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Commerzbank AG Earnings Release 2014

Nov 6, 2014

81_ip_2014-11-06_4e468de5-0d07-4c49-8333-f6959c4d4ca2.pdf

Earnings Release

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Growing loan volumes in Core Bank –CET1 fully phased-in at 9.6%

Analyst conference – Q3 2014 results

Stephan Engels | CFO | Frankfurt | 06 November 2014

Commerzbank passed ECB Comprehensive Assessment with 8.0% Basel III CET1 phase-in

Key Financial Facts Q3 2014

Increased Group operating result of €343m in Q3 leads to €924m for 9M 2014 exceeding 9M 2013 by 44% – Group net result of €225m in Q3 sums up to €525m after 9M 2014

Sound core bank operating result of €593m with slight revenue increase q-o-q despite summer season – further loan growth in PC (+2%) and MSB (+2%) compared to Q2 2014

NCA with continued asset run-down in Q3 2014 - Exposure at Default at €36bn for Commercial Real Estate and Ship Finance1)

LLP of €341m in line with our expectation – costs again managed flat at €1.7bn

Further strengthening of capital – CET1 fully phased in at 9.6%2) compared to 9.4% as of Q2 2014

1) Deutsche Schiffsbank 2) Includes net profit of YTD Sep 2014

Key financial figures at a glance

Increased Group operating result in Q3 2014

Q3 2014 vs. Q2 2014

  • ▲Group operating result increased by 5% q-o-q when excluding the CRE portfolio sales in Q2 2014
  • ▲Revenues, LLPs and costs reflect overall stable business mix
  • ▲Normalised tax rate of 27% leads to net result of €225m

1) Consolidated result attributable to Commerzbank shareholders

Stephan Engels | CFO | Frankfurt | 06 November 20145

Total costs again managed flat at €1.7bn

  • ►Slight increase of personnel expenses predominantly due to collectively agreed salary increases
  • ►Operating expenses in general still affected by regulatory requirements

LLPs of €341m in line with our expectation

  • ▲Core Bank LLPs benefit from very low MSB figure
  • ►LLPs in NCA at expected level after releases of €112m in Q2 2014 due to the CRE portfolio sales
  • ▲All in all significantly lower LLPs after 9M 2014 compared to 2013

Core Bank: Sound operating result with increased revenues despite summer season

  • ▲Slight revenue increase despite summer season
  • ▲ Sum of NII and NDI as well as NCI with increase of overall 6.1% y-o-y underlining the strategic progress in the Core Bank divisions despite the persisting low interest rate environment
  • ▲Others & Consolidation with €-142m compared to €-211m in Q2 benefits from good Treasury result and positive one-offs

Private Customers: Operating result on track – strategy is paying off

  • ▲Increased net commission income in recurring revenue streams from premium and managed accounts
  • ▲Further loan volume growth of 2% q-o-q
  • ▲77k net new customers in Q3 2014 lead to nearly 215k after 9M 2014

PC divisional split

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Mittelstandsbank: Good operating result benefits from low LLPs –further growth in loan volumes

  • ▲ Higher NII from loans compensates for the ongoing pressure on deposit revenues as well as for the negative valuation effects of counterparty risks in derivative business accounting for a negative swing of €19m q-o-q
  • ▲ Growth of loan volume by 10% y-o-y and 2% q-o-q – again increase with corporates in Germany above market development
  • ▲Very low LLP level of €36m in Q3 2014

MSB divisional split

Financial Institutions – Revenues before LLP €m

  • ▲ Stable revenues from direct customer business
  • ► Declining positive valuation effects from counterparty risks in derivative business

Central & Eastern Europe: Growth story in mBank continues

  • ▲ Operating result is driven by higher revenues, which are again on record level, despite pressure on commission income from regulatory reduction of interchange fees in Q3 2014
  • ▲Positive trend of growing NII due to continuously growing loan volume
  • ▲Partnership with AXA and cooperation with Orange Polska provide new strategic benefits in the future

Corporates & Markets: Strong third quarter with good performance in FIC and Corporate Finance

  • ▲ Improved performance in FIC driven by increased volatility and volumes as FX and IR markets benefit from variances across global monetary policies
  • ▲Robust performance in Corporate Finance supported by healthy pipeline
  • ►EMC solid, with natural seasonality

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

Corporates & Markets divisional split

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

€m

  • ▲ Significantly improved revenue levels in Interest Rates and FX products driven by increasing market volatility
  • ▲ Continued solid performance in credit products

►

  • Loan income from Multi-National Corporates remains stable
  • ► Expected decline in contributions in run-down portfolios of Structured Credit Legacy continued

1) Net of hedges.

Core Bank: LLPs in Q3 benefit from low LLPs in Mittelstandsbank

▲

  • Risk density in Core Bank further improved in almost all segments▲
  • Default portfolio slightly reduced in Q3 2014 high coverage and low NPL ratio maintained
  • ▲Very low LLP level especially in MSB

Default volume and coverage

Stephan Engels | CFO | Frankfurt | 06 November 2014

NCA: Portfolio run-down continues – development as expected

  • ►Operating result of €-250m due to lower revenues and higher LLPs
  • ►Revenue stream affected by further asset run-down and volatility of valuation effects

NCA: Further EaD run-down of €4bn – LLPs increased to expected level after release of €112m in Q2 2014 due to CRE portfolio sales

Note: Numbers may not add up due to rounding 1) Deutsche Schiffsbank 2) As % of EaD

  • ►LLPs at expected level in Ship Finance1) as well as in CRE
  • ▲ EaD run-down of €4bn driven by CRE and further transfer of highly liquid Public Finance assets to Treasury of €2.8bn – Ship Finance1) run down of €0.8bn fully offset by USD-FX effects
  • ▲ Default portfolio reduced by €0.4bn with slightly improved coverage and lower NPL ratio

NCA: Focus risk cluster with reduction of 58% in EaD since Q3 2012

Common Equity Tier 1 ratio fully phased-in increased to 9.6%

Stephan Engels | CFO | Frankfurt | 06 November 2014

Leverage ratio further improved

Total assets

€bn

Leverage ratio after stricter revised CRD4/CRR rules1) as of Q3 2014 %

1)Leverage ratio according to revised CRD4/CRR rules published 10 October 2014 implementing final Basel rules from January 2014 2) Includes net profit of YTD Sep 2014

Outlook 2014

1)Deutsche Schiffsbank

Appendix

Stephan Engels | CFO | Frankfurt | 06 November 201423

German economy 2014/2015 – Economy defies politics (as yet)

Current development

  • › German economy has taken a breather. Real GDP slightly fell in Q2 and probably at most stagnated in Q3.
  • › The downtick in Q2 is mainly due to a special effect (mild winter pumping up construction in Q1, correction in Q2), but world economy has lost steam, too.
  • ›Labour market has improved further.
  • › Government is about to reregulate the economy which will push up labour costs significantly.

DAX

(average p.a.)

Our expectation for 2014/2015

  • › Despite the set-back in mid-2014 we expect the recovery to continue.
  • › The expansionary monetary policy will continue to mask the dampening impetus from politics. We are looking for a growth rate of 1.3% in 2014 and 2015, which will still be above EMU average.
  • › Underlying inflation will rise slowly. We expect inflation to average 1.0% in 2014 and at 1.7% in 2015.

2012 2013

0.57

2014e

0.22

2015e

0.19

0.05

Euribor

2011

in % (average p.a.)

1.39

Reasons for outperformance

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

GDP

(Change vs previous year in %)

Stephan Engels | CFO | Frankfurt | 06 November 2014

24

Hedging & Valuation Adjustments

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NCA: Diversified portfolio

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3
2
3,
8
7
1		 (
)
1
7
5
3
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9
5
6		 (
)
7
1
4
7
8
8		 (
)
4
0
0
5
8
1		 4,
4
8
2
Lo
lo
is
io
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ss
p
ro
v
ns		 (
)
1,
3
2
5
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2
9
1		 (
)
7
6
7
6
6
8		 (
)
2
3
2
2
5
6		 (
)
1
4
1
1
5
0		 1,
2
1
1
G
L
L
P		 (
)
2
0
4
2
8
1		 (
)
1
1
1
1
7
8		 (
)
5
0
5
8		 (
)
2
8
3
2		 2
7
2
C
io
in
l.
G
L
L
P
l.
l
la
ls
(
%
)
t
te
ov
er
ag
e
ra
c
ex
c
co
ra		 4
6
(
4
1
)		 0
(
4
3
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5		 4
0
(
4
0
)		 4
2
(
3
1
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3
C
l
la
ls
te
o
ra		 1,
9
6
(
2,
2
2
)
5
5		 8
6
4
(
1,
1
0
6
)		 4
8
2
(
4
8
6
)		 2
9
6
(
3
4
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7		 2,
8
9
7
C
io
in
l.
G
L
L
P
d
l
la
ls
(
)
t
te
%
ov
er
ag
e
ra
c
an
co
ra		 (
)
1
0
5
9
9		 (
)
9
9
1
0
0		 (
)
1
0
7
1
0
2		 (
)
1
1
6
9
6		 9
5
N
P
L
io
(
)
%
t
ra		 (
)
2
5.
7
2
7.
0		 (
)
3
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5
3
4.
6		 (
)
2
2.
1
2
3.
0		 (
)
1
6.
3
2
1.
3		 2
3.
7

1) Deutsche Schiffsbank

Stephan Engels | CFO | Frankfurt | 06 November 2014

Default Portfolio (30 September 2014)

1
Gr
ou
p
9
0
%
/
9
6
%		 1
2,
4
2
0
5,
2
7
7		 5,
8
4
5		 8
4
1		 1
1,
9
6
4
Cu
Pr
iva
te
to
s
m
er
s
/
8
1
%
9
6
%		 7
9
3
7
6
2
2
6
/
3
8
6
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1
2
0
5
M
i
ls
ds
ba
k
t
te
ta
n
n
/
7
3
%
8
5
%		 2,
5
1
3
2,
1
3
1
/
/
1,
4
2
1
4
2
2
2
8
8
Ce
l
&
Ea
Eu
tr
te
n
a
s
rn
ro
p
e
9
5
%
/
1
0
1
%		 1,
2
0
1
1,
2
1
7
/
/
5
9
1
5
4
7
7
8
Co
&
M
ke
te
ts
rp
or
a
s
ar
/
6
4
%
6
9
%		 1,
0
4
9
2
9
7
6
6
8
/
3
/
5
7
No
Co
As
ts
n-
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se
1
0
0
%
/
1
0
5
%		 2,
3
0
9
4,
4		 6,
7
7
9
7,
0
9
2
8
6
2
9
7
De
fa
l
lu
t v
u
o
m
e		 Lo
los
is
io
an
s p
ro
v
ns		 Co
l
la
ls
te
ra		 G
L
L
P

Commerzbank financials at a glance

G
ro
u
p		 Q
3
2
0
1
3		 9
M
2
0
1
3		 Q
2
2
0
1
4		 Q
3
2
0
1
4		 9
M
2
0
1
4
O
in
l
(
€m
)
t
t
p
e
ra
g
re
su		 1
0
3		 6
4
1		 2
5
7		 3
4
3		 9
2
4
1)
(
)
Ne
l
€m
t r
t
e
su		 7
5		 1
7		 1
0
0		 2
2
5		 2
5
5
C
(
)
/
C
(
)
(
)
ie
1
io
B
2.
5
2
0
1
3
E
T
1
B
3
2
0
1
4
in
%
t
t
o
re
r
ra		 1
2.
7		 1
2.
7		 1
1.
7		 2)
1
1.
8		 2)
1
1.
8
C
E
T
io
B
fu
l
ly
ha
d
in
(
)
1
3
%
t
ra
p
s
e		 /
n
a		 /
n
a		 9.
4		 2)
9.
6		 2)
9.
6
To
l a
(
€
b
)
ta
ts
s
s
e
n		 9
3
5		 9
3
5		 8
3
5		 9
6
5		 9
6
5
(
)
/
C
(
)
(
)
R
W
A
B
2.
5
2
0
1
3
E
T
1
B
3
2
0
1
4
€
b
n		 1
9
7		 1
9
7		 2
1
7		 2
1
6		 2
1
6
Le
io
(
ha
in
)
t
%
ve
ra
g
e
ra
p
s
e-
,		 /
n
a		 /
n
a		 4.
1		 2)
4.
2		 2)
4.
2
C
Ba
k
(
in
l.
O
&
C
)
o
re
n
c		 Q
3
2
0
1
3		 9
M
2
0
1
3		 Q
2
2
0
1
4		 Q
3
2
0
1
4		 9
M
2
0
1
4
O
in
l
(
€m
)
t
t
p
e
ra
g
re
su		 3
7
5		 1,
3
8
6		 4
4
0		 5
9
3		 1,
5
2
8
O
Ro
E
(
)
%
p.		 8.
6		 1
0.
9		 9.
2		 1
1.
7		 1
0.
5
C
(
)
I
R
%		 7
2.
0		 7
1.
7		 7
2.
3		 7
0.
6		 7
1.
9
f
(
)
R
is
k
d
i
Ea
D
b
ty
e
ns
o
p
s		 2
9		 2
9		 2
7		 2
7		 2
7
L
T
D
io
(
)
t
%
ra		 7
5		 7
5		 7
7		 8
0		 8
0
C
N
A		 Q
3
2
0
1
3		 9
M
2
0
1
3		 Q
2
2
0
1
4		 Q
3
2
0
1
4		 9
M
2
0
1
4
O
in
l
(
€m
)
t
t
p
e
ra
g
re
su		 -2
2
7		 4
-7
5		 -1
8
3		 -2
0
5		 -6
0
4
Ea
D
in
l.
N
P
L
lu
(
€
b
)
c
vo
m
e
n		 1
2
4		 1
2
4		 9
2		 8
8		 8
8
f
(
)
R
is
k
d
i
Ea
D
b
ty
e
ns
o
p
s		 7
6		 7
6		 6
8		 7
1		 7
1

1)Attributable to Commerzbank shareholders 2) Includes net profit of YTD September 2014

Stephan Engels | CFO | Frankfurt | 06 November 201431

Commerzbank Group

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 Q
3
2
0
1
4		 %
y
oy		 %
q
oq
To
l
Re
ta
ve
nu
es		 2,
45
5		 2,
3
10		 2,
28
1		 2,
22
9		 2,
26
0		 2,
24
1		 2,
40
6		 5.5 7.4
/w
To
l n
int
d n
d
ing
inc
ta
et
st
et
tra
o
ere
an
om
e		 1,
67
1		 1,
6
18		 1,
40
9		 1,
3
8
1		 1,
3
8
5		 1,
42
6		 1,
95
5		 13
.2		 11
.9
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 8
44		 8
05		 78
4		 77
3		 8
15		 78
2		 79
9		 1.9 2.2
/w
Ot
he
inc
o
r
om
e		 -6
0		 -1
13		 8
8		 75 -9
3		 3
3		 12 -8
6.
4		 6
3.
6
-
Pro
is
ion
fo
i
b
le
loa
los
v
r p
os
s
n
se
s		 -26
7		 -5
37		 -49
2		 -45
1		 -23
8		 -25
7		 -3
41		 3
0.7		 3
2.7
-
Op
ing
t
era
ex
p
en
se
s		 1,
72
4		 1,
6
9
9		 1,
6
8
6		 1,
6
8
8		 1,
6
9
8		 1,
72
7		 1,
72
2		 2.1 0.
3
-
Op
ing
f
it
at
er
p
ro		 4
6
4		 4
7		 1
0
3		 9
0		 3
2
4		 2
5
7		 3
4
3		 1
0
0
>		 3
3.
5
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 49
3		 - - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - - - -
Pr
f
it
tax
e-
p
ro		 -2
9		 7
4		 1
0
3		 9
0		 3
2
4		 2
5
7		 3
4
3		 1
0
0
>		 3
3.
5
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 26
46
8
,		 26
47
2
,		 26
75
2
,		 26
8
3
2
,		 27
07
7
,		 27
28
5
,		 27
45
4
,		 2.6 0.
6
R
W
A
(
En
d o
f
Pe
io
d
)
r		 20
9,
79
6		 20
6,
28
8		 19
7,
28
7		 19
0,
5
8
8		 21
8,
25
9		 21
7,
0
13		 21
5,
79
1		 9.
4		 0.
6
-
Co
/
(
)
st
inc
at
io
%
om
e r		 70
.2%		 73
.5
%		 73
.9
%		 75
.7%		 75
.1%		 77
.1%		 71
.6
%
Op
ing
ity
(
)
t
tur
%
era
re
n o
n e
q
u		 7.0
%		 1.1
%		 1.5
%		 1.3
%		 4.8
%		 3.
8
%		 5.
0
%
(
)
Re
ity
f p
lt
%
tur
tax
n o
n e
q
u
o
re-
re
su		 -0
.4%		 1.1
%		 1.5
%		 1.3
%		 4.8
%		 3.
8
%		 5.
0
%

Core Bank

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 Q
3
2
0
1
4		 %
y
oy		 %
q
oq
To
ta
l
Re
ve
nu
es		 2,
28
4		 2,
25
4		 2,
22
7		 2,
15
1		 2,
21
5		 2,
27
8		 2,
3
26		 4.4 2.1
/w
To
ta
l n
et
int
st
d n
et
tra
d
ing
inc
o
ere
an
om
e		 1,
5
44		 1,
41
3		 1,
3
85		 1,
26
8		 1,
41
6		 1,
49
7		 1,
5
07		 8.
8		 0.7
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 8
25		 78
7		 77
8		 75
7		 8
10		 77
7		 78
8		 1.3 1.4
/w
Ot
he
inc
o
r
om
e		 -85 5
4		 6
4		 12
6		 -1
1		 4 3
1		 -5
1.6		 >1
0
0
Pro
is
ion
fo
i
b
le
loa
los
v
r p
os
s
n
se
s		 -9
2		 -19
0		 -24
9		 -13
4		 -10
4		 -19
2		 -9
0		 6
3.
9		 5
3.
1
Op
ing
t
era
ex
p
en
se
s		 1,
6
42		 1,
6
0
3		 1,
6
0
3		 1,
9
9
5		 1,
6
16		 1,
6
46		 1,
6
43		 2.5 0.
2
-
ing
f
it
Op
at
er
p
ro		 5
5
0		 4
6
1		 3
7
5		 4
1
8		 4
9
5		 4
4
0		 5
9
3		 5
8.
1		 3
4.
8
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 49
3		 - - - - - - -10
0.
0		 10
0.
0
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - - - -
Pr
f
it
tax
e-
p
ro		 5
7		 4
6
1		 3
7
5		 4
1
8		 4
9
5		 4
4
0		 5
9
3		 5
8.
1		 3
4.
8
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 16
41
0
,		 16
8
21
,		 17
42
0
,		 17
9
21
,		 19
0
9
6
,		 19
15
0
,		 20
22
8
,		 16
.1		 5.
6
(
)
R
W
A
En
d o
f
Pe
io
d
r		 14
4,
6
6
0		 14
4,
5
3
3		 14
0,
87
4		 13
7,
0
0
4		 16
0,
9
43		 16
4,
3
37		 16
8,
55
5		 19
.6		 2.6
Co
/
inc
io
(
%
)
st
at
om
e r		 71
.9
%		 71
.1%		 72
.0
%		 74
.3
%		 73
.0
%		 72
.3
%		 70
.6
%		 - -
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 13
.4%		 11
.0
%		 8.
6
%		 9.
3
%		 10
.4%		 9.
2%		 11
.7%		 - -
Re
ity
f p
lt
(
%
)
tur
tax
n o
n e
q
o
re-
re
su
u		 1.4
%		 11
.0
%		 8.
6
%		 9.
3
%		 10
.4%		 9.
2%		 11
.7%		 - -

Private Customers

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 Q
3
2
0
1
4		 %
oy
y		 %
q
oq
To
l
Re
ta
ve
nu
es		 85
8		 8
3
9		 8
25		 8
27		 87
4		 8
45		 8
65		 4.8 2.4
/w
To
l n
int
d n
d
ing
inc
ta
et
st
et
tra
o
ere
an
om
e		 43
1		 44
4		 45
2		 44
6		 45
0		 48
0		 46
7		 3.
3		 2.7
-
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 42
7		 3
8
9		 3
8
0		 3
6
4		 40
7		 3
6
1		 37
7		 -0
.8		 4.4
/w
Ot
he
inc
o
r
om
e		 - 6 -7 17 17 4 21 >1
0
0		 >1
0
0
Pro
is
ion
fo
i
b
le
loa
los
v
r p
os
s
n
se
s		 -35 -27 -3
1		 -15 -3
6		 -16 -16 48
.4		 -
Op
ing
t
era
ex
p
en
se
s		 75
4		 75
8		 75
3		 75
2		 72
6		 71
4		 72
8		 -3
.3		 2.0
Op
ing
f
it
at
er
p
ro		 6
9		 5
4		 4
1		 6
0		 1
1
2		 1
1
5		 1
2
1		 1
0
0
>		 5.
2
Imp
irm
ts
dw
i
l
l
a
en
on
g
oo		 - - - - - - - - -
Re
str
tur
ing
uc
ex
p
en
se
s		 - - - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - - - -
Pr
f
it
tax
e-
p
ro		 6
9		 5
4		 4
1		 6
0		 1
1
2		 5
1
1		 1
2
1		 1
0
0
>		 5.
2
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 4,
0
0
1		 3,
9
20		 3,
97
9		 3,
9
8
6		 3,
9
8
2		 4,
0
40		 3,
9
3
2		 -1
.2		 2.7
-
R
W
A
(
En
d o
f
Pe
io
d
)
r		 28
8
0
3
,		 28
97
1
,		 29
20
5
,		 27
21
3
,		 28
48
5
,		 29
0
23
,		 27
67
5
,		 .2
-5		 4.6
-
Co
/
inc
io
(
)
st
at
%
om
e r		 87
.9
%		 9
0.
3
%		 9
1.3
%		 9
0.
9
%		 8
3.
1%		 8
4.5
%		 8
4.2
%		 - -
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 6.
9
%		 %
5.5		 4.1
%		 6.
0
%		 11
.3
%		 11
.4%		 12
.3
%		 - -
Re
ity
f p
lt
(
)
tur
tax
%
n o
n e
q
u
o
re-
re
su		 6.
9
%		 5.5
%		 4.1
%		 6.
0
%		 11
.3
%		 11
.4%		 12
.3
%		 - -

Mittelstandsbank

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 Q
3
2
0
1
4		 %
y
oy		 %
q
oq
To
l
Re
ta
ve
nu
es		 72
7		 6
95		 79
0		 70
5		 71
6		 73
9		 74
2		 -6
.1		 0.
4
/w
To
l n
int
d n
d
ing
inc
ta
et
st
et
tra
o
ere
an
om
e		 45
7		 40
5		 45
8		 44
1		 44
0		 46
3		 44
7		 -2
.4		 3.5
-
/w
Ne
t c
iss
ion
inc
o
om
m
om
e		 28
0		 27
2		 26
4		 25
0		 27
5		 26
3		 26
5		 0.
4		 0.
8
/w
Ot
he
inc
o
r
om
e		 -10 18 6
8		 14 1 13 3
0		 -55
.9		 >1
0
0
Pro
is
ion
fo
i
b
le
loa
los
v
r p
os
s
n
se
s		 -78 -14
7		 -10
6		 -13
9		 -57 -14
2		 -3
6		 6
6.
0		 74
.6
Op
ing
t
era
ex
p
en
se
s		 3
24		 3
3
3		 3
35		 3
45		 3
21		 3
3
0		 3
43		 2.4 3.
9
Op
ing
f
it
at
er
p
ro		 5
3
2		 5
2
1		 3
4
9		 2
2
1		 3
3
8		 2
6
7		 3
6
3		 4.
0		 3
6.
0
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - - - -
Pr
f
it
tax
e-
p
ro		 3
2
5		 2
1
5		 3
4
9		 2
2
1		 3
3
8		 2
6
7		 3
6
3		 4.
0		 3
6.
0
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 5,
8
29		 5,
9
0
3		 6,
0
65		 6,
16
5		 6,
67
0		 6,
8
6
6		 6,
95
9		 14
.7		 1.4
(
f
)
R
W
A
En
d o
Pe
io
d
r		 55
3
6
4
,		 5
6,
8
0
2		 57
35
4
,		 57
74
6
,		 6
2,
46
7		 6
6,
21
4		 67
8
95
,		 18
.4		 2.5
Co
/
inc
io
(
%
)
st
at
om
e r		 44
.6
%		 47
.9
%		 42
.4%		 48
.9
%		 44
.8
%		 44
.7%		 46
.2%		 - -
Op
(
)
ing
ity
%
t
tur
era
re
n o
n e
q
u		 22
.3
%		 14
.6
%		 23
.0
%		 14
.3
%		 20
.3
%		 15
.6
%		 20
.9
%		 - -
Re
ity
f p
lt
(
%
)
tur
tax
n o
n e
q
o
re-
re
su
u		 22
.3
%		 14
.6
%		 23
.0
%		 14
.3
%		 20
.3
%		 15
.6
%		 20
.9
%		 - -

Central & Eastern Europe

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 Q
3
2
0
1
4		 %
oy
y		 %
q
oq
To
l
Re
ta
ve
nu
es		 18
5		 19
5		 21
2		 21
6		 22
4		 23
4		 24
0		 13
.2		 2.6
/w
To
l n
int
d n
d
ing
inc
ta
et
st
et
tra
o
ere
an
om
e		 12
9		 13
0		 14
7		 14
5		 15
6		 17
5		 17
9		 21
.8		 2.3
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 44 5
0		 49 55 57 5
9		 5
1		 4.1 13
.6
-
/w
Ot
he
inc
o
r
om
e		 12 15 16 16 11 - 10 -37
.5		 -
Pro
is
ion
fo
i
b
le
loa
los
v
r p
os
s
n
se
s		 -6 -3
6		 -4
1		 -3
6		 -2
1		 -3
8		 -37 9.
8		 2.6
Op
ing
t
era
ex
p
en
se
s		 10
4		 10
5		 10
6		 11
4		 10
5		 11
2		 11
0		 3.
8		 1.8
-
Op
ing
f
it
at
er
p
ro		 7
5		 5
4		 6
5		 6
6		 9
8		 8
4		 9
3		 4
3.
1		 1
0.
7
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - - - -
f
Pr
tax
it
e-
p
ro		 7
5		 5
4		 6
5		 6
6		 9
8		 8
4		 9
3		 4
3.
1		 1
0.
7
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 1,
71
7		 1,
65
9		 1,
6
42		 1,
5
9
8		 1,
5
6
1		 1,
57
6		 1,
5
9
6		 -2
.8		 1.3
R
W
A
(
En
d o
f
Pe
io
d
)
r		 14
5
48
,		 14
20
6
,		 14
0
9
1
,		 13
67
7
,		 13
16
0
,		 13
5
07
,		 13
8
40
,		 -1
.8		 2.5
Co
/
inc
io
(
)
st
at
%
om
e r		 5
6.
2%		 5
3.
8
%		 5
0.
0
%		 5
2.8
%		 46
.9
%		 47
.9
%		 45
.8
%		 - -
Op
ing
ity
(
)
t
tur
%
era
re
n o
n e
q
u		 17
.5
%		 13
.0
%		 15
.8
%		 16
.5
%		 25
.1%		 21
.3
%		 23
.3
%		 - -
f p
(
)
Re
ity
lt
%
tur
tax
n o
n e
q
u
o
re-
re
su		 17
.5
%		 13
.0
%		 15
.8
%		 16
.5
%		 25
.1%		 21
.3
%		 23
.3
%		 - -

Corporates & Markets

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 Q
3
2
0
1
4		 %
y
oy		 %
q
oq
To
l
Re
ta
ve
nu
es		 5
8
4		 5
6
9		 46
0		 46
6		 5
43		 5
05		 48
6		 5.7 3.
8
-
/w
To
l n
int
d n
d
ing
inc
ta
et
st
et
tra
o
ere
an
om
e		 5
0
4		 41
5		 29
9		 3
45		 46
6		 40
4		 37
0		 23
.7		 8.
4
-
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 8
3		 9
3		 9
1		 10
0		 76 10
1		 10
2		 12
.1		 1.0
/w
Ot
he
inc
o
r
om
e		 -3 6
1		 70 21 1 - 14 -8
0.
0		 -
Pro
is
ion
fo
i
b
le
loa
los
r p
os
s
n
se
s
v		 26 19 -43 55 9 5 - 10
0.
0		 10
0.
0
-
Op
ing
t
era
ex
p
en
se
s		 3
3
8		 3
3
4		 3
3
2		 35
5		 3
3
6		 3
25		 3
28		 -1
.2		 0.
9
Op
ing
f
it
at
er
p
ro		 27
2		 2
5
4		 8
5		 1
6
6		 2
1
6		 1
8
5		 1
5
8		 8
5.
9		 1
4.
6
-
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - - -
fro
f
Ne
in
los
le
d
isp
l g
t g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - - - -
Pr
f
it
tax
e-
p
ro		 27
2		 2
5
4		 8
5		 1
6
6		 2
1
6		 1
8
5		 1
5
8		 8
5.
9		 1
4.
6
-
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 3,
25
4		 3,
28
6		 2,
8
23		 2,
8
87		 4,
26
4		 4,
3
6
2		 4,
3
0
4		 2.4
5		 1.3
-
R
W
A
(
En
d o
f
Pe
io
d
)
r		 3
3,
9
0
8		 3
1,
6
67		 28
0
9
1
,		 27
67
6
,		 3
6,
19
7		 3
8,
9
20		 3
6,
97
9		 3
1.6		 5.
0
-
Co
/
inc
io
(
%
)
st
at
om
e r		 .9
%
57		 8.7
%
5		 72
.2%		 76
.2%		 6
1.9
%		 6
4.4
%		 67
%
.5		 - -
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 3
3.
4%		 3
0.
9
%		 12
.0
%		 23
.0
%		 20
.3
%		 17
.0
%		 14
.7%		 - -
Re
ity
f p
lt
(
)
tur
tax
%
n o
n e
q
u
o
re-
re
su		 3
3.
4%		 3
0.
9
%		 12
.0
%		 23
.0
%		 20
.3
%		 17
.0
%		 14
.7%		 - -

Non-Core Assets

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 Q
3
2
0
1
4		 %
y
oy		 %
q
oq
To
l
Re
ta
ve
nu
es		 17
1		 5
6		 5
4		 78 45 -37 8
0		 48
.1		 >1
0
0
/w
To
l n
int
d n
d
ing
inc
ta
et
st
et
tra
o
ere
an
om
e		 12
7		 20
5		 24 11
3		 12
2		 -7
1		 8
8		 >1
0
0		 >1
0
0
/w
Ne
t c
iss
ion
inc
o
om
m
om
e		 19 18 6 16 5 5 11 8
3.
3		 >1
0
0
/w
Ot
he
inc
o
r
om
e		 25 -16
7		 24 -5
1		 -8
2		 29 -19 10
0
>-		 10
0
>-
Pro
is
ion
fo
i
b
le
loa
los
v
r p
os
s
n
se
s		 -17
5		 -3
47		 -24
3		 -3
17		 -13
4		 -65 -25
1		 -3
.3		 10
0
>-
Op
ing
t
era
ex
p
en
se
s		 8
2		 9
6		 8
3		 8
9		 8
2		 8
1		 79 -4
.8		 2.5
-
Op
ing
f
it
at
er
p
ro		 -8
6		 -3
8
7		 -27
2		 -3
2
8		 -17
1		 -1
8
3		 5
-2
0		 8.
1		 -3
6.
6
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - - - -
Pr
f
it
tax
e-
p
ro		 -8
6		 -3
8
7		 -27
2		 -3
2
8		 -17
1		 -1
8
3		 -2
5
0		 8.
1		 -3
6.
6
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 10
05
8
,		 9,
65
1		 9,
3
3
2		 8,
9
11		 7,
9
8
1		 8,
13
5		 7,
22
6		 -22
.6		 11
.2
-
(
f
)
R
W
A
En
d o
Pe
io
d
r		 65
13
5
,		 6
1,
75
5		 5
6,
41
3		 5
3,
5
8
4		 57
3
17
,		 5
2,
67
6		 47
23
5
,		 -16
.3		 10
.3
-
Co
/
inc
io
(
%
)
st
at
om
e r		 48
.0
%		 17
1.4
%		 15
3.7
%		 11
4.1
%		 18
2.2
%		 /a
n		 9
8.
8
%		 - -
Op
(
)
ing
ity
%
t
tur
era
re
n o
n e
q
u		 -3
.4%		 -16
.0
%		 -1
1.7
%		 -14
.7%		 -8
.6
%		 -9
.0
%		 -13
.8
%		 - -
Re
ity
f p
lt
(
%
)
tur
tax
n o
n e
q
o
re-
re
su
u		 -3
.4%		 -16
.0
%		 -1
1.7
%		 -14
.7%		 -8
.6
%		 -9
.0
%		 -13
.8
%		 - -

Others & Consolidation

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 Q
3
2
0
1
4		 %
y
oy		 %
q
oq
To
ta
l
Re
ve
nu
es		 -70 -44 -6
0		 -6
3		 -14
2		 -45 -7 8
8.
3		 8
4.4
/w
To
l n
int
d n
d
ing
inc
ta
et
st
et
tra
o
ere
an
om
e		 23 19 29 -10
9		 -9
6		 -25 44 5
1.7		 >1
0
0
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 -9 -17 -6 -12 -5 -7 -7 -16
.7		 -
/w
Ot
he
inc
o
r
om
e		 -8
4		 -46 -8
3		 5
8		 -4
1		 -13 -44 47
.0		 10
0
>-
Pro
is
ion
fo
i
b
le
loa
los
v
r p
os
s
n
se
s		 1 1 -28 1 1 -1 -1 9
6.
4		 -
Op
ing
t
era
ex
p
en
se
s		 12
2		 73 77 3
3		 12
8		 16
5		 13
4		 74
.0		 18
.8
-
ing
f
it
Op
at
er
p
ro		 -1
9
1		 -1
1
6		 -1
6
5		 -9
5		 -2
6
9		 -2
1
1		 -1
4
2		 1
3.
9		 3
2.7
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 49
3		 - - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - - - -
Pr
f
it
tax
e-
p
ro		 -6
8
4		 -1
1
6		 -1
6
5		 -9
5		 -2
6
9		 -2
1
1		 -1
4
2		 1
3.
9		 3
2.7
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 1,
6
0
9		 2,
05
3		 2,
9
11		 3,
28
6		 2,
6
18		 2,
3
0
6		 3,
43
8		 18
.1		 49
.1
(
)
R
W
A
En
d o
f
Pe
io
d
r		 12
0
37
,		 12
8
87
,		 12
13
4
,		 10
6
9
3
,		 20
6
3
4
,		 16
67
2
,		 22
16
5
,		 8
2.7		 3
3.
0
Co
/
inc
io
(
%
)
st
at
om
e r		 /a
n		 /a
n		 /a
n		 /a
n		 /a
n		 /a
n		 /a
n		 - -

Group equity composition

C
i
l
ta
a
p
Q
2
2
0
1
4		 C
i
l
ta
a
p
Q
3
2
0
1
4		 C
i
l
ta
a
p
S
Y
T
D
2
0
1
4
e
p
En
d
f
o		 En
d
f
o		 Av
e
ra
g
e
€
b
n		 Pe
io
d
r		 1)
Pe
io
d
r
S
b
i
b
d
i
l
ta
u
s
c
r
e
c
a
p		 1.
1		 1.
1
C
i
l r
ta
a
p
e
s
e
rve		 1
9
5.		 1
9
5.
Re
in
d
in
ta
e
e
a
rn
g
s		 1
0.
4		 1
0.
3
C
la
io
tra
t
rre
nc
ns
n
re
s
e
rve
u
y		 -0
1		 -0
0
Re
lu
io
t
va
a
n
re
s
e
rve		 -1
0		 -0
9
C
f
h
lo
he
d
a
s
w
g
e
s		 -0
3		 -0
3
C
l
i
d
d
P
&
L
te
o
ns
o
a		 0.
3		 0.
5
S
I
F
R
i
l w
i
h
l
l
i
i
t
t
t
t
t
t
c
a
p
a
o
u
n
o
n-
c
o
n
r
o
n
g
n
e
r
e
s
s		 2
6.
4		 2
6.
7		 2
6.
3		 Ba
is
fo
Ro
E
l
t r
t
s
r
on
n
e
es
u
No
l
l
in
in
(
I
F
R
S
)
tro
te
ts
n-
c
o
n
g
re
s		 0.
9		 0.
9		 0.
9
I
F
R
S
i
l
t
c
a
p
a		 2
3
7.		 2
6
7.		 2
3
7.		 Ba
is
fo
in
Ro
E
d
Ro
E
t
-ta
s
r o
p
er
a
g
an
p
re
x
G
dw
i
l
l a
d
in
i
b
le
ta
o
o
n
ng
s		 -3
0		 -3
0
D
T
A		 -1
5		 -1
2
De
du
io
i
iz
io
t
t
t
c
ns
o
n
s
e
cu
r
a
ns		 -0
3		 -0
4
De
du
io
la
d
l
l
in
in
t
te
to
tro
te
ts
c
ns
re
n
o
n-
c
o
n
g
re
s		 -0
6		 -0
6
Inv
in
f
in
ia
l e
i
ie
d
ha
tm
ts
t
t
e
s
e
n
a
nc
n
s
a
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ow
n
s
re
s		 -0
1		 -0
1
O
he
la
d
j
2)
t
to
tm
ts
r r
e
g
u
ry
a
u
s
e
n		 -1
4		 -1
7
C
i
i
B
i
l
(
fu
l
ly
h
d-
i
)
ty
t
1
3
t
o
m
m
o
n
e
q
u
e
r
c
a
p
a
p
a
s
e
n		 2
0.
4		 2
0.
7		 Ba
is
fo
C
E
T
1
s
r		 B
3
fu
l
ly
ha
d-
in
io
t
p
se
ra
Tr
i
io
d
j
t
tm
ts
a
ns
n
a
s
e
n
u		 4.
9		 4.
9
C
(
)
i
i
1
i
l
h
i
ty
t
t
o
m
m
o
n
e
q
u
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r
c
a
p
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p
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n		 2
5.
3		 2
5.
5		 fo
C
Ba
is
E
T
1
s
r		 B
3
ha
-in
io
t
p
se
ra

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

Glossary - Capital Allocation / RoE Calculation

C
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l
A
l
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p
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›
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p
ca
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eg
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en
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ur
re
n
(
C
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C
C
O
C
C
Y
T
D
Ba
l
3
R
W
A
P
€
2
8.
bn
M
B
€
6
4.
3
bn
E
E
€
1
3.
4
bn
&
M
€
3
6
bn
&
€
1
9.
bn
N
A
7
7.
7
av
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se
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,
,
,
,
€
4.
6
bn
)
by
io
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9
%
5
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ra
o
In
d
d
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io
la
i
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de
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io
l
lo
d
i
bu
b
le
bu
in
h
ic
h
l
in
t
to
ta
t
te
t
tr
ta
to
ts
ts
›
a
n
av
er
ag
e
re
g
ry
c
ap
c
ns
a
re
a
ca
a
s
es
s
se
g
m
en
re
su
u
w
in
d
i
l p
(
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C
€
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M
S
B
€
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C
E
E
€
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C
&
M
€
bn
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&
C
€
bn
1.
4
1.
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4
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9
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1
ta
t
cr
ea
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av
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m
en
,
,
,
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)
N
A
€
0.
4
bn
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C
Ex
i
l
is
l
lo
d
he
&
l
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da
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ta
te
to
t
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c
ap
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ca
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Re
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€
1.
bn
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ba
k
(
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&
C
) -
io
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ig
d
t
5
ta
to
to
ta
t o
to
›
a
ca
n
o
ap
r
c
or
e
n
p
re
us
m
ou
n
as
a
ss
ne
v
w
N
C
A
C
i
l a
l
lo
io
is
d
isc
lo
d
in
he
bu
in
in
f
C
ba
k
G
ta
t
t
t r
t
›
ap
ca
n
se
s
es
s
se
g
m
en
ep
or
g
o
om
m
er
z
n
ro
up
C
i
R
E
l
l
t
o
a
c
a
o
n
u		 S
Ro
E
is
lc
la
d
lev
l o
f
I
F
R
i
l
te
ta
›
ca
u
on
a
n
av
er
ag
e
e
ca
p
C
lc
la
io
he
ke
da
d
f
lo
l a
d
in
io
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f
in
ia
l
in
i
t
ts
t
t m
t s
ta
te
t
t
tu
te
›
a
n
re
p
re
se
n
c
ur
re
n
ar
n
r
o
ca
n
rn
a
na
an
c
s
s
u

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

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

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

M: [email protected]

Institutional Investors and Financial Analysts

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

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

Retail Investors

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

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

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

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

[email protected]

Disclaimer

Investor Relations

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include, inter alia, statements about Commerzbank's beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates, projections and targets as they are currently available to the management of Commerzbank. Forward-looking statements therefore speak only as of the date they are made, and Commerzbank undertakes no obligation to update 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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