›Q3 LLP still on a moderate level

Ø
i
(
€
)
ty
eq
u
m		 5,
6
8
0		 5,
0
9
6		 5,
2
5
7		 5,
5
4
2		 5,
2
6
3
Op
Ro
E
(
%
)		 3
0.
3		 3
9.
1		 2
6.
2		 2
2
7.		 3
1.
8
C
I
R
(
)
%		 5
0.
3		 4
3.
3		 4
9.
6		 4
4.
8		 4
6.
7

Q3 10 Q2 11 Q3 11 9M 10 9M 11

Central & Eastern Europe continues positive revenue growth

Q
3
1
0		 Q
2
1
1		 Q
3
1
1		 9
M
1
0		 9
M
1
1
Ø
(
)
i
ty
€
eq
u
m		 1,
6
7
4		 1,
7
1
0		 1,
7
4
8		 1,
6
2
3		 1,
7
1
4
Op
Ro
E
(
)
%		 7.
4
-		 2
3.
2		 2
1.
0		 -1.
5		 2
0.
9
C
(
)
I
R
%		 6
1.
4		 5
8.
5		 5
3.
6		 5
9.
1		 5
6.
3
P &
L
l
t
a
a
g
a
n
c
e
Q
3
1
0		 Q
2
1
1		 Q
3
1
1		 M
9
1
0		 M
9
1
1
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 2
4
9		 2
3
5		 2
6
7		 2
2
7		 2
7
7
L
L
P		 -1
2
7		 -6 -3
2		 -3
1
3		 -6
8
O
i
t
p
e
r
a
n
g
e
p
e
n
s
e
s
x		 1
3
5		 1
4
8		 1
4
3		 4
2
7		 4
3
5
i
f
i
O
t
t
p
e
r
a
n
g
p
r
o		 -3
1		 9
9		 9
2		 -1
8		 2
6
9

›Revenue before LLPs increased by 7% y-o-y

BRE especially strong

  • Significantly decreased LLP at Bank Forum
  • ›Stable cost base despite customer growth

C&M with comparably resilient business model in difficult markets

P&L at a glance

in
€
m		 Q
3
1
0		 Q
2
1
1		 Q
3
1
1		 M
9
1
0		 M
9
1
1
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 6
6
5		 1
1
7		 4
4
7		 1,
9
4
7		 1,
8
3
7
L
L
P		 -6 -3
1		 9
-5		 1
3		 -9
0
O
i
t
p
e
r
a
n
g
e
p
e
n
s
e
s
x		 4
3
9		 3
9
8		 3
3
5		 1,
2
4
5		 1,
1
9
0
i
f
i
O
t
t
p
e
r
a
n
g
p
r
o		 1
2
1		 2
8
2		 3
5		 5
6
2		 5
5
7
Q
3
1
0		 Q
2
1
1		 Q
3
1
1		 9
M
1
0		 9
M
1
1
Ø
i
(
€
)
ty
eq
m
u		 3,
8
3
9		 3,
1
1
3		 2,
8
7
2		 3,
8
3
7		 3,
1
4
9
Op
(
)
Ro
E
%		 1
2.
6		 3
6.
2		 4.
9		 1
9.
5		 2
3.
6
C
I
R
(
%
)		 7
7.
6		 5
6.
0		 7
9.
0		 6
9.
4		 6
4.
8
  • › Lower customer turnover due to severe market conditionsin traditionally weaker Q3
  • ›Trading income supported by valuation of own credit spread
  • ›LLPs slightly up
  • ›Operating Expenses reduced by 20% y-o-y
  • › RWA reduced in anticipation of Basel 2.5 resulting in lower allocated equity

Corporates & Markets divisional split

Equity Markets and Commodities - Operating Revenues* incl. LLP

  • ›Lower primary market activities of customers in Q3
  • › DCM and ECM reduced, but healthy pipeline remains intact once market re-opens

  • › YTD 9M 2011 benefiting from exceptional large transactions in Q2

  • › Market turbulence in equity and commodity markets restrained client activity in traditionally slow third quarter

  • ›Successful launch of CFD Retail platform in Germany
  • ›Revenues impacted by Own Credit Spread valuation
  • › Underlying revenues at a stable level despite generally difficult market conditions for fixed income
  • › Continued strength of the underlying client franchise as well as strong risk management capabilities
  • › Active resource management (e.g. balance sheet andcapital usage) in place given new regulatory environment

Others & Consolidation

P&L at a glance

in
€
m		 Q
3
1
0		 Q
2
1
1		 Q
3
1
1		 9
M
1
0		 9
M
1
1
f
R
b
L
L
P
e
v
e
nu
e
s
e
o
r
e		 -1
6
4		 7
3		 4
4
7		 2
0
6		 1,
0
1
5
L
L
P		 2 -1 0 6 0
O
i
t
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 1
7
7		 1
1
8		 1
3
8		 6
5
2		 3
8
1
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 -3
3
9		 -4
6		 3
0
9		 -4
4
0		 6
3
4

› Treasury benefits from refinement of valuation models on economic hedges on interest rates

ABF & PRU

Asset Based Finance weighed down by impairment on Greece and further de-risking in Public Finance

Q
3
1
0		 Q
2
1
1		 Q
3
1
1		 M
9
1
0		 M
9
1
1
Ø
i
(
€
)
ty
eq
u
m		 6,
4
4
0		 5,
1
9
5		 5,
4
1
5		 6,
4
2
5		 5,
4
0
7
Op
Ro
E
(
)
%		 2
5.
0
-		 7
0.
9
-		 1
1
0.
4
-		 -1
5.
3		 6
3.
0
-
C
I
R
(
)
%		 6
1.
5		 /a
n		 /a
n		 5
0.
4		 /a
n
P &
L
l
t
a
a
g
a
n
c
e
in
€
m		 Q
3
1
0		 Q
2
1
1		 Q
3
1
1		 M
9
1
0		 M
9
1
1
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 2
3
4		 4
4
-5		 -1
0
9
7
,		 8
9
7		 -1
3
8
4
,
L
L
P		 -4
9
3		 -2
3
3		 -2
4
5		 -1
1
2
7
,		 2
8
-7
O
i
t
p
e
r
a
n
g
e
p
e
n
s
e
s
x		 1
4
4		 1
4
4		 1
4
3		 4
4
3		 4
4
1
i
f
i
O
t
t
p
e
r
a
n
g
p
r
o		 -4
0
3		 -9
2
1		 -1
4
9
4
,		 -7
3
6		 -2
5
5
3
,

›Revenues before LLP down q-o-q due to:

  • Lower NII resulting from asset reduction
  • Impairment on Greek sovereign bonds of €798m
  • Realized losses from the sale of PF assets
  • Value adjustment on equity position

›Risk provisions down y-o-y

Portfolio reduction in Asset Based Finance

CRE portfolio development (EaD in € bn)2

  • › Overall GIIPS sovereign exposure reduced by >20% within 9M
  • ›Greek bond exposure halved given impairments

GIIPS sovereign exposure (EaD1)

in
€
b
n		 D
1
0
e
c		 M
1
1
a
r		 J
1
1
u
n		 S
1
1
e
p
G
r
e
e
c
e		 3.
0		 2.
9		 2.
2		 1.
4
I
l
d
r
e
a
n		 0.
0		 0.
0		 0.
0		 0.
0
I
l
t
a
y		 9.
7		 9.
4		 8.
7		 7.
9
P
l
t
o
r
u
g
a		 0.
9		 0.
9		 0.
9		 0.
9
S
i
p
a
n		 3.
1		 3.
0		 2.
9		 2.
8
T
l
t
o
a		 1
6.
7		 1
6.
2		 1
4.
7		 1
3.
0

1) incl. PF portfolios of EH and EEPK; incl. non impaired parts of Greek bonds in LaR and AfS 2) excl. default portfolio

Eric StrutzCFO Frankfurt November 4th, 2011

Portfolio Restructuring Unit impacted by increased CDAs

Q
3
1
0		 Q
2
1
1		 Q
3
1
1		 M
9
1
0		 M
9
1
1
Ø
i
(
€
)
ty
eq
u
m		 1,
1
3
6		 9
3
8		 8
0
7		 1,
2
5
0		 9
0
6
Op
Ro
E
(
)
%		 1
1
0.
6		 2
7.
3		 1
0
5.
0
-		 6
0.
8		 1
2.
5
-
C
I
R
(
)
%		 8.
9		 2
0.
8		 /a
n		 1
1.
8		 /a
n
P &
L
l
t
a
a
g
a
n
c
e
in
€
m		 Q
3
1
0		 Q
2
1
1		 Q
3
1
1		 M
9
1
0		 M
9
1
1
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 3
4
7		 7
7		 -2
1
2		 0
7
5		 1
-5
L
L
P		 -2 3 1
7		 2
-5		 2
1
O
i
t
p
e
r
a
n
g
e
p
e
n
s
e
s
x		 3
1		 1
6		 1
7		 8
3		 5
5
i
f
i
O
t
t
p
e
r
a
n
g
p
r
o		 3
1
4		 6
4		 -2
1
2		 5
7
0		 -8
5
  • › Q3 revenues were driven by increased CDAs primarily on interest rate hedges and other trading reserves (-€205m)
  • › P&L impact of Structured Credit was immaterial as gains and losses within the portfolio were largely offset

Agenda

1 G
r
o
u
p
s
u
m
m
a
r
y
2 F
i
i
l
h
i
h
l
i
h
t
n
a
n
c
a
g
g
s
3 R
l
b
d
i
i
i
t
e
s
u
s
y
v
s
o
n
4 i
f
i
B
l
h
l
&
d
t,
t
a
a
n
c
e
s
e
e
c
a
p
a
u
n
n
g
5 C
O
l
i
d
l
k
t
o
n
c
s
o
n
a
n
o
o
u
u

M-t-m effects drives B/S increase q-o-q

Total Assets

in € bn

Increase since June mainly due to m-t-m effects in derivatives

RWA

in € bn

Ongoing active management in reducing RWA

Core Tier 1 and Tier 1 ratio

  • in %
  • Equity T1 ratio per Sep 2011 at 8.6%

Sep 2010 Sep 2011Dec 2010

Impact of Basel III compensated by active management –base case* RWA target <€265bn

* subject to measurements further to the recent EBA capital exercise and additional regulatory requirements

Broad range of measures to meet capital requirements of the EU summit

1) The EBA details the EU measures to restore confidence in the banking sector, published Ocotber 26th, 2011

Funding need until end 2012 in a range of €6–8 bn

Funding plan 2012in € bn

Covered BondsUnsecured Funding

* 2011 funding exceeding upper end of plan (€10-12bn)

  • Due to continued balance sheet reduction maturing capital markets liabilities will not have to be fully replaced in 2012
  • Unsecured funding needs will be covered via private placements into Commerzbank'sfranchise
  • Further funding opportunities in 2011 will be used to cover 2012 funding plan
  • Funding need from 2013 onwards expected to go down further

Eric StrutzCFO Frankfurt November 4th, 2011

Agenda

1 G
r
o
p
s
m
m
a
r
u
u
y
2 F
i
i
l
h
i
h
l
i
h
t
n
a
n
c
a
g
g
s
3 R
l
b
d
i
i
i
t
e
s
s
s
o
n
u
y
v
4 B
l
h
i
l
&
f
d
i
t,
t
a
a
n
c
e
s
e
e
c
a
p
a
n
n
g
u
5 C
l
i
d
l
k
t
o
n
c
s
o
n
a
n
o
o
o
u
u
6 A
d
i
p
p
e
n
x

Conclusion and Outlook

Agenda

1 G
r
o
u
p
s
u
m
m
a
r
y
2 F
i
i
l
h
i
h
l
i
h
t
n
a
n
c
a
g
g
s
3 R
l
b
d
i
i
i
t
e
s
u
s
y
v
s
o
n
4 C
i
l
&
F
d
i
t
a
p
a
u
n
n
g
5 C
O
l
i
d
l
k
t
o
n
c
s
o
n
a
n
o
o
u
u
6 A
d
i
p
p
e
n
x

Germany will still perform better than the Eurozone

Reasons for outperformance

  • No bubbles in the housing market
  • Low level of private sector debt
  • Less need for fiscal consolidation
  • Steadily improved competitiveness since start of EMU
  • Germany benefits from strong demand for investment goods and its strong positioning in Asian markets and Emerging Markets in general

Current development

  • › German economy still in an upswing, but sentiment indicators are pointing on a significant deceleration of growth
  • › Especially external demand has lost steam
  • › "Labour market miracle": level of unemployment significantly below pre-crisis level
  • › Number of corporate defaults still in a downward trend

2012 expectation

  • ›Significantly lower growth ahead
  • › Biggest recession risk is a uncertainty shock caused by an escalation of the sovereign debt crisis
  • › Commerzbank main scenario: German economy will avoid recession in contrast to Eurozoneaverage

PRU Structured Credit by Business Segment - September 2011

  • • The economic outlook is dependent upon detailed resolution of European debt crisis and is key to market recovery
  • • Asset fundamentals are stable, however uncertaintyweights on market demand and prices
  • • Asset reduction primarily achieved through opportunistic sales and proactive asset management < BBB 20%
(
in
€
bn
)		 io
No
t
l
Va
lu
na
e		 Ne
t
As
ts
*
se		 is
R
k
Ex
**
p
os
ur
e		 (
P
&
L		 in
€
)
m		 C
O
I e
f
fe
t (
c
in
€
)
m		 M
D
R
***
Se
ts
g
m
en		 Se
1
1
p-		 Ju
1
1
n-		 Se
1
1
p-		 Ju
1
1
n-		 Se
1
1
p-		 Ju
1
1
n-		 Se
1
1
p-		 F
Y
2
0
1
0		 Se
1
1
p-		 Se
1
1
p-
R
M
B
S		 4.
3		 4.
5		 1.
7		 1.
9		 2.
4		 2.
6		 3
8
-		 1
9
1		 4
7
-		 4
4
%
C
M
B
S		 0.
6		 0.
6		 0.
4		 0.
4		 0.
4		 0.
4		 1
5
-		 2 1
7
-		 4
2
%
C
D
O		 9.
9		 9.
5		 3.
6		 3.
6		 5.
9		 5.
7		 1
8
8		 5
2
7		 1
0
0
-		 4
1
%
S
O
he
A
B
t
r		 2.
1		 2.
2		 1.
6		 1.
7		 1.
8		 1.
9		 4
2		 9
3		 4 1
6
%
P
F
I
/
In
fra		 4.
2		 4.
1		 1.
5		 1.
3		 3.
6		 3.
6		 2
2
6
-		 2
8
-		 0 1
3
%
C
I
R
C
S		 0.
0		 0.
6		 0.
0		 0.
3		 0.
0		 0.
0		 2
-		 3
-		 -
O
he
t
rs		 3.
4		 2.
3		 3.
2		 2.
0		 0.
1		 0.
2		 2
1		 1
6
-		 0 -
To
l
ta		 2
4.
5		 2
3.
8		 1
2.
0		 1
1.
2		 1
4.
1		 1
4.
4		 -3
0		 7
6
6		 -1
6
0		 3
4
%

* Net Assets includes both "Buy" and "Sell" Credit Derivatives; all are included on a Mark to Market basis; ** Risk Exposure only includes "Sell" Credit derivatives. The exposure is then calculated as if we hold the long Bond (Notional less PV of derivative); *** Markdown-Ratio = 1-(Risk Exposure / Notional value)

Default Portfolio (Q3 2011)

Default portfolio and coverage ratios by segment

€m – excluding/includingGLLP

incl. Others and Consolidation

Eric StrutzCFO Frankfurt November 4th, 2011

Loan to Value figures in the CRE business (Q3 2011)

1 Loan to values based on market values; exclusive margin lines and corporate loans; additional collateral not taken into account. All figures relate to business secured by mortgages. Values in parentheses: December 2010.

Appendix: Segment reporting

Eric Strutz CFO Frankfurt November 4th, 201133

Commerzbank Group

in
€
m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 9
M
20
10		 Q
4
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 9
M
20
11
Ne
inte
inc
t
t
res
om
e		 1,
88
6		 1,
85
3		 1,
63
3		 37
2
5,		 1,
68
2		 1,
72
7		 1,
79
0		 1,
58
9		 10
6
5,
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -64
4		 -63
9		 -62
1		 -1,
90
4		 -59
5		 -31
8		 -27
8		 -41
3		 -1,
00
9
fte
Ne
t
inte
t
inc
is
ion
res
om
e a
r p
rov
s		 1,
24
2		 1,
21
4		 1,
01
2		 3,
46
8		 1,
08
7		 1,
40
9		 1,
51
2		 1,
17
6		 4,
09
7
Ne
mis
ion
in
t c
om
s
co
me		 99
7		 90
5		 87
0		 2,
77
2		 87
5		 1,
02
0		 92
8		 84
4		 2,
79
2
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 83
6		 31
6		 42
2		 1,
57
4		 38
4		 51
9		 57
6		 35
3		 1,
44
8
Ne
inv
inc
t
tm
t
es
en
om
e		 -11
9		 60 -24 -83 19
1		 12 -95
4		 -1,
26
7		 -2,
20
9
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
u
me		 2 6 -5 3 32 - 13 16 29
Ot
he
r in
co
me		 22 -30 26 18 -14
9		 33
8		 10 59 40
7
Re
be
for
LL
P
ven
ue
s
e		 3,
62
4		 3,
11
0		 2,
92
2		 9,
65
6		 3,
01
5		 3,
61
6		 2,
36
3		 1,
59
4		 7,
57
3
Re
fte
r L
LP
ven
ue
s a		 2,
98
0		 2,
47
1		 2,
30
1		 7,
752		 2,
42
0		 3,
29
8		 2,
08
5		 1,
18
1		 6,
56
4
Op
ing
t
era
ex
p
en
se
s		 2,
20
9		 2,
22
8		 2,
18
5		 6,
62
2		 2,
164		 2,
154		 2,
03
0		 2,
03
6		 6,
22
0
Op
ing
fit
t
era
p
ro		 77
1		 24
3		 11
6		 1,
13
0		 25
6		 1,
144		 55 -85
5		 34
4
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - 33 - 33 - - - - -
Pre
fit
-ta
x p
ro		 1
77		 21
0		 11
6		 1,
09
7		 25
6		 1,
144		 55 -85
5		 34
4
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 30
28
3
,		 30
96
7
,		 31
22
2
,		 30
82
4
,		 31
45
2
,		 32
42
0
,		 31
54
0
,		 28
78
8
,		 30
91
6
,
RW
A
(
En
d o
f P
io
d
)
er		 27
8,
88
6		 29
0,
20
0		 27
9,
59
7		 27
9,
59
7		 26
50
9
7,		 24
8,
26
9		 23
9,
48
8		 24
4,
17
8		 24
4,
178
Co
/
inc
io
(
)
st
at
%
om
e r		 61
.0%		 71
.6%		 74
.8%		 68
.6%		 71
.8%		 59
.6%		 85
.9%		 12
7.7
%		 82
.1%
Op
ing
ity
(
)
t
tur
%
era
re
n o
n e
q
u		 10
.2%		 3.1
%		 1.5
%		 4.9
%		 3.3
%		 14
.1%		 0.7
%		 -11
.9%		 1.5
%
f p
fit
(
)
Re
tur
ity
tax
%
n o
n e
q
u
o
re-
p
ro		 10
.2%		 2.7
%		 1.5
%		 4.7
%		 3.3
%		 14
.1%		 0.7
%		 -11
.9%		 1.5
%

Private Customers

in
€
m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 M
9
20
10		 Q
4
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 M
9
20
11
Ne
inte
inc
t
t
res
om
e		 48
9		 48
6		 50
0		 1,
47
5		 50
7		 49
2		 51
4		 49
7		 1,
50
3
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -66 -70 -64 -20
0		 -46 -41 -35 -34 -11
0
Ne
inte
inc
fte
is
ion
t
t
res
om
e a
r p
rov
s		 42
3		 41
6		 43
6		 1,
27
5		 46
1		 45
1		 47
9		 46
3		 1,
39
3
Ne
t c
mis
ion
in
om
s
co
me		 54
7		 49
7		 45
8		 1,
50
2		 43
9		 56
9		 45
5		 40
6		 1,
43
0
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 1 1 2 4 -3 -1 -2 8 5
Ne
inv
inc
t
tm
t
es
en
om
e		 9 5 4 18 13 1 1 -0 2
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
me
u		 4 3 4 11 -1 6 5 5 16
Ot
he
r in
co
me		 -49 5 -5 -49 -71 -22 -14 43 7
for
Re
be
LL
P
ven
ue
s
e		 1,
00
1		 99
7		 96
3		 2,
96
1		 88
4		 1,
04
5		 95
9		 95
9		 2,
96
3
Re
fte
r L
LP
ven
ue
s a		 93
5		 92
7		 89
9		 2,
76
1		 83
8		 1,
00
4		 92
4		 92
5		 2,
85
3
Op
ing
t
era
ex
p
en
se
s		 91
2		 91
4		 87
5		 2,
70
1		 85
1		 88
8		 84
5		 85
4		 2,
58
7
Op
fit
t
ing
era
p
ro		 23 13 24 60 -13 11
6		 79 71 26
6
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - - -
Pre
fit
-ta
x p
ro		 23 13 24 60 -13 11
6		 79 71 26
6
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 3,
52
2		 3,
56
2		 3,
44
3		 3,
50
9		 3,
45
1		 3,
41
7		 3,
32
6		 3,
32
3		 3,
35
5
RW
A
(
En
d o
f P
io
d
)
er		 30
76
3
,		 31
41
4
,		 29
87
1
,		 29
87
1
,		 29
99
5
,		 29
19
7
,		 27
05
2
,		 28
78
6
,		 28
78
6
,
Co
/
inc
io
(
%
)
st
at
om
e r		 91
.1%		 91
.7%		 90
.9%		 91
.2%		 96
.3%		 85
.0%		 88
.1%		 89
.1%		 87
.3%
Op
ing
ity
(
)
t
tur
%
era
re
n o
n e
q
u		 2.6
%		 1.5
%		 2.8
%		 2.3
%		 -1.
5%		 13
.6%		 9.5
%		 8.5
%		 10
.6%
Re
ity
f p
fit
(
)
tur
tax
%
n o
n e
q
u
o
re-
p
ro		 2.6
%		 1.5
%		 2.8
%		 2.3
%		 -1.
5%		 13
.6%		 9.5
%		 8.5
%		 10
.6%

Mittelstandsbank

in
€
m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 9
M
20
10		 Q
4
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 9
M
20
11
Ne
inte
inc
t
t
res
om
e		 52
3		 55
3		 48
2		 1,
55
8		 52
3		 51
4		 58
5		 52
7		 1,
62
6
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -16
1		 -94 69 -18
6		 -93 -8 25 -51 -34
Ne
inte
inc
fte
is
ion
t
t
res
om
e a
r p
rov
s		 36
2		 45
9		 55
1		 1,
37
2		 43
0		 50
6		 61
0		 47
6		 1,
59
2
Ne
mis
ion
in
t c
om
s
co
me		 27
2		 22
1		 24
0		 73
3		 25
0		 28
5		 27
4		 26
4		 82
3
Ne
t tr
d
ing
in
d n
et
inc
n h
dg
nt
ing
a
co
me
an
om
e o
e
e a
cc
ou		 4
-		 50 -14 32 -8 16 -6 -2 8
Ne
inv
inc
t
tm
t
es
en
om
e		 -3 15 29 41 14
7		 -16 -17 -10 -43
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
me
u		 - - - - 30 2 5 2 9
Ot
he
r in
co
me		 44 -9 -10 25 -12 3 -7 2 -2
Re
be
for
LL
P
ven
ue
s
e		 83
2		 83
0		 72
7		 2,
38
9		 93
0		 80
4		 83
4		 78
3		 2,
42
1
fte
Re
r L
LP
ven
ue
s a		 67
1		 73
6		 79
6		 2,
20
3		 83
7		 79
6		 85
9		 732 2,
38
7
Op
ing
t
era
ex
p
en
se
s		 35
7		 34
8		 36
6		 1,
07
1		 37
1		 38
2		 36
1		 38
8		 1,
13
1
Op
ing
fit
t
era
p
ro		 31
4		 38
8		 43
0		 1,
132		 46
6		 41
4		 49
8		 34
4		 1,
25
6
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - - -
Pre
fit
-ta
x p
ro		 31
4		 38
8		 43
0		 1,
132		 46
6		 41
4		 49
8		 34
4		 1,
25
6
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 5,
50
5		 5,
44
0		 5,
68
0		 5,
54
2		 5,
55
4		 5,
43
7		 5,
09
6		 5,
25
7		 5,
26
3
RW
A
(
En
d o
f P
io
d
)
er		 64
03
7
,		 69
05
7
,		 66
67
6
,		 66
67
6
,		 67
51
2
,		 60
19
9
,		 61
12
8
,		 62
68
8
,		 62
68
8
,
Co
/
inc
io
(
%
)
st
at
om
e r		 42
.9%		 41
.9%		 50
.3%		 44
.8%		 39
.9%		 47
.5%		 43
.3%		 49
.6%		 46
.7%
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 22
.8%		 28
.5%		 30
.3%		 27
.2%		 33
.6%		 30
.5%		 39
.1%		 26
.2%		 31
.8%
Re
ity
f p
fit
(
)
tur
tax
%
n o
n e
q
o
re-
p
ro
u		 22
.8%		 28
.5%		 30
.3%		 27
.2%		 33
.6%		 30
.5%		 39
.1%		 26
.2%		 31
.8%

Central & Eastern Europe

in
€
m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 9
M
20
10		 Q
4
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 9
M
20
11
Ne
t
inte
t
inc
res
om
e		 15
9		 16
1		 164 48
4		 19
0		 15
7		 16
6		 17
1		 49
4
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -94 -92 -12
7		 -31
3		 -48 -30 -6 -32 -68
Ne
inte
inc
fte
is
ion
t
t
res
om
e a
r p
rov
s		 65 69 37 17
1		 142 12
7		 16
0		 13
9		 42
6
Ne
mis
ion
in
t c
om
s
co
me		 47 53 53 15
3		 55 55 55 55 16
5
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 18 20 19 57 16 26 22 33 81
Ne
t
inv
tm
t
inc
es
en
om
e		 -1 4 4 7 -11 4 0 7 11
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
u
me		 - - - - - - - - -
Ot
he
r in
co
me		 3 9 9 21 7 10 10 1 21
Re
be
for
LL
P
ven
ue
s
e		 22
6		 24
7		 24
9		 72
2		 25
7		 25
2		 25
3		 26
7		 77
2
Re
fte
r L
LP
ven
ue
s a		 132 155 122 40
9		 20
9		 22
2		 24
7		 23
5		 704
Op
t
ing
era
ex
p
en
se
s		 12
6		 14
8		 15
3		 42
7		 13
8		 144 14
8		 14
3		 43
5
Op
ing
fit
t
era
p
ro		 6 7 -31 -18 71 78 99 92 26
9
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - - -
fit
Pre
-ta
x p
ro		 6 7 -31 -18 71 78 99 92 26
9
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 1,
59
9		 1,
59
7		 1,
67
4		 1,
62
3		 1,
64
2		 1,
68
2		 1,
71
0		 1,
74
8		 1,
71
4
(
f P
)
RW
A
En
d o
io
d
er		 18
74
7
,		 19
72
2
,		 19
01
1
,		 19
01
1
,		 19
10
7
,		 19
42
5
,		 19
80
6
,		 19
45
8
,		 19
45
8
,
Co
/
inc
io
(
%
)
st
at
om
e r		 55
.8%		 59
.9%		 61
.4%		 59
.1%		 53
.7%		 57
.1%		 58
.5%		 53
.6%		 56
.3%
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 1.5
%		 1.8
%		 -7.
4%		 -1.
5%		 17
.3%		 18
.5%		 23
.2%		 21
.0%		 20
.9%
Re
ity
f p
fit
(
%
)
tur
tax
n o
n e
q
u
o
re-
p
ro		 1.5
%		 1.8
%		 4%
-7.		 -1.
5%		 17
.3%		 18
.5%		 23
.2%		 21
.0%		 20
.9%

Corporates & Markets

in
€
m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 9
M
20
10		 Q
4
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 9
M
20
11
Ne
inte
inc
t
t
res
om
e		 20
8		 19
8		 14
1		 54
7		 22
0		 16
0		 22
6		 14
1		 52
7
Pro
vis
ion
for
lo
lo
s
an
ss
es		 19 0 -6 13 14 0 -31 -59 -90
Ne
inte
inc
fte
is
ion
t
t
res
om
e a
r p
rov
s		 22
7		 19
8		 13
5		 56
0		 23
4		 16
0		 19
5		 82 43
7
Ne
mis
ion
in
t c
om
s
co
me		 75 64 55 194 60 48 92 78 21
8
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 44
8		 18
7		 31
3		 94
8		 21
2		 45
6		 37
0		 20
2		 1,
02
8
Ne
t
inv
tm
t
inc
es
en
om
e		 -14 43 31 60 16
0		 4 26 4 34
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
u
me		 - - 1 1 10 - 11 2 13
Ot
he
r in
co
me		 8 11 25 44 -64 11 -14 20 17
Re
be
for
LL
P
ven
ue
s
e		 72
5		 50
3		 56
6		 1,
79
4		 59
8		 67
9		 71
1		 44
7		 1,
83
7
Re
fte
r L
LP
ven
ue
s a		 744 50
3		 56
0		 1,
80
7		 61
2		 67
9		 68
0		 38
8		 1,
74
7
Op
t
ing
era
ex
p
en
se
s		 41
1		 39
5		 43
9		 1,
24
5		 38
8		 43
9		 39
8		 35
3		 1,
19
0
Op
ing
fit
t
era
p
ro		 33
3		 10
8		 12
1		 56
2		 22
4		 24
0		 28
2		 35 55
7
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - - -
Pre
fit
-ta
x p
ro		 33
3		 10
8		 12
1		 56
2		 22
4		 24
0		 28
2		 35 55
7
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 3,
85
2		 3,
82
0		 3,
83
9		 3,
83
7		 3,
90
3		 3,
46
2		 3,
11
3		 2,
87
2		 3,
14
9
(
)
RW
A
En
d o
f P
io
d
er		 51
50
2
,		 53
28
5
,		 52
82
4
,		 52
82
4
,		 47
89
0
,		 42
05
7
,		 38
18
6
,		 38
68
0
,		 38
68
0
,
Co
/
inc
io
(
%
)
st
at
om
e r		 56
.7%		 78
.5%		 77
.6%		 69
.4%		 64
.9%		 64
.7%		 56
.0%		 79
.0%		 64
.8%
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 34
.6%		 11
.3%		 12
.6%		 19
.5%		 23
.0%		 27
.7%		 36
.2%		 4.9
%		 23
.6%
Re
ity
f p
fit
(
%
)
tur
tax
n o
n e
q
o
re-
p
ro
u		 34
.6%		 11
.3%		 12
.6%		 19
.5%		 23
.0%		 27
.7%		 36
.2%		 4.9
%		 23
.6%

Asset Based Finance

in
€
m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 9
M
20
10		 Q
4
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 9
M
20
11
Ne
inte
inc
t
t
res
om
e		 29
8		 32
0		 28
3		 90
1		 26
1		 29
6		 25
6		 24
0		 79
2
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -32
5		 -35
4		 -49
3		 -1,
172		 -41
2		 -24
1		 -23
3		 -25
4		 -72
8
Ne
inte
inc
fte
is
ion
t
t
res
om
e a
r p
rov
s		 -27 -34 -21
0		 -27
1		 -15
1		 55 23 -14 64
Ne
mis
ion
in
t c
om
s
co
me		 88 80 83 25
1		 76 81 87 69 23
7
Ne
t tr
d
ing
in
d n
et
inc
n h
dg
nt
ing
a
co
me
an
om
e o
e
e a
cc
ou		 4
-		 30 -49 -23 -55 -86 52 -40 -74
Ne
inv
inc
t
tm
t
es
en
om
e		 -2 -15
8		 -51 -21
1		 -14
1		 -42 -93
6		 -1,
37
0		 -2,
34
8
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
me
u		 -2 2 -9 -9 -11 -8 -7 1 -14
Ot
he
r in
co
me		 14 -21 -23 -30 -84 16 4 3 23
Re
be
for
LL
P
ven
ue
s
e		 39
2		 25
3		 23
4		 87
9		 46 25
7		 -54
4		 -1,
09
7		 -1,
38
4
fte
Re
r L
LP
ven
ue
s a		 67 -10
1		 -25
9		 -29
3		 -36
6		 16 -77
7		 -1,
35
1		 -2,
112
Op
ing
t
era
ex
p
en
se
s		 152 14
7		 144 44
3		 16
6		 154 144 14
3		 44
1
Op
ing
fit
t
era
p
ro		 -85 -24
8		 -40
3		 -73
6		 -53
2		 -13
8		 -92
1		 -1,
49
4		 -2,
55
3
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - 33 - 33 - - - - -
Pre
fit
-ta
x p
ro		 -85 -28
1		 -40
3		 -76
9		 -53
2		 -13
8		 -92
1		 -1,
49
4		 -2,
55
3
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 6,
44
1		 6,
39
5		 6,
44
0		 6,
42
5		 5,
82
9		 5,
61
2		 5,
19
5		 5,
41
5		 5,
40
7
RW
A
(
En
d o
f P
io
d
)
er		 88
13
7
,		 90
37
7
,		 85
58
9
,		 85
58
9
,		 78
82
4
,		 73
58
0
,		 71
38
4
,		 73
17
8
,		 73
178
,
Co
/
inc
io
(
%
)
st
at
om
e r		 38
.8%		 58
.1%		 61
.5%		 50
.4%		 36
0.9
%		 59
.9%		 /a
n		 /a
n		 /a
n
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 3%
-5.		 -15
.5%		 -25
.0%		 -15
.3%		 -36
.5%		 -9.
8%		 -70
.9%		 -11
0.4
%		 -63
.0%
Re
ity
f p
fit
(
)
tur
tax
%
n o
n e
q
o
re-
p
ro
u		 5.3
%
-		 -17
.6%		 -25
.0%		 -16
.0%		 -36
.5%		 -9.
8%		 -70
.9%		 -11
0.4
%		 -63
.0%

Portfolio Restructuring Unit

in
€
m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 9
M
20
10		 Q
4
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 9
M
20
11
Ne
inte
inc
t
t
res
om
e		 23 10 29 62 20 5 13 7 25
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -22 -28 -2 -52 -10 1 3 17 21
Ne
inte
inc
fte
is
ion
t
t
res
om
e a
r p
rov
s		 1 -18 27 10 10 6 16 24 46
Ne
mis
ion
in
t c
om
s
co
me		 -3 7 2 6 -6 0 0 -0 -0
Ne
t tr
d
ing
in
d n
et
inc
n h
dg
nt
ing
a
co
me
an
om
e o
e
e a
cc
ou		 28
2		 56 32
8		 66
6		 12
1		 61 72 -21
9		 -86
Ne
inv
inc
t
tm
t
es
en
om
e		 -94 70 -9 -33 4 18 -7 -0 11
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
u
me		 - - - - - - - - -
Ot
he
r in
co
me		 -0 7 -3 4 -1 -0 -1 -0 -1
Re
be
for
LL
P
ven
ue
s
e		 20
8		 15
0		 34
7		 70
5		 13
8		 84 77 -21
2		 -51
Re
fte
r L
LP
ven
ue
s a		 186 122 34
5		 65
3		 128 85 80 -19
5		 -30
Op
t
ing
era
ex
p
en
se
s		 25 27 31 83 23 22 16 17 55
Op
ing
fit
t
era
p
ro		 16
1		 95 31
4		 57
0		 10
5		 63 64 -21
2		 -85
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - - -
Pre
fit
-ta
x p
ro		 16
1		 95 31
4		 57
0		 10
5		 63 64 -21
2		 -85
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 1,
36
4		 1,
25
1		 1,
13
6		 1,
25
0		 1,
09
7		 97
1		 93
8		 80
7		 90
6
(
)
RW
A
En
d o
f P
io
d
er		 13
46
8
,		 12
24
0
,		 10
93
5
,		 10
93
5
,		 9,
88
6		 9,
31
6		 8,
84
1		 9,
23
8		 9,
23
8
Co
/
inc
io
(
%
)
st
at
om
e r		 12
.0%		 18
.0%		 8.9
%		 11
.8%		 16
.7%		 26
.2%		 20
.8%		 /a
n		 /a
n
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 47
.2%		 30
.4%		 11
0.6
%		 60
.8%		 38
.3%		 25
.9%		 27
.3%		 -10
5.0
%		 -12
.5%
Re
ity
f p
fit
(
%
)
tur
tax
n o
n e
q
o
re-
p
ro
u		 47
.2%		 30
.4%		 11
0.6
%		 60
.8%		 38
.3%		 25
.9%		 27
.3%		 -10
5.0
%		 -12
.5%

Others & Consolidation

in
€
m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 9
M
20
10		 Q
4
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 9
M
20
11
Ne
inte
inc
t
t
res
om
e		 18
6		 12
5		 34 34
5		 -39 10
3		 30 6 13
9
Pro
vis
ion
for
lo
lo
s
an
ss
es		 5 -1 2 6 -0 1 -1 -0 -0
Ne
inte
inc
fte
is
ion
t
t
res
om
e a
r p
rov
s		 19
1		 124 36 35
1		 -39 104 29 6 13
9
Ne
mis
ion
in
t c
om
s
co
me		 -29 -17 -21 -67 1 -18 -35 -28 -81
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 95 -28 -17
7		 -11
0		 10
1		 47 68 37
1		 48
6
Ne
inv
inc
t
tm
t
es
en
om
e		 -14 81 -32 35 19 43 -21 102 124
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
u
me		 - 1 -1 - 4 - -1 6 5
Ot
he
r in
co
me		 2 -32 33 3 76 32
0		 32 -10 34
2
Re
be
for
LL
P
ven
ue
s
e		 24
0		 13
0		 -16
4		 20
6		 162 49
5		 73 44
7		 1,
01
5
Re
fte
r L
LP
ven
ue
s a		 24
5		 129 -16
2		 21
2		 162 49
6		 72 44
7		 1,
01
5
Op
ing
t
era
ex
p
en
se
s		 22
6		 24
9		 17
7		 65
2		 22
7		 12
5		 11
8		 13
8		 38
1
Op
ing
fit
t
era
p
ro		 19 -12
0		 -33
9		 -44
0		 -65 37
1		 -46 30
9		 63
4
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - - -
Pre
fit
-ta
x p
ro		 19 -12
0		 -33
9		 -44
0		 -65 37
1		 -46 30
9		 63
4
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 8,
00
0		 8,
90
2		 9,
01
1		 8,
63
8		 9,
97
6		 11
83
9
,		 12
162
,		 9,
36
5		 11
122
,
(
f P
)
RW
A
En
d o
io
d
er		 12
23
1
,		 14
10
5
,		 14
69
2
,		 14
69
2
,		 14
29
4
,		 14
49
3
,		 13
09
1
,		 12
15
0
,		 12
150
,

Group equity definitions

R
i
l
i
i
f
i
d
f
i
i
i
t
t
t
e
c
o
n
c
a
o
n
o
e
q
u
y
e
n
o
n
s
R
i
l
i
i
f
i
d
f
i
i
i		 E
i
b
i
f
R
E
t
q
u
y
a
s
s
o
r
o
t
t
t
e
c
o
n
c
a
o
n
o
e
q
e
n
o
n
s
u
y		 9
M
2
0
1
1
Eq
i
de
f
in
i
io
in
€
ty
t
u
ns
m		 f Pe
En
d
o
io
d
r		 Av
er
ag
e
Su
bs
i
be
d c
i
l
ta
cr
ap		 5,
1
1
3		 4,
0
0
5
Ca
i
l re
ta
p
se
rve		 1
0,
9
2
3		 6,
0
0
0
Re
ine
d e
ing
ta
ar
n
s		 8,
4
1
2		 9,
0
2
2
S
i
len
ic
ip
ion
So
F
F
in
/
A
l
l
ian
t p
t
t
ar
a
s
z		 2,
6
8
7		 1
0,
6
0
2
Cu
la
ion
tra
t
rre
nc
y
ns
re
se
rve		 -4
5
8		 3
8
9
-
Co
l
i
da
d
P
&
L
te
ns
o		 3
2
2		 8
5
6
Ca
In
'
i
l w
i
ho
l
l
in
in
to
ta
t
t n
tro
te
ts
ve
s
rs
p
on
-co
n
g
re
s
u		 2
6,
9
9
9		 3
0,
0
9
6		 Ba
is
fo
Ro
E
f
i
t p
t
s
r
on
n
e
ro
No
l
l
ing
in
(
I
F
R
S
)
*
tro
te
ts
n-c
on
res		 8
7
7		 8
2
0
In
'
Ca
i
l
to
ta
ve
s
rs
p		 2
7,
7
8
6		 3
0,
9
1
6		 is
fo
in
Ba
t
Ro
E
d
-ta
Ro
E
s
r o
p
er
a
g
an
p
re
x
C
ha
in
l
i
da
d c
ies
/ g
dw
i
l
l
/ c
l
i
da
d
te
te
t
ng
e
co
ns
o
om
p
an
oo
on
so
ne
f
i
inu
ion
f
d
iv
i
de
d
/ o
he
t m
t
t
p
ro
s p
or
o
n
rs		 -4
8
8
5
,
Ba
l
I
I c
i
l w
i
ho
hy
br
i
d
i
l
ta
t
t
ta
se
or
e
ca
p
ca
p
u		 2
2,
9
2
8
Hy
br
i
d c
i
l
ta
ap		 3,
9
8
1
Ba
l
I
I
T
ie
I c
i
l
ta
se
r
ap		 2
6,
9
0
9

* excluding: Revaluation reserve and cash flow hedges

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

Ta
j
B
ir
k
ho
lz
(
Ex
ive
Ma
Bo
d
Me
be
Inv
Re
la
io
)
t
t
to
t
n
a
ec
u
na
g
em
en
ar
m
r
es
r
ns
@
ir
ba
k.c
co
m
m
er
z
n
om
P:
4
9
6
9
1
3
6
2
3
8
4
5
+
ir.
ba
k.c
co
m
me
rz
n
om
ww
w.
@
M:
j
b
ir
k
ho
lz
ba
k.c
ta
n
a.
co
mm
er
z
n
om
J
ür
Ac
ke
(
He
d
f
Inv
Re
la
io
)
to
t
g
en
rm
an
n
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ns
P:
4
9
6
9
1
3
6
2
2
3
3
8
+
M:
j
ke
@
ba
k.c
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rg
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.ac
rm
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n
co
mm
er
z
n
om
/
E
i
F
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d
I
I
R
t
q
e
n
c
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m
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y
x		 F
i
i
l
R
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/
R
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t
n
a
n
c
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e
p
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r
n
g
a
n
g		 S
i
R
h
t
t
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a
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s
e
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r
c
M
ic
ha
l
H.
K
le
in
(
He
d
)
e
a
P:
4
9
6
9
1
3
6
2
4
5
2
2
+
M:
ic
ha
l.
k
le
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@
ba
k.c
m
e
co
mm
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z
Sa
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h
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n
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c
n
P:
4
9
6
9
1
3
6
2
3
6
1
7
+
@
M:
dr
bu
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ba
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sa
n
a.
es
c
n
co
mm
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n
om
U
He
ise
J
äc
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l
te
re
r-
P:
4
9
6
9
1
3
6
4
1
8
7
4
+
M:
he
ise
j
ke
l
@
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te
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ae
c
co
mm
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z
n
om
S
im
Nu
l
l
on
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xo
P:
4
9
6
9
1
3
6
4
6
6
0
5
+
@
M:
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l
l
ba
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s
on
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nu
xo
co
mm
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z
n
om
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fa
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h
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l
ip
i
te
n
p
P:
4
9
6
9
1
3
6
4
5
2
3
1
+
@
M:
fa
h
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l
ip
i
ba
k.c
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s
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p
co
mm
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z
n
om		 K
lau
D
ie
Sc
ha
l
lm
(
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d
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te
s-
r
ay
er
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P:
4
9-
6
9
1
3
6
2
5
1
5
4
+
M:
k
lau
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l
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te
s-
r.s
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co
mm
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de
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g
P:
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3
6
4
3
6
1
1
+
M:
bo
de
lsc
hw
ing
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w
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ne
ma
r.v
on
@
ba
k.c
co
mm
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om
M
ic
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De
e
sp
re
z
P:
4
9
6
9
1
3
6
2
5
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3
6
+
@
M:
ic
ha
l.
de
ba
k.c
m
e
sp
re
z
co
mm
er
z
n
om
Pa
ic
ia
No
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va
P:
4
9
6
9
1
3
6
4
6
4
4
2
+
@
M:
ic
ia.
k
ba
k.c
tr
p
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no
va
co
mm
er
n
om
z		 D
ir
k
Ba
h
(
He
d
)
ts
r
c
a
P:
4
9
6
9
1
3
6
2
2
9
9
7
+
@
M:
d
ir
k.
ba
h
ba
k.c
tsc
r
co
mm
er
n
om
z
Vo
l
ke
Kr
üc
h
te
r v
on
n
P:
4
9
6
9
1
3
6
2
5
1
3
9
+
M:
@
l
ke
kr
h
ba
k.c
te
vo
r.v
on
ue
c
n
co
mm
er
z
n
om
U
l
f
P
les
m
an
n
P:
4
9
6
9
1
3
6
4
3
8
8
8
+
@
M:
l
f.p
les
ba
k.c
u
ma
nn
co
mm
er
z
n
om

Disclaimer

Investor Relations

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include 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 publicly 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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