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Commerzbank AG Earnings Release 2013

Aug 8, 2013

81_ip_2013-08-08_b4f43746-37ee-4f63-b113-8af6c1b0546e.pdf

Earnings Release

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Revenues in Core Bank stabilising accelerated de-risking in NCA

Analyst conference – Q2 2013 results

Stephan Engels | CFO | Frankfurt | 8 August 2013

Group operating result of €78m in Q2 2013 affected by accelerated derisking in NCA - revenues in Core Bank stabilising

  • Core Bank's revenues of €2.26bn stable despite ongoing pressure from low interest environment thanks to active margin management and growth in new business
  • Increase in LLPs due to UK CRE-portfolio and higher LLPs in Core Bank as expected
  • As stringent cost discipline is ongoing operating expenses slightly lower q-o-q despite increasing investments - agreement with the Works Council clears the way for considerable cost reductions to fund planned investments
  • Group net result attributable to shareholders in Q2 2013 of €43m vs. €-94m in Q1 2013
  • In NCA portfolio reduction €7bn in Q2 2013, thereof €3bn in CRE, DSB €1bn and €3bn in PF - in addition, sale of €5bn UK CRE-portfolio being effective in Q3 2013
  • Strengthened Basel III CET 1 ratio of 8.4% fully phased-in (Q1 2013: 7.5%) CRD4 leverage ratio (phase-in) currently at 4.0%
  • Note: All numbers for previous quarters are restated to conform to new financial disclosure as of 1 January 2013 for comparability

Commerzbank financials at a glance

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1)Attributable to Commerzbank shareholders

Group operating result affected by de-risking of NCA and higher LLPs in Core Bank as expected

Q2 2013 vs. Q1 2013

  • ▲ Lower revenues on group level driven by NCA, including impairment charge on Public Finance exposure – revenues in Core Bank stable
  • ►LLP affected by lower releases in Core Bank as expected as well as UK CRE-portfolio
  • ▲Continued improvement in operating costs thanks to ongoing efficiency measures
  • ▲De-risking in NCA by €7bn - additional €5bn UK CRE-portfolio to be booked in Q3 2013, main charges already included in Q2

1) Consolidated result attributable to Commerzbank shareholders

Adjusted revenues before LLP

1) Net of hedges 2) Liability Management and Greece sov. impairment3) Q1 2012 and Q2 2012: NCA and PRU

Adjusted operating result

1) Net of hedges 2) Liability Management and Greece sov. impairment3) Q1 2012 and Q2 2012: NCA and PRU

Revenues in Core Bank stabilising in a low interest rate environment volume growth in PC and MSB underlines strategic repositioning

Q2 2013 vs. Q1 2013

  • ▲ Revenues before LLP in Core Bank stable q-o-q and only 3% below Q2 2012 - active margin management, volume growth and new products compensate for a low interest rate environment
  • ▲NCI only 5% lower than seasonally strong Q1 2013 and 5% above Q2 2012 - positive momentum mainly driven by PC
  • ▲New business volume in residential mortgages in PC +23% - loan volume in Mittelstand Germany +5% q-o-q

Core Bank: Efficiency measures are successfully ongoing

Q2 2013 vs. Q1 2013

  • ▲ Reduction in personal expenses despite collectively agreed wage increases in 2012 – agreement with the Works Council clears the way for considerable cost reductions to fund planned investments
  • ▲ In light of a comparably moderate economic development and with respect to a balanced CIR, we use a reasonable investment approach supervised by the Bank's Investment Committee

1)C&M CIR excluding OCS effect and net CVA / DVA (net of hedges)

Core Bank: Higher LLP in line with expectations - NPL ratio remains stable below 2%

1) Default portfolio incl. Bank Forum (€0.8bn)2) As % of EaD

▲Ongoing good portfolio quality (risk density) in Core Bank

  • ▲ Default volume continuously reduced by active work-out coverage ratio further improved
  • ► Higher LLP in MSB driven by single cases and year-to-date less releases than in previous year

Default volume vs. coverage

Stephan Engels | CFO | Frankfurt | 8 August 2013

Full focus on implementation of our strategic agenda

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Full focus on implementation of our strategic agenda

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1)Simplified and schematic representation of progress towards 2016 target in Q2 2013

Private Customers: Revenues almost on seasonally strong Q1 2013 level and 5% above Q2 2012

Q2 2013 vs. Q1 2013

  • ▲Revenues €19m (-2%) lower than Q1 2013, but €38m (+5%) above Q2 2012
  • ▲ Highest volume of new business in loans since the beginning of 2011, especially residential mortgages with strong growth in Q2 2013 (€2.3bn; +23% q-o-q)
  • ▲ Operating expenses remain stable, as investments in brand, products and services have been funded by means of continued cost discipline

PC divisional split

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Direct Banking – Revenues before LLP €m

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Mittelstandsbank: Revenues from direct customer business stable, but LLPs higher

Q2 2013 vs. Q1 2013

  • ▲ Lower revenues due to valuation effects of counterparty risks in derivatives business - revenues from customer business stable
  • ▲ Loan volume growth of 3% in Q2 2013, thereof more than 5% in Mittelstand Germany but Großkunden & International slightly lower (-2%)
  • ►Increase in LLPs due to single cases

MSB divisional split

Financial Institutions – Revenues before LLP €m

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Central & Eastern Europe: Revenues slightly higher but LLPs increased as expected

Q2 2013 vs. Q1 2013

  • ▲Positive development of revenues despite further subdued economic environment
  • ►Increase in loan loss provisions as expected whereas Q1 2013 benefited from releases of LLPs
  • ▲Ongoing focus on cost management with attractive CIR

Corporates & Markets: Strong Q2 results driven by Corporate Finance and Equity Markets & Commodities

Q2 2013 vs. Q1 2013

  • ▲ Revenues excl. OCS effect and net CVA/DVA1) even higher than seasonally strong first quarter and significantly above Q2 2012
  • ▲ Strong Q2 2013 operating result excl. OCS and net CVA/DVA1) of €273m driven by Equity Markets & Commodities and Corporate Finance; Fixed Income & Currencies weaker q-o-q after strong performance in Interest Rates in Q1 2013

1)Net of hedges. Since Q2 2013 spread-based calculation of CVA/DVA impact, before calculation was rating-based. 2) Excl. OCS effect and net CVA/DVA (net of hedges)

Corporates & Markets divisional split

1) Net of hedges. Since Q2 2013 spread based calculation of CVA/DVA impact, before calculation was rating based. 2) Transfer from PRU to CPM in Q3 2012

NCA: Active management drives accelerated portfolio run-down in Q2 2013 – reduction in portfolio target 2016 to significantly below €90bn

Q2 2013 vs. Q1 2013

  • ▲ Charges of €134m due to UK CRE-portfolio already reflected in Q2 2013 numbers - portfolio and RWA reduction becoming effective in Q3 2013
  • ▼Impairment charge on Public Finance exposure
  • ▲Thanks to re-pricing of loans recurring revenues in Q2 slightly higher both q-o-q and y-o-y

NCA: Sizable asset reduction in all NCA sub-segments – consequent de-risking strategy accelerated

  • ▲ Sizable asset reduction in all NCA sub-segments (performing book):DSB: €1bn (7%); CRE: €3bn (7%); PF: €3bn (4%)
  • ▼Higher LLP in NCA mainly driven by UK CRE-portfolio
  • ► LLP Ship Finance lower y-o-y mainly driven by less portfolio based LLP

Default volume and coverage€m

1) In Q2 2012 Deutsche Schiffsbank portfolio excluding €3.2bn DSB public finance assets 2) Before €5bn sale of UK CRE-portfolio 3) As % of EaD

Sale of UK CRE-portfolio of €5bn, as one of the largest transactions in CRE loans in Europe, has been successfully completed

€bn

3.5% discount on the book value highlights reasonable fair pricing of NPL assets in the loan book

Total charges of €179m in 2013, thereof in Q2 2013 €134m and Q3 2013 €45m

RWA reduction of €1.5bn - decrease in NPL by €1.2bn

CRE EaD incl. NPL per end of June 2013

Downside risk UK CRE fully transferred

Basel 2.5 Core Tier 1 ratio at 12.1%

RWA

€bn

› RWA slightly lower due to assets disposals volume growth in Core Bank has been offset by NCA run-down

Core Tier 1 capital & ratio€bn

› Higher capital ratios due to repayment of silent participation of Allianz and lower RWA

Basel III CET 1 comfortably above 9% under phase-in

Note: estimated impacts as of Q2 2013, numbers may not add up due to rounding

CRD4 Leverage ratio of 4.0% under phase-in and 3.2% fully phased-in -LtD-ratio below 100%

Limited unsecured issuance in 2013 – flexible funding approach to support franchise demand and diversify funding

Capital market funding history & outlook€bn

Senior Unsecured

  • ›Focus on private placements
  • ›€1.1bn senior unsecured funding in H1 2013

Covered Bonds

  • › Two inaugural covered bonds issued in H1 2013 with attractive funding levels
  • › €500m 5Y inaugural SME structured covered bond as innovative structure to refinance SME business
  • › First Pfandbrief of Commerzbank AG; €500m 5Y public-sector Pfandbrief to refinance guaranteed export finance business of MSB

Outlook

Unchanged outlook: ongoing asset reduction and low interest rates expected to keep pressure on revenues compared to 2012

We continue with our strict cost management whereby investments are funded by further cost efficiencies - costs should not exceed €7.0bn in FY 2013

LLP are expected to be higher than in FY 2012 due to accelerated NCA run-down and normalisation of LLP in Core Bank

NCA portfolio anticipated to be below €125bn at year-end 2013 and significantly below €90bn in 2016

CRD4 leverage ratio is expected to be at 4.3% (phase-in) and 3.5% (fully phased-in) by year-end 2013 - CET 1 Basel III fully phased-in planned to be 9.0% by year-end 2014

Appendix: Segment reporting

Stephan Engels | CFO | Frankfurt | 8 August 201327

German economy 2013 – Fighting to stay on track

Current development

  • › German economy has grown again in 2013 H1. Sentiment indicators has trended upwards in recent months.
  • › External demand has picked up again; the weak spot is still investment
  • › The labor market has weathered the soft patch rather well so far. The unemployment rate remains below 7%.

Our expectation for 2013-2014

  • › The increase of leading indicators points to an ongoing recovery in H2. However, the uncertainty on the further fate of EMU is still depressing investment, which might dampen growth at least for the near future.
  • › Germany is expected, however, to continue to outperform EMU average
  • › The willingness of the ECB to buy peripheral bonds markedly has reduced the EMU break-up risk

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
  • › Strong position in Asian markets and Emerging Markets in general

Source: Commerzbank Economic Research

Stephan Engels | CFO | Frankfurt | 8 August 2013

Significant items affecting group revenues and net income

Group revenues€mItems Q1 2012 Q2 2012 6M 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 6M 2013Memo: Rev. bef. LLP (reported) 2,578 2,578 5,156 2,370 2,349 2,460 2,314 4,774Sale of PSB 15 7 22 0 0 0 0 0OCS -158 15 -142 -71 -119 25 21 46 Net CVA / DVA1) 32 -20 13 -26 -95 65 -61 4Others2) 5 0 5 0 0 0 0 0

Group net income

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Note: All numbers for previous quarters are restated to conform to new financial disclosure as of 1 January 2013 for comparability 1) Net of hedges 2) Liability Mgmt / Greece sov. impairment

79% of CRE and 73% of Ship Finance portfolio within lower and medium risk cluster

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Risk of single exposures depend on LtVs, terms of charter/rental agreements and charterers/tenants credit worthiness

1)Incl. HF Retail portfolio of NCA 2) Deutsche Schiffsbank

Stephan Engels | CFO | Frankfurt | 8 August 2013

NCA: Diversified portfolio of mainly long term assets

EaD (incl. NPL) per 30.06.2013, in €bn

G
E
R		 U
S
A		 I
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2

1) Utility and infrastructure transactions (mostly UK) – taken over from PRU in mid-2012; without value-impairing securities2) Incl. regions 3) claims in the category LaR

Commerzbank Group

in €
m		 Q1
20
12		 Q2
20
12		 6M
201
2		 Q3
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 6M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 1,
694		 1,
784		 3,
478		 1,
28
1		 1,
728		 1,
356		 1,
629		 2,
985		 -8.
7		 20
.1
Pro
vis
ion
s f
loa
n lo
or
sse
s		 -21
2		 -40
4		 -61
6		 -43
0		 -61
4		 -26
7		 -53
7		 -80
4		 -32
.9		 101
.1
-
Net
int
st i
af
ovi
sio
ter
ere
nco
me
pr
ns		 1,
482		 1,
380		 2,
862		 85
1		 1,
114		 1,
089		 1,
092		 2,
181		 -20
.9		 0.3
Net
iss
ion
inc
co
mm
om
e		 864 769 1,
633		 852 764 847 808 1,
655		 5.1 4.6
-
Net
tra
din
inc
nd
net
inc
n h
edg
unt
ing
g
om
e a
om
e o
e a
cco		 164 84 248 224 -38
3		 317 -9 308 -11
0.7		 102
.8
-
Net
inv
nt i
est
me
nco
me		 -17
6		 -23 -19
9		 30 250 -6 -12
0		 -12
6		 -42
1.7		 1,
900
.0
-
Cu
fo
nt i
ani
ted
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 11 7 18 16 12 8 11 19 57
.1		 37
.5
Oth
inc
er
om
e		 21 -43 -22 -33 -22 -62 -5 -67 88.
4		 91.
9
Re
s b
efo
LL
P
ven
ue
re		 578
2,		 578
2,		 5,
156		 2,
370		 2,
349		 2,
460		 2,
314		 4,
774		 -10
.2		 5.9
-
af
Re
ter
LLP
ven
ues		 2,
366		 2,
174		 4,
540		 1,
940		 1,
735		 2,
193		 1,
777		 3,
970		 -18
.3		 19.
0
-
Op
ting
era
ex
pen
ses		 1,
790		 1,
732		 3,
522		 1,
732		 1,
775		 1,
724		 1,
699		 3,
423		 -1.
9		 1.5
-
Op
ting
sul
t
era
re		 576 442 1,
018		 208 -40 469 78 547 -82
.4		 83.
4
-
f g
Imp
airm
ent
ood
ill a
nd
bra
nd
s o
nam
es
w		 - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 34 9 43 - - 493 - 493 -10
0.0		 100
.0
-
in/lo
of
Net
ent
the
ect
ive
lling
ice
dis
al g
me
asu
rem
ga
ss
on
pr
osp
se
pr
pos
rou
ps		 - -86 -86 3 -18
5		 - - - 100
.0		 -
Pre
-tax
sul
t
re		 542 347 889 21
1		 -22
5		 -24 78 54 -77
.5		 425
.0
Av
ital
loy
ed
era
ge
cap
em
p		 28
253
,		 29
165
,		 28
709
,		 29
510
,		 29
116
,		 28
674
,		 28
446
,		 28
560
,		 -2.
5		 0.8
-
A (
)
RW
End
of
Pe
riod		 222
94
1
,		 210
150
,		 210
150
,		 206
31
1
,		 208
135
,		 209
796
,		 206
320
,		 206
320
,		 -1.
8		 1.7
-
Co
st/i
tio
(
%)
nco
me
ra		 69
.4%		 67
.2%		 68.
3%		 73.
1%		 75.
6%		 70.
1%		 73.
4%		 71
.7%
Op
(
%)
ting
tur
ity
era
re
n o
n e
qu		 8.2
%		 6.1
%		 7.1
%		 2.8
%		 -0.
5%		 6.5
%		 1.1
%		 3.8
%
Ret
uity
of
ult
(
%)
e-t
urn
on
eq
pr
ax
res		 7.7
%		 4.8
%		 6.2
%		 2.9
%		 -3.
1%		 -0.
3%		 1.1
%		 0.4
%

Core Bank

in €
m		 Q1
201
2		 Q2
201
2		 6M
20
12		 Q3
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 6M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 1,
474		 1,
598		 3,
072		 1,
154		 1,
52
1		 1,
186		 1,
448		 2,
634		 -9.
4		 22
.1
Pro
vis
ion
s f
loa
n lo
or
sse
s		 -18 -11
6		 -13
4		 -47 -10
2		 -92 -19
0		 -28
2		 -63
.8		 106
.5
-
af
Net
int
st i
ter
ovi
sio
ere
nco
me
pr
ns		 1,
456		 1,
482		 2,
938		 1,
107		 1,
419		 1,
094		 1,
258		 2,
352		 -15
.1		 15.
0
Net
iss
ion
inc
co
mm
om
e		 836 75
1		 1,
587		 826 735 828 789 1,
617		 5.1 4.7
-
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 24
1		 -24 217 294 -31
2		 360 -32 328 -33
.3		 108
.9
-
Net
inv
nt i
est
me
nco
me		 10 20 30 109 237 -14 37 23 85.
0		 364
.3
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 12 6 18 16 14 10 11 21 83.
3		 10.
0
Oth
inc
er
om
e		 -7 -34 -41 -26 -12 -82 6 -76 117
.6		 107
.3
Re
s b
efo
LL
P
ven
ue
re		 2,
566		 2,
317		 4,
883		 2,
373		 2,
183		 2,
288		 2,
259		 4,
547		 -2.
5		 1.3
-
Re
af
LLP
ter
ven
ues		 2,
548		 2,
20
1		 4,
749		 2,
326		 2,
08
1		 2,
196		 2,
069		 4,
265		 -6.
0		 5.8
-
Op
ting
era
ex
pen
ses		 1,
680		 1,
627		 3,
307		 1,
64
1		 1,
673		 1,
64
1		 1,
604		 3,
245		 -1.
4		 2.3
-
Op
ting
sul
t
era
re		 868 574 1,
442		 685 408 555 465 1,
020		 -19
.0		 16.
2
-
Imp
airm
f g
ood
ill a
nd
bra
nd
ent
s o
w
nam
es		 - - - - - - - - - -
Res
tru
ctu
ring
ex
pen
ses		 - - - - - 493 -0 493 - -10
0.0
Net
in/l
th
tive
lling
ice
of
dis
al g
ent
me
asu
rem
ga
oss
on
e p
ros
pec
se
pr
pos
rou
ps		 - -86 -86 3 -18
5		 - - - 100
.0		 -
Pre
rof
it
-ta
x p		 868 488 1,
356		 688 223 62 465 527 -4.
7		 650
.0
Av
ital
ed		 16,
323		 17,
996		 17,
160		 19,
457		 19,
500		 18,
616		 18,
795		 18,
706		 4.4
loy
era
ge
cap
em
p
RW
End
of
Pe
riod		 146
894		 138
107		 138
107		 141
74
1		 140
352		 144
660		 144
568		 144
568		 4.7 1.0
0.1
A (
)		 , , , , , , , , -
Co
st/i
tio
(
%)
nco
me
ra		 65.
5%		 70.
2%		 67
.7%		 69.
2%		 76.
6%		 71.
7%		 71.
0%		 71
.4%
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 21
.3%		 12.
8%		 16.
8%		 14.
1%		 8.4
%		 11.
9%		 9.9
%		 10.
9%
(
%)
Ret
uity
of
e-t
fit
urn
on
eq
pr
ax
pro		 21
.3%		 10.
8%		 15.
8%		 14.
1%		 4.6
%		 1.3
%		 9.9
%		 5.6
%

Private Customers

in €
m		 Q1
201
2		 Q2
201
2		 6M
20
12		 Q3
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 6M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 47
1		 449 920 447 460 430 445 875 -0.
9		 3.5
Pro
vis
ion
s f
loa
n lo
or
sse
s		 -8 -26 -34 -45 -16 -35 -27 -62 -3.
8		 22
.9
Net
int
st i
af
ovi
sio
ter
ere
nco
me
pr
ns		 463 423 886 402 444 395 418 813 -1.
2		 5.8
Net
iss
ion
inc
co
mm
om
e		 416 368 784 408 353 427 390 817 6.0 -8.
7
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 1 - 1 1 1 1 - 1 - -10
0.0
Net
inv
est
nt i
me
nco
me		 2 - 2 -4 -2 5 3 8 - -40
.0
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 7 3 10 6 11 9 6 15 100
.0		 33
.3
-
Oth
inc
er
om
e		 8 -19 -11 -26 -20 -14 -5 -19 73.
7		 64
.3
Re
s b
efo
LL
P
ven
ue
re		 905 801 1,
706		 832 803 858 839 1,
697		 4.7 2.2
-
Re
af
LLP
ter
ven
ues		 89
7		 775 1,
672		 787 787 823 812 1,
635		 4.8 1.3
-
Op
ting
era
ex
pen
ses		 760 745 1,
505		 752 762 754 758 1,
512		 1.7 0.5
Op
ting
sul
t
era
re		 137 30 167 35 25 69 54 123 80.
0		 21
.7
-
Imp
airm
f g
ood
ill a
nd
bra
nd
ent
s o
w
nam
es		 - - - - - - - - - -
Res
tru
ctu
ring
ex
pen
ses		 - - - - - - - - - -
Net
in/l
th
tive
lling
ice
of
dis
al g
ent
me
asu
rem
ga
oss
on
e p
ros
pec
se
pr
pos
rou
ps		 - - - - - - - - - -
Pre
lt
-ta
x r
esu		 137 30 167 35 25 69 54 123 80.
0		 21
.7
-
Av
ital
loy
ed
era
ge
cap
em
p		 3,
976		 3,
880		 3,
928		 4,
003		 3,
819		 4,
002		 3,
92
1		 3,
96
1		 1.0 2.0
-
RW
A (
End
of
Pe
riod
)		 28
149
,		 28
767
,		 28
767
,		 27
733
,		 29
047
,		 28
807
,		 28
975
,		 28
975
,		 0.7 0.6
Co
st/i
tio
(
%)
nco
me
ra		 84.
0%		 93.
0%		 88
.2%		 90.
4%		 94.
9%		 87.
9%		 90.
3%		 89
.1%
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 13.
8%		 3.1
%		 8.5
%		 3.5
%		 2.6
%		 6.9
%		 5.5
%		 6.2
%
of
(
%)
Ret
uity
e-t
ult
urn
on
eq
pr
ax
res		 13.
8%		 3.1
%		 8.5
%		 3.5
%		 2.6
%		 6.9
%		 5.5
%		 6.2
%

Mittelstandsbank

in €
m		 Q1
201
2		 Q2
201
2		 6M
20
12		 Q3
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 6M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 542 487 1,
029		 468 457 457 432 889 -11
.3		 5.5
-
Pro
vis
ion
s f
loa
n lo
or
sse
s		 35 -32 3 9 -42 -78 -14
7		 -22
5		 -35
9.4		 -88
.5
Net
int
st i
af
ter
ovi
sio
ere
nco
me
pr
ns		 577 455 1,
032		 477 415 379 285 664 -37
.4		 24
.8
-
Net
iss
ion
inc
co
mm
om
e		 27
1		 272 543 260 26
1		 280 272 552 - -2.
9
Net
tra
din
inc
nd
net
inc
n h
edg
unt
ing
g
om
e a
om
e o
e a
cco		 12
-		 1 -11 -13 3 1 -27 -26 -2,
800
.0		 2,
800
.0
-
Net
inv
nt i
est
me
nco
me		 -1 -6 -7 - 38 -12 -9 -21 -50
.0		 25
.0
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 - - - 3 3 - 1 1 - -
Oth
inc
er
om
e		 -8 -8 -16 -3 4 2 26 28 425
.0		 1,
200
.0
Re
s b
efo
LL
P
ven
ue
re		 792 746 538
1,		 715 766 728 695 1,
423		 -6.
8		 4.5
-
Re
af
LLP
ter
ven
ues		 82
7		 714 1,
54
1		 724 724 650 548 1,
198		 -23
.2		 15.
7
-
Op
ting
era
ex
pen
ses		 339 328 667 328 347 324 332 656 1.2 2.5
Op
ting
sul
t
era
re		 488 386 874 396 377 326 216 542 -44
.0		 33
.7
-
f g
Imp
airm
ent
ood
ill a
nd
bra
nd
s o
nam
es
w		 - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 - - - - - - - - - -
Net
in/l
th
tive
lling
ice
of
dis
al g
ent
me
asu
rem
ga
oss
on
e p
ros
pec
se
pr
pos
rou
ps		 - - - - - - - - - -
Pre
-ta
lt
x r
esu		 488 386 874 396 377 326 216 542 -44
.0		 33
.7
-
Av
ital
loy
ed
era
ge
cap
em
p		 5,
974		 5,
707		 5,
84
1		 5,
766		 5,
637		 5,
829		 5,
849		 5,
839		 2.5 0.4
A (
of
)
RW
End
Pe
riod		 53
97
1
,		 53
191
,		 53
191
,		 53
516
,		 53
814
,		 55
364
,		 56
106
,		 56
106
,		 5.5 1.3
Co
st/i
tio
(
%)
nco
me
ra		 42
.8%		 44
.0%		 43
.4%		 45
.9%		 45
.3%		 44
.5%		 47
.8%		 46
.1%
Op
(
%)
ting
tur
ity
era
re
n o
n e
qu		 32
.7%		 27
.1%		 29
.9%		 27
.5%		 26
.7%		 22
.4%		 14.
8%		 18.
6%
Ret
uity
of
ult
(
%)
e-t
urn
on
eq
pr
ax
res		 32
.7%		 27
.1%		 29
.9%		 27
.5%		 26
.7%		 22
.4%		 14.
8%		 18.
6%

Central & Eastern Europe

in €
m		 Q1
201
2		 Q2
201
2		 6M
20
12		 Q3
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 6M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 124 126 250 129 129 103 99 202 -21
.4		 3.9
-
Pro
vis
ion
s f
loa
n lo
or
sse
s		 -18 -35 -53 -28 -24 -6 -36 -42 -2.
9		 -50
0.0
Net
int
st i
af
ovi
sio
ter
ere
nco
me
pr
ns		 106 91 197 101 105 97 63 160 -30
.8		 35
.1
-
Net
iss
ion
inc
co
mm
om
e		 50 47 97 47 44 47 53 100 12.
8		 12.
8
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 34 23 57 15 5 23 28 51 21
.7		 21
.7
Net
inv
nt i
est
me
nco
me		 1 5 6 2 1 - 9 9 80.
0		 -
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 - - - - - - - - - -
Oth
inc
er
om
e		 11 9 20 8 8 12 5 17 -44
.4		 58
.3
-
Re
s b
efo
LL
P
ven
ue
re		 220 210 430 20
1		 187 185 194 379 -7.
6		 4.9
Re
af
ter
LLP
ven
ues		 202 175 37
7		 173 163 179 158 33
7		 -9.
7		 11.
7
-
Op
ting
era
ex
pen
ses		 115 116 23
1		 121 121 104 106 210 -8.
6		 1.9
Op
ting
sul
t
era
re		 87 59 146 52 42 75 52 127 -11
.9		 30
.7
-
Imp
airm
f g
ood
ill a
nd
bra
nd
ent
s o
w
nam
es		 - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 - - - - - - - - - -
in/l
Net
ent
th
tive
lling
ice
of
dis
al g
me
asu
rem
ga
oss
on
e p
ros
pec
se
pr
pos
rou
ps		 - -86 -86 3 -18
5		 - - - 100
.0		 -
Pre
lt
-ta
x r
esu		 87 -27 60 55 -14
3		 75 52 127 292
.6		 30
.7
-
Av
ital
loy
ed
era
ge
cap
em
p		 1,
893		 1,
885		 1,
889		 1,
60
1		 1,
673		 1,
717		 1,
659		 1,
688		 -12
.0
RW
A (
End
of
Pe
riod
)		 16,
71
1		 15,
97
1		 15,
97
1		 15,
654		 15,
279		 14,
548		 14,
206		 14,
206		 -11
.1		 3.4
-
2.4
Co
st/i
(
%)
tio
nco
me
ra		 52
.3%		 55
.2%		 53
.7%		 60.
2%		 64.
7%		 56
.2%		 54
.6%		 55
.4%		 -
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 18.
4%		 12.
5%		 15.
5%		 13.
0%		 10.
0%		 17.
5%		 12.
5%		 15.
0%
Ret
uity
of
ult
(
%)
e-t
urn
on
eq
pr
ax
res		 18.
4%		 -5.
7%		 6.4
%		 13.
7%		 -34
.2%		 17.
5%		 12.
5%		 15.
0%

Corporates & Markets

in €
m		 Q1
201
2		 Q2
201
2		 6M
20
12		 Q3
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 6M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 295 536 83
1		 -24 440 196 554 750 3.4 182
.7
Pro
vis
ion
s f
loa
n lo
or
sse
s		 -27 -23 -50 17 -19 26 19 45 182
.6		 26
.9
-
af
Net
int
st i
ter
ovi
sio
ere
nco
me
pr
ns		 268 513 78
1		 -7 42
1		 222 573 795 11.
7		 158
.1
Net
iss
ion
inc
co
mm
om
e		 104 73 177 114 87 82 93 175 27
.4		 13.
4
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 2
-		 -22
6		 -22
8		 313 -30
9		 307 -13
9		 168 38
.5		 145
.3
-
Net
inv
est
nt i
me
nco
me		 3 1 4 121 83 -6 18 12 1,
700
.0		 400
.0
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 6 3 9 3 - 2 6 8 100
.0		 200
.0
Oth
inc
er
om
e		 -8 3 -5 -30 11 2 37 39 1,
133
.3		 1,
750
.0
Re
s b
efo
LL
P
ven
ue
re		 398 390 788 497 312 583 569 1,
152		 45.
9		 2.4
-
Re
af
LLP
ter
ven
ues		 37
1		 36
7		 738 514 29
3		 609 588 1,
197		 60.
2		 3.4
-
Op
ting
era
ex
pen
ses		 34
1		 320 66
1		 323 363 338 335 673 4.7 -0.
9
Op
ting
sul
t
era
re		 30 47 77 191 -70 27
1		 253 524 438
.3		 6.6
-
Imp
airm
f g
ood
ill a
nd
bra
nd
ent
s o
w
nam
es		 - - - - - - - - - -
Res
tru
ctu
ring
ex
pen
ses		 - - - - - - - - - -
Net
in/l
th
tive
lling
ice
of
dis
al g
ent
me
asu
rem
ga
oss
on
e p
ros
pec
se
pr
pos
rou
ps		 - - - - - - - - - -
Pre
lt
-ta
x r
esu		 30 47 77 191 -70 27
1		 253 524 438
.3		 6.6
-
Av
ital
loy
ed
era
ge
cap
em
p		 3,
244		 3,
233		 3,
238		 3,
08
1		 3,
285		 3,
254		 3,
340		 3,
297		 3.3 2.6
RW
A (
End
of
Pe
riod
)		 32
310
,		 26
129
,		 26
129
,		 29
89
1
,		 29
776
,		 33
908
,		 32
367
,		 32
367
,		 23
.9		 4.5
-
Co
st/i
(
%)
tio
nco
me
ra		 85.
7%		 82.
1%		 83
.9%		 65.
0%		 116
.3%		 58
.0%		 58
.9%		 58
.4%
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 3.7
%		 5.8
%		 4.8
%		 24
.8%		 -8.
5%		 33
.3%		 30
.3%		 31
.8%
Ret
uity
of
ult
(
%)
e-t
urn
on
eq
pr
ax
res		 3.7
%		 5.8
%		 4.8
%		 24
.8%		 -8.
5%		 33
.3%		 30
.3%		 31
.8%

Non-Core Assets

in €
m		 Q1
201
2		 Q2
201
2		 6M
20
12		 Q3
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 6M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 184 156 340 127 207 170 181 35
1		 16.
0		 6.5
Pro
vis
ion
s f
loa
n lo
or
sse
s		 -17
8		 -30
1		 -47
9		 -38
3		 -51
2		 -17
5		 -34
7		 -52
2		 -15
.3		 98
.3
-
Net
int
st i
af
ovi
sio
ter
ere
nco
me
pr
ns		 6 -14
5		 -13
9		 -25
6		 -30
5		 -5 -16
6		 -17
1		 -14
.5		 3,
220
.0
-
Net
iss
ion
inc
co
mm
om
e		 28 18 46 26 29 19 19 38 5.6 -
Net
tra
din
inc
nd
net
inc
n h
edg
unt
ing
g
om
e a
om
e o
e a
cco		 215
-		 124 -91 -70 -71 -43 23 -20 -81
.5		 153
.5
Net
inv
nt i
est
me
nco
me		 -20
3		 -54 -25
7		 -79 13 8 -15
7		 -14
9		 -19
0.7		 2,
062
.5
-
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 -1 1 - - -2 -2 - -2 -10
0.0		 100
.0
Oth
inc
er
om
e		 27 -8 19 -7 -10 20 -11 9 -37
.5		 155
.0
-
Re
s b
efo
LL
P
ven
ue
re		 -18
0		 237 57 -3 166 172 55 227 -76
.8		 -68
.0
Re
af
LLP
ter
ven
ues		 -35
8		 -64 -42
2		 -38
6		 -34
6		 -3 -29
2		 -29
5		 -35
6.3		 9,
633
.3
-
Op
ting
era
ex
pen
ses		 98 88 186 91 102 83 95 178 8.0 14.
5
Op
ting
sul
t
era
re		 -45
6		 -15
2		 -60
8		 -47
7		 -44
8		 -86 -38
7		 -47
3		 -15
4.6		 350
.0
-
f g
Imp
airm
ent
ood
ill a
nd
bra
nd
s o
nam
es
w		 - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 34 9 43 - - - - - -10
0.0		 -
Net
in/l
th
tive
lling
ice
of
dis
al g
ent
me
asu
rem
ga
oss
on
e p
ros
pec
se
pr
pos
rou
ps		 - - - - - - - - - -
Pre
-ta
lt
x r
esu		 -49
0		 -16
1		 -65
1		 -47
7		 -44
8		 -86 -38
7		 -47
3		 -14
0.4		 350
.0
-
Av
ital
loy
ed
era
ge
cap
em
p		 10,
226		 10,
118		 10,
172		 10,
053		 9,
617		 10,
058		 9,
65
1		 9,
854		 -4.
6		 4.1
-
A (
)
RW
End
of
Pe
riod		 66,
543		 63,
069		 63,
069		 64
570
,		 67,
782		 65,
135		 61,
75
1		 61,
75
1		 -2.
1		 5.2
-
Co
st/i
tio
(
%)
nco
me
ra		 n/a 37
.1%		 326
.3%		 n/a 61.
4%		 48
.3%		 172
.7%		 78
.4%
Op
(
%)
ting
tur
ity
era
re
n o
n e
qu		 -17
.8%		 -6.
0%		 -12
.0%		 -19
.0%		 -18
.6%		 -3.
4%		 -16
.0%		 -9.
6%
Ret
uity
of
ult
(
%)
e-t
urn
on
eq
pr
ax
res		 -19
.2%		 -6.
4%		 -12
.8%		 -19
.0%		 -18
.6%		 -3.
4%		 -16
.0%		 -9.
6%

Portfolio Restructuring Unit

in €
m		 Q1
201
2		 Q2
201
2		 6M
201
2		 Q3
20
12		 Q4
20
12		 Q1
20
13		 Q2
201
3		 6M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 36 30 66 - - - - - - -
s f
Pro
vis
ion
loa
n lo
or
sse
s		 -16 13 -3 - - - - - - -
Net
int
st i
af
ter
ovi
sio
ere
nco
me
pr
ns		 20 43 63 - - - - - - -
Net
iss
ion
inc
co
mm
om
e		 - - - - - - - - - -
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 138 -16 122 - - - - - - -
Net
inv
nt i
est
me
nco
me		 17 11 28 - - - - - - -
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 - - - - - - - - - -
Oth
inc
er
om
e		 1 -1 - - - - - - - -
Re
s b
efo
LL
P
ven
ue
re		 192 24 216 - - - - - - -
Re
af
LLP
ter
ven
ues		 176 37 21
3		 - - - - - - -
Op
ting
era
ex
pen
ses		 12 17 29 - - - - - - -
Op
ting
sul
t
era
re		 164 20 184 - - - - - - -
f g
Imp
airm
ent
ood
ill a
nd
bra
nd
s o
nam
es
w		 - - - - - - - - - -
Res
tru
ctu
ring
ex
pen
ses		 - - - - - - - - - -
Net
in/l
the
ive
lling
ice
of
dis
al g
ent
ect
me
asu
rem
ga
oss
on
pr
osp
se
pr
pos
rou
ps		 - - - - - - - - - -
Pre
lt
-ta
x r
esu		 164 20 184 - - - - - - -
-
Av
ital
loy
ed
era
ge
cap
em
p		 1,
704		 1,
052		 1,
378		 - - - - - - -
RW
A (
End
of
Pe
riod
)		 9,
504		 8,
975		 8,
975		 - - - - - - -
Co
st/i
tio
(
%)
nco
me
ra		 6.3
%		 70.
8%		 13.
4%		 - - - - -
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 38
.5%		 7.6
%		 26
.7%		 - - - - -
Ret
uity
of
ult
(
%)
e-t
urn
on
eq
pr
ax
res		 38
.5%		 7.6
%		 26
.7%		 - - - - -

Others & Consolidation

in €
m		 Q1
201
2		 Q2
201
2		 6M
20
12		 Q3
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 6M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 42 - 42 134 35 - -82 -82 - -
Pro
vis
ion
s f
loa
n lo
or
sse
s		 - - - - -1 1 1 2 - -
af
Net
int
st i
ter
ovi
sio
ere
nco
me
pr
ns		 42 - 42 134 34 1 -81 -80 - -8,
200
.0
Net
iss
ion
inc
co
mm
om
e		 -5 -9 -14 -3 -10 -8 -19 -27 -11
1.1		 137
.5
-
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 220 178 398 -22 -12 28 106 134 -40
.4		 278
.6
Net
inv
nt i
est
me
nco
me		 5 20 25 -10 117 -1 16 15 -20
.0		 1,
700
.0
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 -1 - -1 4 - -1 -2 -3 - -10
0.0
Oth
inc
er
om
e		 -10 -19 -29 25 -15 -84 -57 -14
1		 -20
0.0		 32
.1
Re
s b
efo
LL
P
ven
ue
re		 251 170 42
1		 128 115 -66 -38 -10
4		 -12
2.4		 42
.4
Re
af
LLP
ter
ven
ues		 25
1		 170 42
1		 128 114 -65 -37 -10
2		 -12
1.8		 43
.1
Op
ting
era
ex
pen
ses		 125 118 243 117 80 121 73 194 -38
.1		 -39
.7
Op
ting
sul
t
era
re		 126 52 178 11 34 -18
6		 -11
0		 -29
6		 -31
1.5		 40
.9
Imp
airm
f g
ood
ill a
nd
bra
nd
ent
s o
w
nam
es		 - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 - - - - - 493 - 493 - -10
0.0
in/l
Net
th
tive
lling
ice
of
dis
al g
ent
me
asu
rem
ga
oss
on
e p
ros
pec
se
pr
pos
rou
ps		 - - - - - - - - - -
Pre
lt
-ta
x r
esu		 126 52 178 11 34 -67
9		 -11
0		 -78
9		 -31
1.5		 83
.8
Av
ital
loy
ed
era
ge
cap
em
p		 1,
236		 3,
29
1		 2,
263		 5,
007		 5,
084		 3,
815		 4,
026		 3,
920		 22
.4		 5.6
RW
A (
End
of
Pe
riod
)		 15,
753		 14,
049		 14,
049		 14,
948		 12,
436		 12,
033		 12,
914		 12,
914		 -8.
1		 7.3
Co
st/i
(
%)
tio
nco
me
ra		 49
.8%		 69.
4%		 57
.7%		 91.
4%		 69.
6%		 n/a n/a n/a
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 40
.8%		 6.3
%		 15.
7%		 0.9
%		 2.7
%		 -19
.5%		 -10
.9%		 -15
.1%
Ret
uity
of
ult
(
%)
e-t
urn
on
eq
pr
ax
res		 40
.8%		 6.3
%		 15.
7%		 0.9
%		 2.7
%		 -71
.2%		 -10
.9%		 -40
.3%

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
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e
q
e
n
o
n
s
u
y		 E
i
b
i
f
R
E
t
q
a
s
s
o
r
o
u
y
i
i
i
f
i
f
i
i
i
R
l
d
t
t
t
e
c
o
n
c
a
o
n
o
e
q
e
n
o
n
s
u
y		 Q
2
2
0
1
3		 6
M
Eq
i
d
f
in
i
io
in
€m
ty
t
e
ns
u		 En
d
f
Pe
io
d
o
r		 Av
e
ra
g
e
Su
bs
i
be
d
i
l
ta
cr
ca
p		 1,
1
3
9		 3,
7
3
8
C
i
l r
ta
ap
es
er
ve		 1
5,
9
3
8		 1
1,
5
4
1
Re
ine
d
ing
ta
ea
rn
s		 1
0,
7
0
7		 1
0,
8
8
5
S
S
/
i
len
ic
ip
ion
F
F
in
A
l
l
ian
t p
t
t
ar
a
s
o
z		 0 1,
6
9
7
Cu
la
ion
tra
t
rre
nc
y
ns
re
se
rve		 -2
1
0		 -1
2
7
C
l
i
da
d
P
&
L
*)
te
on
so		 -5
1		 -1
5
In
'
C
i
l w
i
ho
l
l
in
in
to
ta
t
t n
tro
te
ts
ve
s
rs
a
p
u
o
n-
c
o
n
g
re
s		 2
5
2
3
7,		 2
1
9
7,
7		 B
i
f
R
E
l
t
t
a
s
s
o
r
o
o
n
n
e
r
e
s
u
No
l
l
ing
in
(
I
F
R
S
)
**)
tro
te
ts
n-
co
n
re
s		 8
1
3		 8
4
1
C
In
'
i
l
to
ta
ve
s
rs
a
p		 2
8,
3
3
6		 2
8,
5
6
0		 B
i
f
i
R
E
d
R
E
t
t
a
s
s
o
r
o
p
e
r
a
n
g
o
a
n
p
r
e-
a
x
o
C
i
l
de
du
ion
dw
i
l
l a
d
he
d
j
ta
t
t
tm
ts
ap
c
s,
g
oo
n
o
r a
us
en		 -3
4
6
5
,
Ba
l
I
I c
i
l w
i
ho
hy
b
i
d
i
l
ta
t
t
ta
s
e
o
re
c
a
p
r
c
a
p
u		 2
4,
8
1
7
Hy
br
i
d
i
l
ta
ca
p		 1,
0
8
8
Ba
l
I
I
T
ie
I c
i
l
ta
s
e
r
a
p		 2
5,
9
5
9

* After deduction of distribution to silent participants

** excluding: Revaluation reserve and cash flow hedges

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]

Jürgen Ackermann (Europe / US)P: +49 69 136 22338M: [email protected]

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

Michael H. Klein (UK / Non-Euro Europe / Asia / Fixed Income)P: +49 69 136 24522M: [email protected]

Maximilian Bicker (UK / Non-Euro Europe / Asia / Fixed Income)P: +49 69 136 28696M: [email protected]

Ute Heiserer-Jäckel (Retail Investors)P: +49 69 136 41874M: [email protected]

Simone Nuxoll (Retail Investors)P: +49 69 136 45660M: [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 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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