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Commerzbank AG Earnings Release 2010

Feb 23, 2011

81_ip_2011-02-23_ef6eb56b-2ee6-437e-a1cf-fd96a92f09f1.pdf

Earnings Release

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Commerzbank – Return to sustainable profitability

Analyst conference - preliminary 2010 results

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
t
b
d
i
i
i
e
s
u
s
y
v
s
o
n
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
&
l
k
t
o
n
c
u
s
o
n
o
u
o
o
6 A
d
i
p
p
e
n
x

Commerzbank Group with net profit of €1.4bn in 2010

Profitable in all quarters 2010 - strong operating performance of the Core Bank1

in
€ m		 Q
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o
B
F
&
P
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*
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3		 2
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3
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8
5
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8
-
  • Revenues before LLP increased by 16% y-o-y driven by strong client flow and favorable market conditions
  • Low LLP level in the Core Bank; high risk provisioning in ABF
  • Cost base: synergy results partially offset by integration charges
  • Net profit supported by tax credit in foreign locations

* Consolidated Result attributable to Commerzbankshareholders

Integration progressing on schedule with key milestones accomplished 2

  • End of December 2010 >45% of total synergy target 2014 of €2.4bn achieved
  • Synergies 2010 slightly above plan
  • Forecast 2011 > €1.5bn

Cost synergies Personnel reduction Integration charges & IT integration

  • Integration charges in line with 2010 plan despite higher IT investments
  • Total integration charges confirmed at €2.5bn

  • IT integration nearly finalised (last milestone in H1)

  • More than 80% of overall reduction contracted (>7,300 FTE)

  • Reduction of staff faster than planned

Significant risk & balance sheet reduction 3

  • Since 2008 strong reduction across the entire group and various products
  • 2010: balance sheet reduction mainly in trading assets due to m-t-meffects and improved netting

  • Development of balance sheet total is in line with EU requirement (<€900bn in 2012)

  • Planned reduction in ABF main driver for RWA decrease in 2010

  • Actively managed reduction in Corporates & Markets and PRU

* 2008 pro-forma

Capital base further improved 4

Tier 1 / CoreTier 1 Ratio

Comments

  • › CRD II: de-recognition of Silent Participation Allianz & HT1 as core capital
  • › Liability management in January 2011:
  • › Pre-tax P&L effect of roughly €300m
  • › Total effect on Core Tier 1 Ratio: pro-forma increase of 40bps
  • ›157.5m new shares issued

5Roadmap 2012 targets remain in place

* Pre regulatory effects (i.e. bank levies) and under stable market conditions

Agenda

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

Q4 2010: Strong revenue growth in the Core Bank q-o-q

Revenuesbefore LLP

in €m

* incl. Others & Consolidations

Low LLP in the Core Bank, high risk provisioning in ABF

Provisions for loan losses in €m

  • C&M benefited from reversals in loan loss provisions
  • Slightly improved LLP in ABF q-o-q; continued difficult markets in Spain & USA
  • Expectation 2011: ≤ €2.3bn
  • Core Bank: ≤€1.2bn
  • ABF & PRU: ≤€1.1bn

Cost base influenced by investments into integration

  • affected by investments into IT
  • FY 2010 integration charges incurred of €471m to be netted against release of restructuring provisions of €61m (reported under Other income)
  • Net burden of €410m
  • CIR of Core Bank reduced by 5ppts to 69.7% y-o-y (excluding integration charges)

Adjusted cost base FY 2009 vs. FY 2010

* excluding release in other income

Operating profit/loss and Net profit/loss

  • Operating profit of €256m in Q4 2010
  • Tax credit in foreign locations
  • Minorities of €20m
  • Net profit of €257m
  • 2010 EPS of €1.21

Commerzbank – Three important drivers with regard to the difference betweenthe Group accounts (IFRS) vs. the AG accounts (HGB) 2010

2) Result after tax Commerzbank AG (HGB)

Agenda

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

All core segments profitable in FY 2010

Private Customers negatively influenced by integration

Ø equity (€ m) 3,173 3,341 3,365 3,256 3,397

Op. RoE (%) 1.6 2.9 -1.5 4.4 1.4

CIR (%) 91.9 90.9 96.3 90.8 92.4

Q
4
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9		 Q
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6
3		 8
8
4		 4,
2
0
9		 3,
8
4
6
7
2
-		 6
4
-		 4
6
-		 2
4
6
-		 2
4
6
-
9
6
1		 8
7
5		 8
1
5		 3,
8
2
1		 3,
2
5
5
1
3		 2
4		 1
3
-		 1
4
2		 4
8
  • ›Y-o-y effect from exit units sold in 2009/2010: revenues before LLP -€258m, operating expenses -€200m and operating profit -€67m
  • ›PC continues to be affected by weak fee driven business and integration activities
  • ›Positive Q4 trends in deposit margins, LLP and cost development

›Customer base stable at 11 million customers

All operating segments on a full period base, Q1/09-12-day-effect adjusted in O&C

Mittelstandsbankwith best FY result ever

in
€
m		 Q
4
0
9		 Q
3
1
0		 Q
4
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Y
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9		 F
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1
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f
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ty
(
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m		 5,
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5
  • › Revenues before LLP increased by 28% q-o-q due to
  • improved fee business
  • effects from restructured loans
  • ›LLP decreased significantly y-o-y due to improved economy

All operating segments on a full period base, Q1/09-12-day-effect adjusted in O&C

Central & Eastern Europe with turnaround

P
&
L
t
l
a
a
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a
n
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€
in
m		 Q
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5
  • › Market environment in CEE has improved further, especially Poland benefited from positive economic development
  • › NII significantly above the level of the previous quarters due to volume and margin growth in Poland, NCI stable
  • ›BRE in Q4 with highest revenues ever; Bank Forum negative
  • ›460k new customers y-o-y, CEE with more than 4m customers

Corporates & Markets profitable in each quarter 2010

P
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a
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in
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7
  • ›Operating business in Q4 in line with seasonal expectations
  • ›Q4 2010 with positive effects from restructured loans
  • ›Operating expenses down 17% due to synergies
  • ›Average RWA significantly reduced by €8.5bn y-o-y

All operating segments on a full period base, Q1/09-12-day-effect adjusted in O&C

Others & Consolidation

P&L at a glance

€
in
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›Strong contribution from Treasury in Q4 given favorable market opportunities

›Negative effects from PPA

ABF & PRU

ABF continued to suffer from high LLP in difficult markets

P
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a
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  • › Revenues in Q4 suffered from one-offs, notably impairments on debt-to-equity swaps (€170m)
  • ›NII decreased q-o-q due to higher refinancing costs by €20m
  • › Commission income down slightly due to lower fees from restructured loans but still on high level
  • › LLP down q-o-q but still high due to write downs on CRE assets

All operating segments on a full period base, Q1/09-12-day-effect adjusted in O&C

Optimization: Asset Based Finance

PF portfolio development (EaD in € bn)1,3

  • Risk-oriented portfolio phase-out during the entire duration
  • No new business (only management of cover pool)

CRE portfolio development (EaD in € bn)2,3

  • Selective new business
  • Reduced prolongation quota
  • Non-scheduled repayments

1) PF includes public finance portfolios of Eurohypo and EEPK 2) Volume incl. Eurohypo portfolio, AM Leasing and further assets at Commerzbank 3) excl. default portfolio

Eric StrutzCFO Frankfurt February 23rd, 2011 24

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* including default portfolio ** including GLLP

Portfolio Restructuring Unit with operating profit in 4th consecutive quarter

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7		 /a
n		 1
2.
6

All operating segments on a full period base, Q1/09-12-day-effect adjusted in O&C

Portfolio Restructuring Unit - successful downsizing and de-risking with continuing profit contribution

Risk Exposure

in €bn

A
A
A		 A
A		 A B
B
B		 No
I
G
n		 To
ta
l
R
M
B
S		 3.
0
C
M
B
S		 0.
5
C
D
O		 6.
7
O
S
t
he
A
B
r		 2.
8
To
ta
l		 2.
8		 2.
0		 2.
4		 3.
0		 2.
9		 1
3.
0

Details

R
is
k
Ex
p
os
ur
e		 -d
*
m
-r
W
i
te
-b
k p
te
t
ia
l
r
ac
o
n		 €
8.
9
bn		 1
3
%
Ne
tra
l
(
/-
€
2
5m
P
&
L
)
+
u		 €
1.
8
bn		 2
5
%
Im
irm
l
i
ke
ly
/p
i
b
le
t
p
a
en
os
s		 €
2.
3
bn		 7
0
%
To
ta
l		 €
1
3.
0
bn

* Markdown-Ratio = 1-(Risk Exposure / Notional value)

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
u
s
y
v
s
o
n
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
&
O
l
i
t
l
k
o
n
c
s
o
n
o
o
u
u

Capital base further improved

RWAin €bn

reducing RWA

Total Assets

  • in €bn
  • Decrease since end of September due to m-t-meffects in derivatives

Ongoing active management in

Core Tier 1 and Tier 1 ratioin %

Further improved

Dec 2010Sep 2010 Dec 2009

Impact of Basel 3 RWA effects under control – active management compensates regulatory effects – RWA target reduced to <€290bn

Capital markets funding plan 2011 and review 2010

  • Average issuance spread was Euribor +55 bps
  • Unsecured funding was supported by strong retail franchise
  • 2 long dated €1bn benchmarks (7 and 10 years)

  • 2 Jumbo Pfandbriefeissued by Eurohypo

  • Funding plan 2011 is below volume achieved in 2010. Can be covered mainly by private placements

  • › Approximately one-third of funding plan 2011 already completed YTD

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 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
t
l
k
o
n
c
u
s
o
n
o
u
o
o
6 A
d
i
p
p
e
n
x

Commerzbank: divisional path to Roadmap 2012 target

Profitability goals achievable

* Pre regulatory effects (i.e. bank levies) and under stable market conditions

Wide range of options for payback of SoFFin funds

2011 outlook: Commerzbank expects to surpass operating profit level of 2010 significantly

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
t
b
d
i
i
i
e
s
s
s
o
n
u
y
v
4 C
i
t
l
&
F
d
i
a
p
a
n
n
g
u
5 C
l
i
&
O
l
k
t
o
n
c
u
s
o
n
u
o
o
6 A
d
i
p
p
e
n
x

Appendix: Economic & legal environment

Germany is the economic engine of 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

  • › Strong upswing of German economy is going on, based primarily on external demand and corporate investment
  • › Real GDP is approaching pre-Lehman level
  • › "Labour market miracle": level of unemployment significantly below pre-crisis level
  • › Number of corporate defaults peaked already

2011 –2012 expectation

  • › Upswing will continue, Germany still 'outperformer' within EMU
  • › Growth still mainly driven by external demand and corporate investment
  • › Private consumption will strengthen somewhat
  • › First signs of a gradual pick-up of inflation, starting from a very low level
  • › ECB not expected to start to hike rates in 2011

New restructuring law significantly increases Commerzbank's flexibility with respect to capital measures

Key elements of the Banking Restructuring Act (in force since 1 January 2011)

Clarification that Banking Restructuring Act not only applies to recapitalisations but also to measures with respect to the Silent Participations of SoFFin

50% share capital limitation for conditional and authorised capital not applicable

Shortened AGM/EGM invitation period as well as immediate registration of AGM/EGM resolutions without contestation period (FMStBG § 7c)

Contribution of Silent Participation via contribution in kind possible without audited valuation

Reduction of nominal value/ordinary capital under certain conditions possible without special provision of security to creditors

New legislation substantially increases Commerzbank's flexibility with respect to sizing and execution of capital measures

Appendix: Funding

2011 funding plan: maturing debt exceeds planned new issuance

  • Total funding plan of €10-12bn to be covered mainly by private placements
  • 2011 maturities of approx. €36bn will lead to further reduction of the Group's capital markets exposure

Average maturity of unsecured issues lengthened in 2010

Covered Bonds: €7.8bn

  • › Two long-dated benchmarks in 2010
  • in March €1bn 7 years senior unsecured
  • in September €1bn 10 years senior unsecured
  • › Average maturity of new issuance significantly increased to 6.9 years vs. 4.3 years in 2009

  • › Currency diversification, e.g. through USD, JPY, AUD, and NOK private placements

  • › Pfandbrief funding continued in size

    • Successful €1.5bn public sector and €1bn mortgage Jumbos
    • Several Jumbo taps at attractive funding levels
  • -Constant flow of private placements
  • › Lettresde Gage benchmark by Eurohypo Lux

Commerzbank with excellent access to unsecured funding

Strong Funding Franchise

Retail & Structured FranchiseOther Private Placements Benchmarks

SuccessfulBenchmarks

  • Two long-dated benchmarks issued in 2010
  • €1bn 7-year at MS +105 bps
  • Orderbook €1.4bn
  • Over 90 investors
  • More than 40% placed outside Germany
  • Bond was increased by placement of additional €500m in January 2011
  • €1bn 10-year at MS +150 bps
  • Orderbook €1.5bn
  • 165 investors
  • More than 60% placed outside Germany

* Including approx. €6bn from products supported by dedicated marketing campaigns

Over €30bn Covered Bonds issued by Eurohypo since 2008

ThePfandbrief is an attractive funding instrument

  • €30bn Covered Bonds placed since 2008
  • –€21bn Mortgage Pfandbriefe
  • –€7.6bn Public Sector Pfandbriefe
  • –€1.6bn Lettres de Gage
  • Focus on longer maturities, 65% of issuance with maturity 5 years and longer
  • Strong domestic bid for registered and bearer bond Pfandbriefe

Appendix: ABF

Core CRE Portfolio now has moderate risk profile

Reduction of non-core portfolio since 06/09: €8.5bn

Appendix: Portfolio Restructuring Unit (PRU) & Leveraged Acquisition Finance (LAF)

PRU Structured Credit by Business Segment - December 2010

Breakdown by asset and rating classes Details & Outlook

  • Risk reduction primarily in RMBS with significant exit in exposure taken through derivatives hence the reduction is seen in risk exposure but not visible in net assets
  • Amortizations compensated by FX movements and writebacks
  • Asset values remain dependent on macroeconomic development in Europe and the US
  • Market volatility remains high due to sovereign debt crisis
  • Cautiously optimistic on market developments with allowance for volatility along the way
(
in
€
bn
)		 No
t
io
na		 l
Va
lu
e		 Ne
t
As		 ts
*
se		 R
is
k
Ex		 **
p
os
ur
e		 (
P
&
L		 in
€
)
m		 O
C
I e
f
fe
t
c
(
€
)
in
m		 M
D
R
*
Se
ts
g
m
en		 De
1
0
c-		 Se
1
0
p-		 De
1
0
c-		 Se
1
0
p-		 De
1
0
c-		 Se
1
0
p-		 F
Y
2
0
1
0		 Se
t
Y
T
D
p
2
0
1
0		 Q
4
2
0
1
0		 De
1
0
c-
R
M
B
S		 5.
1		 7.
7		 2.
1		 2.
2		 3.
0		 5.
3		 1
9
1		 1
8
2		 4
-		 4
1
%
C
S
M
B		 0.
7		 0.
7		 0.
5		 0.
5		 0.
5		 0.
5		 2 2
5		 2 %
3
5
C
D
O		 1
1.
1		 1
1.
3		 4.
2		 4.
5		 6.
7		 6.
9		 2
5
7		 4
4
0		 4
2		 4
0
%
O
t
he
A
B
S
r		 3.
3		 3.
7		 2.
4		 2.
8		 2.
8		 3.
0		 9
3		 3
5		 4 1
4
%
/
fra
P
F
I
In		 4.
3		 4.
3		 1.
4		 1.
5		 3.
8		 3.
9		 2
8
-		 1
0
-		 0 1
1
%
C
I
R
C
S		 0.
7		 0.
7		 0.
3		 0.
5		 0.
0		 0.
0		 3
-		 3
-		 0 -
O
t
he
rs		 3.
6		 2.
8		 3.
2		 2.
2		 0.
2		 0.
2		 1
6
-		 1
2
-		 0 -
To
ta
l		 2
9.
0		 3
1.
4		 1
4.
1		 1
4.
2		 1
7.
1		 1
9.
9		 7
6
6		 6
5
7		 4
4		 4
1
%

* 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)

CDA and Counterparty Risk from Monolines

Details

  • MtMof derivatives has to be adjusted to the creditworthiness of counterparties. This fair value is corrected through trading P&L via CDA.
  • CDA in Q4/2010 decreased by €104m to €513m, mainly driven by non-monoline counterparties. Monoline CDA decreased by €26m to €387m as result of lower Market Values. The CDA coverage ratio for Monoline protection increased slightly to 49%

Outlook

  • Full write-down of protection from critical monoline counterparties has already been realised prior to 2010
  • There are no significant charges from remaining monoline counterparties expected going forward. However, CDS spreads are likely to be volatile which might lead to changes in CDA accordingly.

1) CDAsreferring to monoline and non-monoline counterparties

Leveraged Acquisition Finance (LAF)

Appendix: Risk figures

Default Portfolio 12/2010

Loan to Value figures in the CRE business 12/2010

1) LtVs based on market values; excl. margin lines and corporate loans; additional collateral not taken into account; all figures relate to business secured by mortgages

Risk provisions

Specific provisions for loan losses ≥ € 10 m

I
d
i
i
d
l
n
v
u
a
O
h
t
e
r
c
a
s
e
s		 €
1
0
≥		 m €
2
0
≥
m		 €
5
0
≥
m		 c
a
s
e
s
€
1
0
<
m		 €
2
0
<		 m €
0
5
<
m		 €
1
0
l
t
t
≥
m
o
a
N
t
L
L
P
e		 N
t
L
L
P
e		 N
b
u
m
e
r		 N
t
L
L
P
e		 N
b
u
m
e
r		 N
t
L
L
P
e		 N
b
u
m
e
r		 N
t
L
L
P
e		 N
b
u
m
e
r		 N
t
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L
P
e
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t
t
o
a		 l
t
t
o
a		 f
o		 l
t
t
o
a		 f
o		 l
t
t
o
a		 f
o		 l
t
t
o
a		 f
o		 l
t
t
o
a
€
m		 €
m		 i
t
c
o
m
m		 €
m		 i
t
c
o
m
m		 €
m		 i
t
c
o
m
m		 €
m		 i
t
c
o
m
m		 €
m
Y
e
a
r		 t
m
e
n
s		 t
m
e
n
s		 t
m
e
n
s		 t
m
e
n
s
2
0
1
0		 1
0
6
4
,		 3
8
1		 4
0		 5
6
4		 2
7		 4
9
0		 1
1		 1
4
3
5
,		 7
8		 2
4
9
9
,
2
0
0
9		 2
1
0
7
,		 6
2
5		 4
8		 4
9
5		 2
2		 9
6
0		 1
0		 2
1
0
7
,		 8
0		 4
2
1
4
,

Appendix: P&L

Net interest income and Commission income

Net trading income and Net investment income

Appendix: Segment reporting

Commerzbank Group

in
€ m		 1 2
Q
0
0
9		 2 2
Q
0
0
9		 3 2
Q
0
0
9		 4 2
Q
0
0
9		 M 2
1
2
0
0
9		 1 2
Q
0
1
0		 2 2
Q
0
1
0		 3 2
Q
0
1
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Q
0
1
0		 M 2
1
2
0
1
0
Ne
t
in
ter
t
inc
es
om
e		 1,
6
8
9		 1,
8
3
8		 1,
7
6
5		 1,
8
8
2		 7,
1
7
4		 1,
8
8
6		 1,
8
5
3		 1,
6
3
3		 1,
6
8
2		 7,
0
5
4
Pro
is
ion
fo
loa
los
s
r
n
se
s
v		 -8
4
4		 -9
9
3		 -1
0
5
3
,		 -1
3
2
4
,		 -4
2
1
4
,		 -6
4
4		 -6
3
9		 -6
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1		 -5
9
5		 -2
4
9
9
,
f
Ne
t
in
ter
t
inc
ter
is
ion
es
om
e a
p
rov
s		 8
4
5		 8
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5		 7
1
2		 5
5
8		 2,
9
6
0		 1,
2
4
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2
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4		 1,
0
1
2		 1,
0
8
7		 4,
5
5
5
Ne
t c
iss
ion
inc
om
m
om
e		 8
6
3		 9
6
0		 9
6
5		 9
8
5		 3,
7
7
3		 9
9
7		 9
0
5		 8
7
0		 8
7
5		 3,
6
4
7
Ne
d
ing
inc
d n
inc
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dg
ing
t
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t
t
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cc
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n		 -5
4
0		 5
8		 6
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7		 -5
7
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4		 1,
9
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8
Ne
t
inv
tm
t
inc
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en
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8
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t
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eq
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he
inc
t
r
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e		 -7
1		 5 1
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1
for
Re
be
L
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P
ve
nu
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0
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4
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9		 2,
1
4
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9
4
8		 3,
6
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9
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7
3
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9
8
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4
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3
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4
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1
7
2
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ing
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er
a
ex
p
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se
s		 2,
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8
1		 2,
2
6
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2
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6		 9,
0
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2
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2
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f
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6
Imp
irm
ts
f g
dw
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a
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n
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am
es		 - 7
0		 6
4
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8		 - - - - -
Re
tru
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ing
s
c
ex
p
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se
s		 2
8
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6
2
1		 - 3
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3
Pre
f
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/
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-ta
t
x p
ro
s		 -8
8
4		 0
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-5		 -1
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2
8
,		 -1
8
3
8
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6
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,		 1
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Av
i
ta
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e c
ap
mp
e		 2
3,
6
3
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5,
7
4
1		 3
2,
8
7
1		 3
1,
1
5
7		 2
8,
3
5
2		 3
0,
2
8
3		 3
0,
9
6
7		 3
1,
2
2
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1,
4
5
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9
8
1
R
W
A
(
En
d o
f
Pe
io
d
)
r		 3
1
5,
7
3
3		 2
9
6,
5
7
9		 2
9
2,
7
1
2		 2
8
0,
1
3
3		 2
8
0,
1
3
3		 2
7
8,
8
8
6		 2
9
0,
2
0
0		 2
7
9,
5
9
7		 2
6
7,
5
0
9		 2
6
7,
5
0
9
Co
/
(
%
)
t
inc
t
io
s
om
e r
a		 %
8
9.
3		 %
7
4.
6		 %
6
5.
8		 %
1
1
1.
6		 %
8
2.
2		 %
6
1.
0		 %
7
1.
6		 %
7
4.
8		 %
7
1.
8		 %
6
9.
3
Op
t
ing
tur
i
ty
(
%
)
er
a
re
n o
n e
q
u		 -1
0.
1
%		 -3
5
%		 1.
5
%		 -2
0.
2
%		 -8
0
%		 1
0.
2
%		 3.
1
%		 1.
5
%		 3.
3
%		 4.
5
%
Re
i
f p
f
i
/
los
(
%
)
tur
ty
tax
t
n o
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q
u
o
re-
p
ro
s		 -1
0
%
5.		 -7
9
%		 -1
7.
4
%		 -2
3.
6
%		 -1
6.
4
%		 1
0.
2
%		 2.
7
%		 1.
%
5		 3.
3
%		 4.
4
%

Private Customers

€ m
in		 1 2
Q
0
0
9		 2 2
Q
0
0
9		 3 2
Q
0
0
9		 4 2
Q
0
0
9		 M 2
1
2
0
0
9		 1 2
Q
0
1
0		 2 2
Q
0
1
0		 3 2
Q
0
1
0		 4 2
Q
0
1
0		 M 2
1
2
0
1
0
Ne
in
inc
t
ter
t
es
om
e		 5
4
6		 5
4
5		 5
2
1		 5
2
7		 2,
1
3
9		 4
8
9		 4
8
6		 5
0
1		 5
0
7		 1,
9
8
3
Pro
is
ion
fo
loa
los
v
s
r
n
se
s		 -4
9		 -5
5		 0
-7		 2
-7		 -2
4
6		 -6
6		 0
-7		 -6
4		 -4
6		 -2
4
6
Ne
t
in
ter
t
inc
f
ter
is
ion
es
om
e a
p
rov
s		 4
9
7		 4
9
0		 4
5
1		 4
5
5		 1,
8
9
3		 4
2
3		 4
1
6		 4
3
7		 4
6
1		 1,
7
3
7
Ne
t c
iss
ion
inc
om
m
om
e		 5
1
1		 5
4
0		 5
6
5		 5
4
7		 2,
1
6
3		 5
4
7		 4
9
7		 4
5
8		 4
3
9		 1,
9
4
1
Ne
d
ing
inc
d n
inc
he
dg
ing
t
tra
t
t
om
e a
n
e
om
e o
n
e a
cc
ou
n		 -1 -5 3 2 -1 1 1 2 -3 1
Ne
t
inv
tm
t
inc
es
en
om
e		 -1 -7 1
3		 -9 -4 9 5 4 1
3		 3
1
Cu
t
inc
ies
te
d
fo
ing
t
he
i
ty
t
ho
d
rre
n
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
me		 2 3 3 3 1
1		 4 3 4 -1 1
0
O
he
inc
t
r
om
e		 -2 -1
6		 -5
7		 -2
4		 -9
9		 -4
9		 6 -6 1
-7		 -1
2
0
Re
be
for
L
L
P
ve
nu
es
e		 1,
0
5
5		 1,
0
6
0		 1,
0
4
8		 1,
0
4
6		 4,
2
0
9		 1,
0
0
1		 9
9
8		 9
6
3		 8
8
4		 3,
8
4
6
Re
fte
L
L
P
ve
nu
es
a
r		 1,
0
0
6		 1,
0
0
5		 9
8
7		 9
4
7		 3,
9
6
3		 9
3
5		 9
2
8		 8
9
9		 8
3
8		 3,
6
0
0
Op
ing
t
er
a
ex
p
en
se
s		 9
0
7		 9
2
5		 9
3
8		 9
6
1		 3,
8
2
1		 9
1
2		 9
1
4		 8
7
5		 8
1
5		 3,
2
5
5
Op
f
/
t
ing
i
t
los
er
a
p
ro
s		 3
6		 5
3		 4
0		 1
3		 1
4
2		 2
3		 1
4		 2
4		 -1
3		 4
8
Imp
irm
ts
f g
dw
i
l
l a
d
bra
d n
a
en
o
oo
n
n
am
es		 - - - - - - - - - -
Re
ing
tru
tur
s
c
ex
p
en
se
s		 5
1		 4
3		 1
9
2		 5
2		 3
3
8		 - - - - -
f
/
Pre
-ta
i
t
los
x p
ro
s		 -1
5		 1
0		 -1
2
5		 -3
9		 -1
9
6		 2
3		 1
4		 2
4		 -1
3		 8
4
Av
i
ta
l e
loy
d
er
ag
e c
ap
mp
e		 3,
3
3
2		 3,
2
6
8		 3,
2
5
2		 3,
1
7
3		 3,
2
5
6		 3,
4
2
2		 3,
4
5
8		 3,
3
4
1		 3,
3
6
5		 3,
3
9
7
R
W
A
(
En
d o
f
Pe
io
d
)
r		 3
1,
4
2
8		 3
1,
2
3
5		 3
1,
2
4
5		 3
0,
2
6
5		 3
0,
2
6
5		 2
9,
4
0
5		 3
0,
1
0
0		 2
8,
5
5
7		 2
8,
6
8
2		 2
8,
6
8
2
Co
t
/
inc
t
io
(
%
)
s
om
e r
a		 9
1.
9
%		 8
9.
8
%		 8
9.
5
%		 9
1.
9
%		 9
0.
8
%		 9
1.
1
%		 9
1.
6
%		 9
0.
9
%		 9
6.
3
%		 9
2.
4
%
Op
t
ing
tur
i
ty
(
%
)
er
a
re
n o
n e
q
u		 4.
3
%		 6.
5
%		 4.
9
%		 1.
6
%		 4.
4
%		 2.
7
%		 1.
6
%		 2.
9
%		 -1
5
%		 1.
4
%
Re
i
f p
f
i
/
los
(
%
)
tur
ty
tax
t
n o
n e
q
u
o
re-
p
ro
s		 -1
8
%		 1.
2
%		 -1
8.
%
7		 -4
9
%		 -6
0
%		 2.
%
7		 1.
6
%		 2.
9
%		 -1
%
5		 1.
4
%

Mittelstandsbank

in
€ m		 1 2
Q
0
0
9		 2 2
Q
0
0
9		 3 2
Q
0
0
9		 4 2
Q
0
0
9		 M 2
1
2
0
0
9		 1 2
Q
0
1
0		 2 2
Q
0
1
0		 3 2
Q
0
1
0		 4 2
Q
0
1
0		 M 2
1
2
0
1
0
Ne
t
in
ter
t
inc
es
om
e		 5
4
9		 5
4
3		 5
0
5		 5
5
9		 2,
1
5
6		 5
2
3		 5
5
4		 4
8
2		 5
2
2		 2,
0
8
1
Pro
is
ion
fo
loa
los
s
r
n
se
s
v		 -9
0		 -2
3
6		 -3
3
0		 -2
9
8		 -9
5
4		 -1
6
1		 -9
4		 6
9		 -9
3		 -2
7
9
f
Ne
t
in
ter
t
inc
ter
is
ion
es
om
e a
p
rov
s		 4
5
9		 3
0
7		 1
7
5		 2
6
1		 1,
2
0
2		 3
6
2		 4
6
0		 5
5
1		 4
2
9		 1,
8
0
2
Ne
t c
iss
ion
inc
om
m
om
e		 2
4
8		 2
2
0		 2
2
7		 2
2
9		 9
2
4		 2
7
1		 2
2
2		 2
3
9		 2
5
1		 9
8
3
Ne
d
ing
inc
d n
inc
he
dg
ing
t
tra
t
t
om
e a
n
e
om
e o
n
e a
cc
ou
n		 1 -5
0		 -6
3		 -1
7		 -1
2
9		 -4 5
0		 -1
4		 -8 2
4
Ne
t
inv
tm
t
inc
es
en
om
e		 -1 0 1 1 1 -3 1
5		 2
9		 1
4
7		 1
8
8
Cu
t
inc
ies
te
d
fo
ing
t
he
i
ty
t
ho
d
rre
n
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
me		 1 1 2 - 4 - - - 3
0		 3
0
O
he
inc
t
r
om
e		 -5
3		 -6 6
1		 -7
1		 -6
9		 4
5		 -1
1		 -9 -1
1		 1
4
for
Re
be
L
L
P
ve
nu
es
e		 7
4
5		 7
0
8		 7
3
3		 7
0
1		 2,
8
8
7		 8
3
2		 8
3
0		 7
2
7		 9
3
1		 3,
3
2
0
Re
fte
L
L
P
ve
nu
es
a
r		 6
5
5		 4
7
2		 4
0
3		 4
0
3		 1,
9
3
3		 6
7
1		 7
3
6		 7
9
6		 8
3
8		 3,
0
4
1
Op
ing
t
er
a
ex
p
en
se
s		 3
3
1		 3
4
2		 3
3
8		 3
2
0		 1,
3
3
1		 3
5
8		 3
4
9		 3
6
7		 3
6
9		 1,
4
4
3
Op
f
/
t
ing
i
t
los
er
a
p
ro
s		 3
2
4		 1
3
0		 6
5		 8
3		 6
0
2		 3
1
3		 3
8
7		 4
2
9		 4
6
9		 1,
5
9
8
Imp
irm
ts
f g
dw
i
l
l a
d
bra
d n
a
en
o
oo
n
n
am
es		 - - - - - - - - - -
Re
tru
tur
ing
s
c
ex
p
en
se
s		 1
7		 8 5
0		 -1 7
4		 - - - - -
Pre
f
i
/
los
-ta
t
x p
ro
s		 3
0
7		 1
2
2		 1
5		 8
4		 2
8
5		 3
1
3		 3
8
7		 4
2
9		 4
6
9		 1,
9
8
5
Av
i
ta
l e
loy
d
er
ag
e c
ap
mp
e		 5,
6
9
7		 5,
3
8
4		 5,
2
5
7		 5,
2
3
3		 5,
3
9
3		 5,
4
6
8		 5,
4
6
5		 5,
6
8
4		 5,
5
8
5		 5,
5
5
0
R
W
A
(
En
d o
f
Pe
io
d
)
r		 6
7,
5
8
0		 6
6,
5
8
7		 6
3,
8
8
1		 6
3,
1
2
7		 6
3,
1
2
7		 6
3,
5
4
5		 6
8,
5
6
6		 6
6,
1
8
4		 6
7,
0
2
1		 6
7,
0
2
1
Co
/
(
%
)
t
inc
t
io
s
om
e r
a		 %
4
4.
4		 %
4
8.
3		 %
4
6.
1		 %
4
5.
6		 %
4
6.
1		 %
4
3.
0		 %
4
2.
0		 %
5
0.
5		 %
3
9.
6		 %
4
3.
5
Op
t
ing
tur
i
ty
(
%
)
er
a
re
n o
n e
q
u		 2
2.
7
%		 9.
7
%		 4.
9
%		 6.
3
%		 1
1.
2
%		 2
2.
9
%		 2
8.
3
%		 3
0.
2
%		 3
3.
6
%		 2
8.
8
%
Re
i
f p
f
i
/
los
(
%
)
tur
ty
tax
t
n o
n e
q
u
o
re-
p
ro
s		 2
1.
6
%		 9.
1
%		 1.
1
%		 6.
4
%		 9.
8
%		 2
2.
9
%		 2
8.
3
%		 3
0.
2
%		 3
3.
6
%		 2
8.
8
%

Central & Eastern Europe

in
€
m		 1 2
Q
0
0
9		 2 2
Q
0
0
9		 3 2
Q
0
0
9		 4 2
Q
0
0
9		 M 2
1
2
0
0
9		 1 2
Q
0
1
0		 2 2
Q
0
1
0		 3 2
Q
0
1
0		 4 2
Q
0
1
0		 M 2
1
2
0
1
0
Ne
t
in
ter
t
inc
es
om
e		 1
6
4		 1
6
3		 1
6
0		 1
7
8		 6
6
5		 1
5
9		 1
6
1		 1
6
4		 1
9
0		 6
7
4
Pro
is
ion
fo
loa
los
v
s
r
n
se
s		 -1
7
3		 -2
0
1		 -1
4
2		 -2
9
6		 -8
1
2		 -9
4		 -9
2		 -1
2
7		 -4
8		 -3
6
1
Ne
in
inc
f
is
ion
t
ter
t
ter
es
om
e a
p
rov
s		 -9 -3
8		 1
8		 -1
1
8		 -1
4
7		 6
5		 6
9		 3
7		 1
4
2		 3
1
3
Ne
t c
iss
ion
inc
om
m
om
e		 3
1		 4
6		 4
6		 4
7		 1
7
0		 4
7		 5
3		 5
3		 5
5		 2
0
8
Ne
t
tra
d
ing
inc
d n
t
inc
he
dg
t
ing
om
e a
n
e
om
e o
n
e a
cc
ou
n		 2
9		 1
9		 1
5		 1
6		 7
9		 1
8		 2
0		 1
9		 1
6		 7
3
Ne
inv
inc
t
tm
t
es
en
om
e		 -5 -1 -3 -5 -1
4		 -1 4 4 -1
1		 -4
Cu
t
inc
ies
te
d
fo
ing
t
he
i
ty
t
ho
d
rre
n
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
me		 - - - - - - - - - -
O
he
inc
t
r
om
e		 7 3 2 -7 5 3 9 9 7 2
8
for
Re
be
L
L
P
ve
nu
es
e		 2
2
6		 2
3
0		 2
2
0		 2
2
9		 9
0
5		 2
2
6		 2
4
7		 2
4
9		 2
5
7		 9
7
9
Re
fte
L
L
P
ve
nu
es
a
r		 5
3		 2
9		 7
8		 -6
7		 9
3		 1
3
2		 1
5
5		 1
2
2		 2
0
9		 6
1
8
Op
ing
t
er
a
ex
p
en
se
s		 1
1
5		 1
1
6		 1
2
0		 1
3
5		 4
8
6		 1
2
6		 1
4
8		 1
3
5		 1
3
8		 6
5
5
Op
t
ing
f
i
t
/
los
er
a
p
ro
s		 -6
2		 -8
7		 -4
2		 -2
0
2		 -3
9
3		 6 7 -3
1		 7
1		 5
3
Imp
irm
ts
f g
dw
i
l
l a
d
bra
d n
a
en
o
oo
n
n
am
es		 - - - - - - - - - -
Re
ing
tru
tur
s
c
ex
p
en
se
s		 - - - 5 5 - - - - -
Pre
-ta
f
i
t
/
los
x p
ro
s		 -6
2		 -8
7		 -4
2		 -2
0
7		 -3
9
8		 6 7 -3
1		 7
1		 5
3
Av
i
ta
l e
loy
d
er
ag
e c
ap
mp
e		 1,
6
3
5		 1,
9
5
7		 1,
6
1
9		 1,
1
5
5		 1,
6
0
5		 1,
9
8
5		 1,
9
5
7		 1,
6
3
7		 1,
6
1
4		 1,
6
2
7
R
W
A
(
En
d o
f
Pe
io
d
)
r		 1
9,
2
1
3		 1
8,
6
2
6		 1
9,
0
6
6		 1
8,
3
5
6		 1
8,
3
5
6		 1
8,
7
2
7		 1
9,
7
0
1		 1
8,
9
9
0		 1
9,
0
8
7		 1
9,
0
8
7
Co
t
/
inc
t
io
(
%
)
s
om
e r
a		 5
0.
9
%		 5
0.
4
%		 5
4.
5
%		 5
9.
0
%		 5
3.
7
%		 5
5.
8
%		 5
9.
9
%		 6
1.
4
%		 5
3.
7
%		 5
7.
7
%
Op
(
%
)
t
ing
tur
i
ty
er
a
re
n o
n e
q
u		 %
-1
5.
0		 %
-2
1.
8		 %
-1
0.
4		 %
-5
2.
1		 %
-2
4.
5		 %
1.
5		 %
1.
8		 %
-7
4		 %
1
7.
3		 %
3.
3
Re
tur
i
ty
f p
tax
f
i
t
/
los
(
%
)
n o
n e
q
u
o
re-
p
ro
s		 -1
5.
0
%		 -2
1.
8
%		 -1
0.
4
%		 -5
3.
4
%		 -2
4.
8
%		 1.
5
%		 1.
8
%		 -7
4
%		 1
7.
3
%		 3.
3
%

Corporates & Markets

in
€
m		 1 2
Q
0
0
9		 2 2
Q
0
0
9		 3 2
Q
0
0
9		 4 2
Q
0
0
9		 M 2
1
2
0
0
9		 1 2
Q
0
1
0		 2 2
Q
0
1
0		 3 2
Q
0
1
0		 4 2
Q
0
1
0		 M 2
1
2
0
1
0
Ne
in
inc
t
ter
t
es
om
e		 1
8
7		 1
9
4		 2
6
4		 1
4
4		 8
0
7		 2
0
8		 1
9
8		 1
4
1		 2
2
0		 6
7
7
Pro
is
ion
fo
loa
los
v
s
r
n
se
s		 2
5
4
-		 3
4		 -4
4		 -2
5		 -2
8
9		 1
9		 0 -6 1
4		 2
7
Ne
t
in
ter
t
inc
f
ter
is
ion
es
om
e a
p
rov
s		 7
6
-		 2
2
8		 2
2
0		 1
1
9		 4
9
1		 2
2
7		 1
9
8		 1
3
5		 2
3
4		 7
9
4
Ne
t c
iss
ion
inc
om
m
om
e		 8
0		 9
4		 9
6		 8
2		 3
2
5		 7
5		 6
4		 5
5		 6
0		 2
5
4
Ne
t
tra
d
ing
inc
d n
t
inc
he
dg
t
ing
om
e a
n
e
om
e o
n
e a
cc
ou
n		 5
7
4		 1
8
4		 4
8		 -1
2
5		 6
8
1		 4
4
8		 1
8
7		 3
1
3		 2
1
2		 1,
1
6
0
Ne
t
inv
tm
t
inc
es
en
om
e		 1
9
-		 -6 2
8		 2
4		 2
7		 -1
4		 4
3		 3
1		 1
6
0		 2
2
0
Cu
fo
t
inc
ies
te
d
ing
t
he
i
ty
t
ho
d
rre
n
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
me		 1
-		 1 1 -1 - - - 1 1
0		 1
1
O
t
he
inc
r
om
e		 1
5
-		 1
9		 4 -3 5 8 1
1		 2
5		 -6
4		 -2
0
Re
be
for
L
L
P
ve
nu
es
e		 7
9
7		 4
8
6		 4
4
1		 1
2
1		 1,
8
4
5		 7
2
5		 0
3
5		 6
6
5		 9
8
5		 2,
3
9
2
Re
fte
L
L
P
ve
nu
es
a
r		 5
4
3		 5
2
0		 3
9
7		 9
6		 1,
5
5
6		 7
4
4		 5
0
3		 5
6
0		 6
1
2		 2,
4
1
9
Op
t
ing
er
a
ex
p
en
se
s		 5
0
0		 5
2
0		 4
9
0		 4
6
6		 1,
9
7
6		 4
1
0		 3
9
4		 4
3
8		 3
9
1		 1,
6
3
3
Op
f
/
t
ing
i
t
los
er
a
p
ro
s		 3
4		 0 -9
3		 -3
0
7		 2
0
-4		 3
3
4		 1
0
9		 1
2
2		 2
2
1		 8
6
7
Imp
irm
ts
f g
dw
i
l
l a
d
bra
d n
a
en
o
oo
n
n
am
es		 - - 2
1		 2 2
3		 - - - - -
Re
tru
tur
ing
s
c
ex
p
en
se
s		 6
2		 6
3		 7
9		 -7
6		 1
2
8		 - - - - -
f
/
Pre
-ta
i
t
los
x p
ro
s		 1
9
-		 -6
3		 -1
9
3		 -2
9
6		 -5
7
1		 3
3
4		 1
0
9		 1
2
2		 2
2
1		 7
8
6
Av
i
l e
loy
d
ta
er
ag
e c
ap
mp
e		 4,
8
0
6		 4,
5
5
2		 4,
2
0
8		 4,
1
1
9		 4,
4
2
1		 3,
8
3
4		 3,
8
6
6		 3,
8
6
7		 3,
8
5
2		 3,
8
5
5
(
f
)
R
W
A
En
d o
Pe
io
d
r		 6
6,
1
0
2		 5
6,
8
7
3		 5
7,
2
0
5		 5
2,
6
7
2		 5
2,
6
7
2		 5
1,
2
6
5		 5
3,
0
4
9		 5
2,
5
8
7		 4
7,
6
5
3		 4
7,
6
5
3
Co
t
/
inc
t
io
(
%
)
s
om
e r
a		 6
2.
7
%		 1
0
7.
0
%		 1
1
1.
1
%		 3
8
5.
1
%		 1
0
7.
1
%		 5
6.
6
%		 7
8.
3
%		 7
7.
4
%		 6
5.
4
%		 6
8.
3
%
Op
ing
i
(
%
)
t
tur
ty
er
a
re
n o
n e
q
u		 3.
6
%		 0.
0
%		 -8
8
%		 -3
9
%
5.		 -9
%
5		 3
4.
8
%		 1
1.
3
%		 1
2.
6
%		 2
3.
0
%		 2
0.
4
%
Re
tur
i
ty
f p
tax
f
i
t
/
los
(
%
)
n o
n e
q
u
o
re-
p
ro
s		 1.
6
%
-		 -5
5
%		 -1
8.
3
%		 -2
8.
7
%		 -1
2.
9
%		 3
4.
8
%		 1
1.
3
%		 1
2.
6
%		 2
3.
0
%		 2
0.
4
%

Asset Based Finance

€ m
in		 Q
1 2
0
0
9		 Q
2 2
0
0
9		 Q
3 2
0
0
9		 Q
4 2
0
0
9		 M 2
1
2
0
0
9		 Q
1 2
0
1
0		 Q
2 2
0
1
0		 Q
3 2
0
1
0		 Q
4 2
0
1
0		 M 2
1
2
0
1
0
Ne
t
in
ter
t
inc
es
om
e		 2
5
9		 3
2
8		 2
4
9		 2
6
5		 1,
1
0
1		 2
9
8		 3
1
9		 2
8
3		 2
6
0		 1,
1
6
0
Pro
is
ion
fo
loa
los
v
s
r
n
se
s		 -2
0
7		 -3
8
5		 -3
2
7		 -6
1
5		 -1
8
8
5
,		 -3
2
5		 -3
4
5		 -4
9
3		 -4
1
2		 -1
8
4
5
,
Ne
t
in
ter
t
inc
f
ter
is
ion
es
om
e a
p
rov
s		 5
2		 -3
0		 -1
2
3		 -3
8
6		 -4
8
7		 -2
7		 -3
5		 -2
1
0		 -1
5
2		 -4
2
4
Ne
iss
ion
inc
t c
om
m
om
e		 6
3		 7
5		 6
6		 9
3		 2
9
7		 8
8		 8
0		 8
3		 7
6		 3
2
7
Ne
t
tra
d
ing
inc
d n
t
inc
he
dg
t
ing
om
e a
n
e
om
e o
n
e a
cc
ou
n		 2
6
2		 -7
3		 6
9		 -6
1		 1
9
7		 -4 3
0		 -4
9		 -5
5		 -7
8
Ne
t
inv
tm
t
inc
es
en
om
e		 -4
3		 3 -2 -4
5		 -8
7		 -2 -1
5
8		 -5
1		 -1
4
1		 -3
5
2
Cu
inc
ies
d
fo
ing
he
i
ho
d
t
te
t
ty
t
rre
n
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
me		 - - - - - -2 2 -9 -1
1		 -2
0
O
t
he
inc
r
om
e		 3 -2 1
5		 -8
0		 -6
4		 1
4		 -2
1		 -2
4		 -8
3		 -1
1
4
Re
be
for
L
L
P
ve
nu
es
e		 5
4
4		 3
3
1		 3
9
7		 1
7
2		 1,
4
4
4		 3
9
2		 2
5
2		 2
3
3		 4
6		 9
2
3
Re
fte
L
L
P
ve
nu
es
a
r		 3
3
7		 -2
7		 2
5		 -4
7
9		 -1
4
4		 6
7		 -1
0
2		 -2
6
0		 -3
6
6		 -6
6
1
Op
t
ing
er
a
ex
p
en
se
s		 1
6
8		 1
7
0		 1
5
8		 1
7
3		 6
6
9		 1
5
2		 1
4
7		 1
4
4		 1
6
6		 6
0
9
Op
t
ing
f
i
t
/
los
er
a
p
ro
s		 1
6
9		 -1
9
7		 -1
3
3		 -6
5
2		 -8
1
3		 -8
5		 -2
4
9		 -4
0
4		 -5
3
2		 -1
2
7
0
,
Imp
irm
f g
dw
i
l
l a
d
bra
d n
ts
a
en
o
oo
n
n
am
es		 - 0
7		 6
2
4		 1
5		 4
7
5		 - - - - -
Re
tru
tur
ing
s
c
ex
p
en
se
s		 - 4
7		 1
6		 4 6
7		 - 3
3		 - - 3
3
Pre
-ta
f
i
t
/
los
x p
ro
s		 1
6
9		 -3
1
4		 -7
7
3		 -7
0
7		 -1
6
2
5
,		 -8
5		 -2
8
2		 -4
0
4		 -5
3
2		 -1
3
0
3
,
Av
i
ta
l e
loy
d
er
ag
e c
ap
mp
e		 7,
4
2
0		 6,
8
5
3		 6,
5
7
0		 6,
4
4
1		 6,
8
2
1		 6,
4
3
7		 6,
2
1
8		 6,
3
2
7		 5,
6
8
4		 6,
1
6
6
R
W
A
(
En
d o
f
Pe
io
d
)
r		 9
4,
7
3
9		 8
8,
5
9
3		 9
0,
0
9
0		 8
9,
6
8
5		 8
9,
6
8
5		 8
8,
0
8
7		 9
0,
3
2
7		 8
5,
5
3
9		 7
8,
7
7
3		 7
8,
7
7
3
Co
/
inc
io
(
%
)
t
t
s
om
e r
a		 3
0.
9
%		 1.
4
%
5		 3
9.
8
%		 1
0
0.
6
%		 4
6.
3
%		 3
8.
8
%		 8.
3
%
5		 6
1.
8
%		 3
6
0.
9
%		 6
6.
0
%
Op
t
ing
tur
i
ty
(
%
)
er
a
re
n o
n e
q
u		 9.
1
%		 -1
1.
5
%		 -8
1
%		 -4
0.
5
%		 -1
1.
9
%		 -5
3
%		 -1
6.
0
%		 -2
5.
5
%		 -3
7.
4
%		 -2
0.
6
%
Re
tur
i
ty
f p
tax
f
i
t
/
los
(
%
)
n o
n e
q
u
o
re-
p
ro
s		 9.
1
%		 -1
8.
3
%		 -4
7.
1
%		 -4
3.
9
%		 -2
3.
8
%		 -5
3
%		 -1
8.
1
%		 -2
5.
5
%		 -3
7.
4
%		 -2
1.
1
%

Portfolio Restructuring Unit

in
€ m		 Q
1 2
0
0
9		 Q
2 2
0
0
9		 Q
3 2
0
0
9		 Q
4 2
0
0
9		 M 2
1
2
0
0
9		 Q
1 2
0
1
0		 Q
2 2
0
1
0		 Q
3 2
0
1
0		 Q
4 2
0
1
0		 M 2
1
2
0
1
0
Ne
t
in
ter
t
inc
es
om
e		 7
2		 6
5		 5
2		 6
3		 2
5
2		 2
3		 1
0		 2
9		 2
0		 8
2
Pro
is
ion
fo
loa
los
v
s
r
n
se
s		 0
-7		 -1
6
9		 -9
9		 1
1		 -3
2
7		 -2
2		 -2
8		 -2 -1
0		 -6
2
Ne
t
in
ter
t
inc
f
ter
is
ion
es
om
e a
p
rov
s		 2 -1
0
4		 -4
7		 7
4		 -7
5		 1 -1
8		 2
7		 1
0		 2
0
Ne
t c
iss
ion
inc
om
m
om
e		 1
2		 0 -2 1 1
1		 -3 7 2 -6 -0
Ne
t
tra
d
ing
inc
d n
t
inc
he
dg
t
ing
om
e a
n
e
om
e o
n
e a
cc
ou
n		 -1
2
5
9
,		 2
4		 6
9
7		 -2
7
4		 -8
1
2		 2
8
2		 5
6		 3
2
8		 1
2
1		 7
8
7
Ne
t
inv
tm
t
inc
es
en
om
e		 -1
3
5		 -1
3
0		 -1
0
5		 -6
2		 -4
3
2		 -9
4		 7
0		 -9 4 -2
9
Cu
inc
ies
d
fo
ing
he
i
ho
d
t
te
t
ty
t
rre
n
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
me		 - - - - - - - - - -
O
t
he
inc
r
om
e		 0 -0 1 3 4 -0 7 -3 -1 3
Re
be
for
L
L
P
ve
nu
es
e		 -1
3
1
0
,		 -4
1		 6
4
3		 -2
6
9		 -9
7
7		 2
0
8		 1
5
0		 3
4
7		 1
3
8		 8
4
3
fte
Re
L
L
P
ve
nu
es
a
r		 -1,
3
8
0		 -2
1
0		 5
4
4		 -2
5
8		 -1,
3
0
4		 1
8
6		 1
2
2		 3
4
5		 1
2
8		 7
8
1
Op
t
ing
er
a
ex
p
en
se
s		 3
4		 3
2		 4
1		 4
1		 1
4
8		 2
5		 2
7		 3
1		 2
3		 1
0
6
Op
ing
f
i
/
los
t
t
er
a
p
ro
s		 -1
4
1
4
,		 -2
4
2		 5
0
3		 -2
9
9		 -1
4
5
2
,		 1
6
1		 9
5		 3
1
4		 1
0
5		 6
7
5
f g
Imp
irm
ts
dw
i
l
l a
d
bra
d n
a
en
o
oo
n
n
am
es		 - - - - - - - - - -
Re
tru
tur
ing
s
c
ex
p
en
se
s		 3 -1 - - 2 - - - - -
Pre
f
i
/
los
-ta
t
x p
ro
s		 -1
4
1
7
,		 -2
4
1		 5
0
3		 -2
9
9		 -1
4
5
4
,		 1
6
1		 9
5		 3
1
4		 1
0
5		 6
7
5
Av
i
ta
l e
loy
d
er
ag
e c
ap
mp
e		 1,
9
4
4		 1,
8
0
8		 1,
6
7
5		 1,
5
3
2		 1,
7
4
0		 1,
3
6
3		 1,
2
5
0		 1,
1
3
7		 1,
0
9
3		 1,
2
1
1
R
W
A
(
En
d o
f
Pe
io
d
)
r		 1
9,
9
9
0		 1
8,
3
6
1		 1
6,
1
1
3		 1
1,
1
1
2		 1
1,
1
1
2		 1
3,
4
6
2		 1
2,
2
3
4		 1
0,
9
2
9		 9,
8
9
7		 9,
8
9
7
Co
t
/
inc
t
io
(
%
)
s
om
e r
a		 /a
n		 /a
n		 6.
4
%		 /a
n		 /a
n		 1
2.
0
%		 1
8.
0
%		 8.
9
%		 1
6.
7
%		 1
2.
6
%
Op
t
ing
tur
i
ty
(
%
)
er
a
re
n o
n e
q
u		 -2
9
0.
9
%		 -5
3.
6
%		 1
2
0.
1
%		 -7
8.
1
%		 -8
3.
5
%		 4
7.
2
%		 3
0.
4
%		 1
1
0.
5
%		 3
8.
4
%		 5
5.
8
%
f p
f
/
(
%
)
Re
tur
i
ty
tax
i
t
los
n o
n e
q
u
o
re-
p
ro
s		 -2
9
1.
%
5		 3.
3
%
-5		 1
2
0.
1
%		 8.
1
%
-7		 -8
3.
6
%		 2
%
4
7.		 3
0.
%
4		 1
1
0.
%
5		 3
8.
%
4		 8
%
5
5.

Others & Consolidation

€
in
m		 1 2
Q
0
0
9		 2 2
Q
0
0
9		 3 2
Q
0
0
9		 4 2
Q
0
0
9		 M 2
1
2
0
0
9		 1 2
Q
0
1
0		 2 2
Q
0
1
0		 3 2
Q
0
1
0		 4 2
Q
0
1
0		 M 2
1
2
0
1
0
Ne
in
inc
t
ter
t
es
om
e		 -7
9		 0 1
4		 1
4
6		 8
1		 1
8
6		 1
2
5		 3
3		 -3
7		 3
0
7
fo
Pro
is
ion
loa
los
v
s
r
n
se
s		 -1 -8 4 7 2 5 -1 2 -0 6
Ne
t
in
ter
t
inc
f
ter
is
ion
es
om
e a
p
rov
s		 -8
0		 -8 1
8		 1
5
3		 8
3		 1
9
1		 1
2
4		 3
5		 -3
7		 3
1
3
Ne
iss
ion
inc
t c
om
m
om
e		 -8
2		 -1
5		 -3
3		 -1
4		 -1
4
4		 -2
8		 -1
8		 -2
0		 0 -6
6
Ne
t
tra
d
ing
inc
d n
t
inc
he
dg
t
ing
om
e a
n
e
om
e o
n
e a
cc
ou
n		 -1
4
6		 -4
1		 -1
2
2		 -1
1
5		 -4
2
4		 9
5		 -2
8		 -1
7
7		 1
0
1		 -9
Ne
t
inv
tm
t
inc
es
en
om
e		 5
9
0		 3
1
3		 1
4		 9 9
2
6		 -1
4		 8
1		 -3
2		 1
9		 5
4
Cu
fo
t
inc
ies
te
d
ing
t
he
i
ty
t
ho
d
rre
n
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
me		 1 -5 -2 6 - - 1 -1 4 4
O
t
he
inc
r
om
e		 -1
1		 7 8
6		 1
1
4		 1
9
6		 1 -3
1		 3
4		 7
4		 7
8
Re
be
for
L
L
P
ve
nu
es
e		 2
7
3		 2
5
9		 -4
3		 1
4
6		 6
3
5		 2
4
0		 1
3
0		 -1
6
3		 1
6
1		 3
6
8
fte
Re
L
L
P
ve
nu
es
a
r		 2
7
2		 2
5
1		 -3
9		 1
5
3		 6
3
7		 2
4
5		 1
2
9		 -1
6
1		 1
6
1		 3
7
4
Op
t
ing
er
a
ex
p
en
se
s		 -3
7		 1
3
1		 1
7
9		 3
0
0		 5
7
3		 2
2
6		 2
4
9		 1
7
7		 2
2
6		 8
7
8
Op
ing
f
i
/
los
t
t
er
a
p
ro
s		 3
0
9		 1
2
0		 -2
1
8		 -1
4
7		 6
4		 1
9		 -1
2
0		 -3
3
8		 -6
5		 -5
0
4
f g
Imp
irm
ts
dw
i
l
l a
d
bra
d n
a
en
o
oo
n
n
am
es		 - - 1 -1 - - - - - -
Re
tru
tur
ing
s
c
ex
p
en
se
s		 1
5
6		 5
6		 5
6
7		 2
2
8		 1,
0
0
7		 - - - - -
Pre
f
i
/
los
-ta
t
x p
ro
s		 1
3
5		 6
4		 8
6
-7		 -3
4
7		 -9
4
3		 1
9		 -1
2
0		 -3
3
8		 -6
5		 0
4
-5
Av
i
ta
l e
loy
d
er
ag
e c
ap
mp
e		 -1
2
1
3
,		 2,
2
8
0		 1
0,
2
9
0		 9,
1
0
8		 5,
1
1
6		 8,
1
6
0		 9,
1
1
3		 9,
1
9
5		 1
0,
2
3
2		 9,
1
7
5
R
W
A
(
En
d o
f
Pe
io
d
)
r		 1
6,
6
8
1		 1
6,
2
8
5		 1
4,
8
3
3		 1
4,
9
1
6		 1
4,
9
1
6		 1
4,
3
0
5		 1
6,
2
2
4		 1
6,
8
1
1		 1
6,
4
1
3		 1
6,
4
1
3

Group equity definitions

Reconciliation of equity definitions

Eq
i
de
f
in
i
io
in
€
ty
t
u
ns
m		 De
2
0
1
0
c
Su
bs
i
be
d
i
ta
l
cr
ca
p		 3,
0
4
7
Ca
i
ta
l r
p
es
er
ve		 1,
3
0
2
Re
ta
in
d
ing
e
ea
rn
s		 7,
9
1
5
S
i
le
t p
t
ic
ip
t
io
So
F
F
in
/
A
l
l
ia
n
ar
a
ns
nz		 1
7,
1
7
8
Cu
tra
la
t
io
rre
nc
y
ns
n
re
se
rve		 -2
6
3
Co
l
i
da
te
d
P
&
L
ns
o		 1,
4
3
0
'
Ca
In
to
i
ta
l w
i
t
ho
t n
tro
l
l
in
in
te
ts
ve
s
rs
p
on
-c
on
g
re
s
u		 3
0,
6
0
9
No
l
l
ing
in
(
I
F
R
S
)
*
tro
te
ts
n-
co
n
re
s		 8
0
5
In
to
'
Ca
i
ta
l
ve
s
rs
p		 3
1,
4
1
4
C
ha
in
l
i
da
te
d
ies
/ g
dw
i
l
l
/ c
l
i
da
te
d
t p
f
i
t m
in
t
io
f
d
iv
i
de
d
/ o
t
he
ng
e
co
ns
o
co
m
p
an
oo
on
so
ne
ro
us
p
or
n
o
n
rs		 -4
6
8
6
,
Ba
l
I
I c
i
ta
l w
i
t
ho
t
hy
br
i
d
i
ta
l
se
or
e
ca
p
ca
p
u		 2
6,
2
8
7
Hy
br
i
d
i
l
ta
ca
p		 4,
9
9
9
Ba
l
I
I
T
ie
I c
i
ta
l
se
r
ap		 3
1,
7
2
7

* excluding: Revaluation reserve, cash flow hedges, consolidated profit/loss

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

Jürgen Ackermann (Head of Investor Relations) P: +49 69 136 22338M: [email protected]

Michael H. Klein (Head) P: +49 69 136 24522M: [email protected]

Sandra BüschkenP: +49 69 136 23617M: [email protected]

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

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

Stefan Philippi P: +49 69 136 45231M: [email protected]

Equity / Fixed Income IR Financial Reporting / Rating Strategic Research

Klaus-Dieter Schallmayer (Head) P: +49-69 136 25154M: klaus-dieter.schallmayer @commerzbank.com

Wennemar von Bodelschwingh P: +49 69 136 43611M: wennemar.vonbodelschwingh @commerzbank.com

Michael Desprez P: +49 69 136 25136M: [email protected]

Patricia NovakP: +49 69 136 46442M: [email protected]

[email protected] www.ir.commerzbank.com

Dirk Bartsch (Head) P: +49 69 136 2 2799 M: [email protected]

Ulf PlesmannP: +49 69 136 43888 M: [email protected]

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 asset prices 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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