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Commerzbank AG Earnings Release 2016

Sep 8, 2014

81_ip_2014-09-08_835b86f2-ef59-4b61-9bb6-9985da6fd8dc.pdf

Earnings Release

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Growing business volumes in Core Bank –original 2016 NCA target of €93bn already achieved

Barclays Global Financial Services Conference

Achievements since our Investors' Day end of 2012

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7

Well established business models in MSB, CEE and C&M transformation in PC gaining momentum1

CEE: Focus on our strengths

  • › Strong market presence of mBank in attractive growth market Poland with more than 4.5m customers
  • › Portfolio realignment completed in 2012 with sale of PSB and Bank Forum
  • › 235,000 new customers gained in retail banking since end of 2012

› Continue to focus on core strengths and further optimise efficiency and profitability

We are on a good way to achieve our profitability target 2016

Above market customer satisfaction and loan volume growth proofssuccess of Mittelstandsbank's business model 1

1) Interview of SMEs and large corps of Commerzbank

2) Deutsche Bundesbank, monthly loan portfolio. 3) Mittelstandsbank domestic: Mittelstand and Großkunden domestic (without CoC RE).

Higher capital allocation to strong core banking franchise in order to strengthen our earnings capacity1

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1)Before Basel III RWA effects 2) Pre-tax operating RoE

Achievements since our Investors' Day end of 2012

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Successful reduction of balance sheet volume without deterioration of RWA density3

Common Equity Tier 1 ratio fully phased-in increased to 9.4%3

3Commerzbank with excellent cost management track record

Operating expenses€bn

  • Cost reduction of 33% since 2007
  • Costs in Q2 2014 almost stable at €1.7bn for the 6th consecutive quarter. As expected, operating costs increased due to several regulatory requirements (e.g. for AQR, Fatca, CRD IV-implementation) and ongoing strategic investments – offset by synergies and reduction in FTEs
  • Costs in 2014 expected to be above 2013 level, but will not exceed €7bn.

1) Arithmetic sum of Commerzbank and Dresdner Bank figures as reported as of December 31st, 2007

2) Adjusted for first 12 days Dresdner Bank effect, integration charges and exit units

3) Adjusted for integration charges and exit units

4) Adjusted for integration charges

Key Financial Facts Q2 2014

Group operating result of €257m in Q2 2014 leads to €581m for H1 2014 exceeding H1 2013 by 8%. Core bank with 3% revenue increase q-o-q. Growing business volumes in PC and MSB underpin strategic progress.

Group net result of €100m for Q2 2014 leads to €300m in H1 2014 compared to €-58m in H1 2013.

Capital accretive portfolio sales in CRE lead to substantial derisking in NCA – original 2016 EaDtarget of €93bn already achieved.

Low LLPs of €257m supported by €112m release as a result of the CRE portfolio sales. Costs almost stable at €1.7bn for the 6th consecutive quarter.

CET1 Basel III fully phased-in increased from 9.0% to 9.4%1).

1)Includes net profit of H1 2014

Outlook 2014

We keep on growing business volumes in the Core Bank with special focus on loan volumes in PC and MSB

We confirm our cost guidance for 2014 of max €7.0bn

We update our forecasted LLP to stay well below 2013

We focus our value preserving asset run-down in NCA on CRE and Ship Finance1) with a new 2016 EaD target for CRE and Ship Finance1) of €~20bn

We confirm our 2016 target for CET1 Basel III fully phased-in beyond 10% however we do not expect a linear development

1)Deutsche Schiffsbank

Strategic Agenda: Our financial goals for 2016

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Appendix

Key financial figures at a glance

Group operating result affected by CRE portfolio sales

Q2 2014 vs. Q1 2014

  • ▲Group revenues excluding the CRE portfolio sales increased by 7%
  • ▲ €-71m effect from CRE portfolio sales include €112m LLP releases in NPL portfolio which proves conservative valuation standards while impact of €-183m reflects small discount on performing loans and transaction costs
  • ▼Q2 2014 net result includes taxes of prior periods

1) Consolidated result attributable to Commerzbank shareholders 2) Excluding effect from sale of Spain, Portugal and Japan CRE portfolios

Almost stable total expenses for the 6th consecutive quarter

Q2 2014 vs. Q1 2014

  • ►Total expenses almost at level Q1 2014
  • ▲Decreasing personnel expenses due to reduced FTE
  • ► As expected, operating costs increased due to several regulatory requirements (e.g. for AQR, Fatca, CRD IV-implementation), ongoing strategic investments and transaction costs from CRE portfolio sales

Low LLPs supported by €112m release from CRE portfolio sales

Q2 2014 vs. Q1 2014

  • ▲LLP in CRE supported by asset run down as well as by releases from CRE portfolio sales
  • ►Ship Finance LLPs as expected
  • ▲Good portfolio quality in Core Bank

Core Bank: Revenue increase of 3% q-o-q

Q2 2014 vs. Q1 2014

  • ▲ Revenue increase of 3%, with improvements in MSB, CEE and Treasury – slight reductions in PC (after seasonally higher Q1 2014) and C&M (after disposal gains in Q1 2014)
  • ►LLPs at the same level as in Q2 2013
  • ►Others & Consolidation of €-212m with improved Treasury result

PC divisional split

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Direct Banking – Revenues before LLP €m

MSB divisional split

Mittelstand Germany – Revenues before LLP €m

Financial Institutions – Revenues before LLP €m

Großkunden & International – Revenues before LLP €m

  • Increase in loan volume at stable margins
  • Higher client activities from Corporate Finance business compensating for declining revenues from derivatives

Corporates & Markets divisional split

€m

► Credit Trading with solid performance

▼ Revenues and client demand remain under pressure due to historical lows in volatility both in interest rates and FX

EMC – Revenues before LLPs€m

  • ▲ Strong demand for off-theshelf and tailor-made equity derivatives products
  • ▼ Challenging environment for commodities product range, especially structured products

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

► Lower contribution from Structured Credit Legacy after previous disposal gains

1) Net of hedges. Since Q2 2013 spread based calculation of CVA/DVA impact, before calculation was rating based.

Core Bank: Higher LLPs in line with expectations –NPL ratio at good level of 1.6%

1) Risk Density = EL/EAD (on each segment)2) As % of EaD

Stephan Engels | CFO | New York | 8 September 2014

  • ▲ Risk density in Core Bank stable below 30bp – very good portfolio quality in PC
  • ▲ Default portfolio unchanged despite growing business volumes – improved coverage and lower NPL ratio
  • ►LLPs at the level of Q2 2013 as expected

27

NCA: Q2 Portfolio reduction of €10bn equally reflects current run-down and CRE sales – EaD of € 92bn already below original target for 2016

Note: Numbers may not add up due to rounding 1) Deutsche Schiffsbank2) As % of EaD

Q1 2014

Q2 2014

Stephan Engels | CFO | New York | 8 September 2014

Q2 2013

7.8103

8.6102

8.699

NPL ratio (%)2) Cov. ratio (%)

Appendix

Commerzbank financials at a glance

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(
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1)Attributable to Commerzbank shareholders 2) Includes net profit of H1 2014

NCA: Higher risk cluster CRE reduced to less than €1bn after sale of portfolios in Spain and Japan

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

NCA: Diversified portfolio

EaD (incl. NPL) per 30 June 2014, in €bn

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Note: Numbers may not add up due to rounding 1) Utility and infrastructure transactions (mostly UK) – taken over from PRU in mid-2012; without value-impairing securities 2)Deutsche Schiffsbank 3) Claims in the category LaR 4) Incl. regions

Default portfolios CRE and Ship Finance1) as of 30 June 2014

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Sc
hiff
tsc
he
sb
k
eu
an

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

Current development

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

Our expectation for 2014/2015

  • › Despite the set-back in Q2 we expect the upswing to continue.
  • › The expansionary monetary policy will continue to mask the dampening impetus from politics. We are looking for a growth rate of 2% in 2014 and 2015, which will still be above EMU average.
  • › Underlying inflation will rise slowly. We expect inflation to average 1.2% in 2014 and at 2.2% in 2015.

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.

Commerzbank Group

in
€
m		 Q
1
20
13		 Q
2
20
13		 Q
3
20
13		 Q
4
20
13		 Q
1
20
14		 Q
2
20
14		 %
oy
y		 %
q
oq
To
ta
l R
ev
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ue
s		 2,
45
5		 2,
31
0		 2,
28
1		 2,
22
9		 2,
26
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24
1		 -3.
0		 0.8
-
/w
To
ta
l ne
t
inte
t a
nd
t tr
d
ing
in
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res
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a
co
me		 1,
67
1		 1,
61
8		 1,
40
9		 1,
38
1		 1,
53
8		 1,
42
6		 -11
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-
/w
Ne
mis
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in
t c
o
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4		 80
5		 78
4		 77
3		 81
5		 78
2		 -2.
9		 4.0
-
/w
Ot
he
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co
me		 -60 -11
3		 88 75 -93 33 >1
00		 >1
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Pro
vis
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for
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le
loa
n lo
p
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es		 -26
7		 -53
7		 -49
2		 -45
1		 -23
8		 -25
7		 52
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-
Op
ing
t
era
ex
p
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se
s		 1,
72
4		 1,
69
9		 1,
68
6		 1,
68
8		 1,
69
8		 1,
72
7		 1.6 1.7
Op
ing
f
it
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p
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-
Imp
irm
dw
ill
ts
a
en
on
g
oo		 - - - - - - - -
Re
ing
str
tur
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ex
p
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s		 49
3		 - - - - - - -
Ne
in o
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fro
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m s
a
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p
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0		 3
24		 25
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0
0		 20
.7
-
- -
Av
ita
l em
loy
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era
g
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ap
p
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44
5
,		 26
45
9
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75
8
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84
2
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07
7
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28
5
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RW
A
(
En
d o
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er		 20
9,
79
6		 20
6,
28
8		 19
28
7,
7		 19
0,
58
8		 21
8,
25
9		 21
01
3
7,		 5.2 0.6
-
Co
/
inc
io
(
%
)
st
at
om
e r		 70
.2%		 73
.5%		 73
.9%		 75
.7%		 75
.1%		 77
.1%
Op
(
)
t
ing
tur
ity
%
era
re
n o
n e
q
u		 7.0
%		 1.1
%		 1.5
%		 1.3
%		 4.8
%		 3.8
%
f p
(
)
Re
tur
ity
tax
lt
%
n o
n e
q
u
o
re-
re
su		 -0.
4%		 1.1
%		 1.5
%		 1.3
%		 4.8
%		 3.8
%

Core Bank

in
€
m		 Q
1
20
13		 Q
2
20
13		 Q
3
20
13		 Q
4
20
13		 Q
1
20
14		 Q
2
20
14		 %
y
oy		 %
q
oq
To
l R
ta
ev
en
ue
s		 2,
28
4		 2,
25
4		 2,
22
7		 2,
15
1		 2,
21
6		 2,
27
7		 1.0 2.8
/w
To
l ne
inte
nd
d
ing
in
ta
t
t a
t tr
o
res
ne
a
co
me		 1,
54
4		 1,
41
3		 1,
38
5		 1,
26
8		 1,
41
7		 1,
49
7		 5.9 5.6
/w
Ne
mis
ion
in
t c
o
om
s
co
me		 82
5		 78
7		 8
77		 75
7		 81
0		 77
7		 -1.
3		 4.1
-
/w
Ot
he
r in
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co
me		 -85 54 64 12
6		 -11 3 -94
.4		 >1
00
for
Pro
vis
ion
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le
loa
n lo
p
os
s
ss
es		 -92 -19
0		 -24
9		 -13
4		 -10
4		 -19
2		 -1.
1		 84
.6
-
Op
t
ing
era
ex
p
en
se
s		 1,
64
2		 1,
60
3		 1,
60
3		 1,
59
9		 1,
61
6		 1,
64
5		 2.6 1.8
Op
ing
f
it
at
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p
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5
0		 46
1		 37
5		 41
8		 49
6		 44
0		 -4.
6		 11
.3
-
Imp
irm
dw
ill
ts
a
en
on
g
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Re
ing
str
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ex
p
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se
s		 49
3		 0 0 0 -0 0 >1
00		 >1
00
Ne
in o
r lo
fro
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isp
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a
ss
m s
a
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a
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p
s		 - - - - - - - -
Pr
f
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ax
p
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1		 37
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8		 49
6		 44
0		 -4.
6		 11
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-
- - - - - - - -
Av
ita
l em
loy
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era
g
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ap
p
e		 16
38
7
,		 16
80
8
,		 17
42
6
,		 17
93
1
,		 19
19
3
,		 19
16
3
,		 14
.0		 0.2
-
RW
A
(
En
d o
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)
er		 144
66
0
,		 144
53
3
,		 14
0,
87
4		 13
7,
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4		 162
02
1
,		 164
33
7
,		 13
.7		 1.4
Co
/
(
)
inc
io
%
st
at
om
e r		 71
.9%		 71
.1%		 72
.0%		 74
.3%		 72
.9%		 72
.2%		 - -
Op
ing
ity
(
)
t
tur
%
era
re
n o
n e
q
u		 13
.4%		 11
.0%		 8.6
%		 9.3
%		 10
.3%		 9.2
%		 - -
Re
ity
f p
lt
(
)
tur
tax
%
n o
n e
q
u
o
re-
re
su		 1.4
%		 11
.0%		 8.6
%		 9.3
%		 10
.3%		 9.2
%		 - -

Private Customers

in
€
m		 Q
1
20
13		 Q
2
20
13		 Q
3
20
13		 Q
4
20
13		 Q
1
20
14		 Q
2
20
14		 %
oy
y		 %
q
oq
To
l R
ta
ev
en
ue
s		 85
8		 83
9		 82
5		 82
7		 87
4		 84
5		 0.7 3.3
-
/w
To
ta
l ne
t
inte
t a
nd
t tr
d
ing
in
o
res
ne
a
co
me		 43
1		 44
4		 45
2		 44
6		 45
0		 48
0		 8.1 6.7
/w
Ne
mis
ion
in
t c
o
om
s
co
me		 42
7		 39
0		 37
9		 36
5		 40
7		 36
2		 -7.
2		 11
.1
-
/w
Ot
he
r in
o
co
me		 - 5 -6 16 17 3 -40
.0		 82
.4
-
Pro
vis
ion
for
ib
le
loa
n lo
p
os
s
ss
es		 -35 -27 -31 -15 -36 -16 40
.7		 55
.6
Op
ing
t
era
ex
p
en
se
s		 75
4		 75
8		 75
3		 75
2		 72
6		 71
4		 -5.
8		 1.7
-
Op
ing
f
it
at
er
p
ro		 6
9		 5
4		 41 6
0		 11
2		 11
5		 >1
0
0		 2.7
Imp
irm
dw
ill
ts
a
en
on
g
oo		 - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - -
Ne
in o
r lo
fro
le o
f d
isp
l g
t g
a
ss
m s
a
os
a
rou
p
s		 - - - - - - - -
Pr
f
it
e-t
ax
p
ro		 6
9		 5
4		 41 6
0		 11
2		 11
5		 >1
0
0		 2.7
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 4,
00
1		 3,
92
0		 3,
97
9		 3,
98
6		 3,
98
2		 4,
03
6		 3.0 1.4
RW
A
(
En
d o
f P
io
d
)
er		 28
80
3
,		 28
97
1
,		 29
20
5
,		 27
21
3
,		 28
48
5
,		 29
02
3
,		 0.2 1.9
Co
/
inc
io
(
%
)
st
at
om
e r		 87
.9%		 90
.3%		 91
.3%		 90
.9%		 83
.1%		 84
.5%		 - -
Op
(
)
t
ing
tur
ity
%
era
re
n o
n e
q
u		 6.9
%		 5.5
%		 4.1
%		 6.0
%		 11
.3%		 11
.4%		 - -
f p
(
)
Re
tur
ity
tax
lt
%
n o
n e
q
u
o
re-
re
su		 6.9
%		 5.5
%		 4.1
%		 6.0
%		 11
.3%		 11
.4%		 - -

Mittelstandsbank

in
€
m		 Q
1
20
13		 Q
2
20
13		 Q
3
20
13		 Q
4
20
13		 Q
1
20
14		 Q
2
20
14		 %
y
oy		 %
q
oq
To
l R
ta
ev
en
ue
s		 72
7		 69
5		 79
0		 70
5		 71
6		 73
9		 6.3 3.2
/w
To
l ne
inte
nd
d
ing
in
ta
t
t a
t tr
o
res
ne
a
co
me		 45
7		 40
5		 45
8		 44
1		 44
0		 46
3		 14
.3		 5.2
/w
Ne
mis
ion
in
t c
o
om
s
co
me		 28
0		 27
2		 26
4		 25
0		 27
4		 26
4		 -2.
9		 3.6
-
/w
Ot
he
r in
o
co
me		 -10 18 68 14 2 12 -33
.3		 >1
00
Pro
vis
ion
for
ib
le
loa
n lo
p
os
s
ss
es		 -78 -14
7		 -10
6		 -13
9		 -57 -14
2		 3.4 >-1
00
Op
ing
t
era
ex
p
en
se
s		 32
4		 33
3		 33
5		 34
5		 32
2		 33
0		 -0.
9		 2.5
Op
ing
f
it
at
er
p
ro		 25
3		 5
21		 3
49		 22
1		 3
37		 26
7		 24
.2		 20
.8
-
Imp
irm
dw
ill
ts
a
en
on
g
oo		 - - - - - - - -
Re
str
tur
ing
uc
ex
p
en
se
s		 - - - - - - - -
Ne
in o
r lo
fro
le o
f d
isp
l g
t g
a
ss
m s
a
os
a
rou
p
s		 - - - - - - - -
f
Pr
e-t
it
ax
p
ro		 3
25		 21
5		 3
49		 22
1		 3
37		 26
7		 24
.2		 20
.8
-
- -
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 5,
82
9		 5,
90
3		 6,
06
5		 6,
16
5		 6,
62
4		 6,
85
8		 16
.2		 3.5
RW
A
(
En
d o
f P
io
d
)
er		 55
36
4
,		 56
80
2
,		 57
35
4
,		 57
74
6
,		 61
95
1
,		 66
21
4
,		 16
.6		 6.9
Co
/
inc
io
(
)
st
at
%
om
e r		 44
.6%		 47
.9%		 42
.4%		 48
.9%		 45
.0%		 44
.7%		 - -
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 22
.3%		 14
.6%		 23
.0%		 14
.3%		 20
.4%		 15
.6%		 - -
Re
ity
f p
lt
(
%
)
tur
tax
n o
n e
q
u
o
re-
re
su		 22
.3%		 14
.6%		 23
.0%		 14
.3%		 20
.4%		 15
.6%		 - -

Central & Eastern Europe

in
€
m		 Q
1
20
13		 Q
2
20
13		 Q
3
20
13		 Q
4
20
13		 Q
1
20
14		 Q
2
20
14		 %
y
oy		 %
q
oq
To
l R
ta
ev
en
ue
s		 18
5		 19
5		 21
2		 21
6		 22
4		 23
4		 20
.0		 4.5
/w
To
l ne
inte
nd
d
ing
in
ta
t
t a
t tr
o
res
ne
a
co
me		 12
9		 13
0		 14
7		 14
5		 15
6		 17
5		 34
.6		 12
.2
/w
Ne
mis
ion
in
t c
o
om
s
co
me		 44 50 49 55 57 59 18
.0		 3.5
/w
Ot
he
r in
o
co
me		 12 15 16 16 11 - -10
0.0		 10
0.0
-
for
Pro
vis
ion
ib
le
loa
n lo
p
os
s
ss
es		 -6 -36 -41 -36 -21 -38 -5.
6		 81
.0
-
Op
ing
t
era
ex
p
en
se
s		 104 10
5		 10
6		 114 10
5		 112 6.7 6.7
f
Op
at
ing
it
er
p
ro		 75 5
4		 6
5		 6
6		 9
8		 8
4		 5
5.
6		 14
.3
-
Imp
irm
dw
ill
ts
a
en
on
g
oo		 - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - -
fro
f d
Ne
in o
r lo
le o
isp
l g
t g
a
ss
m s
a
os
a
rou
p
s		 - - - - - - - -
Pr
f
it
e-t
ax
p
ro		 75 5
4		 6
5		 6
6		 9
8		 8
4		 5
5.
6		 14
.3
-
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 1,
71
7		 1,
65
9		 1,
64
2		 1,
59
8		 1,
56
1		 1,
57
6		 -5.
0		 1.0
(
f P
)
RW
A
En
d o
io
d
er		 14
54
8
,		 14
20
6
,		 14
09
1
,		 13
67
7
,		 13
16
0
,		 13
50
7
,		 -4.
9		 2.6
Co
/
(
)
st
inc
at
io
%
om
e r		 56
.2%		 53
.8%		 50
.0%		 52
.8%		 46
.9%		 47
.9%		 - -
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%		 - -
Re
ity
f p
lt
(
%
)
tur
tax
n o
n e
q
o
re-
re
su
u		 17
.5%		 13
.0%		 15
.8%		 16
.5%		 25
.1%		 21
.3%		 - -

Corporates & Markets

in
€
m		 Q
1
20
13		 Q
2
20
13		 Q
3
20
13		 Q
4
20
13		 Q
1
20
14		 Q
2
20
14		 %
y
oy		 %
q
oq
To
l R
ta
ev
en
ue
s		 58
4		 56
9		 46
0		 46
6		 54
3		 50
5		 -11
.2		 7.0
-
/w
To
l ne
inte
nd
d
ing
in
ta
t
t a
t tr
o
res
ne
a
co
me		 50
4		 41
5		 29
9		 34
5		 46
6		 40
5		 -2.
4		 13
.1
-
/w
Ne
t c
mis
ion
in
o
om
s
co
me		 83 93 91 10
0		 76 10
1		 8.6 32
.9
/w
Ot
he
r in
o
co
me		 -3 61 70 21 1 -1 >-1
00		 >-1
00
Pro
vis
ion
for
ib
le
loa
n lo
p
os
s
ss
es		 26 19 -43 55 9 5 -73
.7		 44
.4
-
Op
ing
t
era
ex
p
en
se
s		 33
8		 33
4		 33
2		 35
5		 33
6		 32
4		 -3.
0		 3.6
-
Op
ing
f
it
at
er
p
ro		 27
2		 25
4		 8
5		 16
6		 21
6		 18
6		 -26
.8		 13
.9
-
Imp
irm
dw
ill
ts
a
en
on
g
oo		 - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - -
Ne
in o
r lo
fro
le o
f d
isp
l g
t g
a
ss
m s
a
os
a
rou
p
s		 - - - - - - - -
f
it
Pr
e-t
ax
p
ro		 27
2		 25
4		 8
5		 16
6		 21
6		 18
6		 -26
.8		 13
.9
-
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 3,
25
4		 3,
28
6		 2,
82
3		 2,
88
7		 4,
37
6		 4,
37
3		 33
.1		 0.1
-
RW
A
(
En
d o
f P
io
d
)
er		 33
90
8
,		 31
66
7
,		 28
09
1
,		 27
67
6
,		 37
51
9
,		 39
00
1
,		 23
.2		 3.9
Co
/
inc
io
(
)
st
at
%
om
e r		 57
.9%		 58
.7%		 72
.2%		 76
.2%		 61
.9%		 64
.2%		 - -
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 33
.4%		 30
.9%		 12
.0%		 23
.0%		 19
.7%		 17
.0%		 - -
Re
ity
f p
lt
(
%
)
tur
tax
n o
n e
q
u
o
re-
re
su		 33
.4%		 30
.9%		 12
.0%		 23
.0%		 19
.7%		 17
.0%		 - -

Non-Core Assets

in
€
m		 Q
1
20
13		 Q
2
20
13		 Q
3
20
13		 Q
4
20
13		 Q
1
20
14		 Q
2
20
14		 %
y
oy		 %
q
oq
To
l R
ta
ev
en
ue
s		 17
1		 56 54 78 44 -36 >-1
00		 >-1
00
/w
To
l ne
inte
nd
d
ing
in
ta
t
t a
t tr
o
res
ne
a
co
me		 12
7		 20
5		 24 11
3		 12
1		 -71 >-1
00		 >-1
00
/w
Ne
mis
ion
in
t c
o
om
s
co
me		 19 18 6 16 5 5 -72
.2		 -
/w
Ot
he
r in
o
co
me		 25 -16
7		 24 -51 -82 30 >1
00		 >1
00
for
Pro
vis
ion
ib
le
loa
n lo
p
os
s
ss
es		 -17
5		 -34
7		 -24
3		 -31
7		 -13
4		 -65 81
.3		 51
.5
Op
ing
t
era
ex
p
en
se
s		 82 96 83 89 82 82 -14
.6		 -
f
Op
at
ing
it
er
p
ro		 -8
6		 -3
87		 -27
2		 -3
28		 -17
2		 -18
3		 5
2.7		 6.
4
-
Imp
irm
dw
ill
ts
a
en
on
g
oo		 - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - -
Ne
in o
r lo
fro
le o
f d
isp
l g
t g
a
ss
m s
a
os
a
rou
p
s		 - - - - - - - -
Pr
f
it
e-t
ax
p
ro		 -8
6		 -3
87		 -27
2		 -3
28		 -17
2		 -18
3		 5
2.7		 6.
4
-
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 10
05
8
,		 9,
65
1		 9,
33
2		 8,
91
1		 7,
88
4		 8,
122		 -15
.8		 3.0
(
f P
)
RW
A
En
d o
io
d
er		 65
13
5
,		 61
75
5
,		 56
41
3
,		 53
58
4
,		 56
23
9
,		 52
67
6
,		 -14
.7		 6.3
-
Co
/
(
)
st
inc
at
io
%
om
e r		 48
.0%		 17
1.4
%		 15
3.7
%		 114
.1%		 18
6.4
%		 /a
n		 - -
Op
ing
ity
(
)
t
tur
%
era
re
n o
n e
q
u		 -3.
4%		 -16
.0%		 -11
.7%		 -14
.7%		 -8.
7%		 -9.
0%		 - -
Re
ity
f p
lt
(
%
)
tur
tax
n o
n e
q
o
re-
re
su
u		 -3.
4%		 -16
.0%		 -11
.7%		 -14
.7%		 -8.
7%		 -9.
0%		 - -

Others & Consolidation

in
€
m		 Q
1
20
13		 Q
2
20
13		 Q
3
20
13		 Q
4
20
13		 Q
1
20
14		 Q
2
20
14		 %
y
oy		 %
q
oq
To
l R
ta
ev
en
ue
s		 -70 -44 -60 -63 -14
1		 -46 -4.
5		 67
.4
/w
To
l ne
inte
nd
d
ing
in
ta
t
t a
t tr
o
res
ne
a
co
me		 23 19 29 -10
9		 -95 -26 >-1
00		 72
.6
/w
Ne
mis
ion
in
t c
o
om
s
co
me		 -9 -18 -5 -13 -4 -9 50
.0		 >-1
00
/w
Ot
he
r in
o
co
me		 -84 -45 -84 59 -42 -11 .6
75		 73
.8
for
Pro
vis
ion
ib
le
loa
n lo
p
os
s
ss
es		 1 1 -28 1 1 -1 >-1
00		 >-1
00
Op
t
ing
era
ex
p
en
se
s		 122 73 77 33 12
7		 16
5		 >1
00		 29
.9
Op
ing
f
it
at
er
p
ro		 -19
1		 -11
6		 -16
5		 -9
5		 -26
7		 -21
2		 -8
2.8		 20
.6
Imp
irm
dw
ill
ts
a
en
on
g
oo		 - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 49
3		 - - - - - - -
Ne
in o
r lo
fro
le o
f d
isp
l g
t g
a
ss
m s
a
os
a
rou
p
s		 - - - - - - - -
Pr
f
it
e-t
ax
p
ro		 -6
8
4		 -11
6		 -16
5		 -9
5		 -26
7		 -21
2		 -8
2.8		 20
.6
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 1,
58
6		 2,
04
0		 2,
91
7		 3,
29
6		 2,
65
0		 2,
31
9		 13
.7		 12
.5
-
RW
A
(
En
d o
f P
io
d
)
er		 12
03
7
,		 12
88
7
,		 12
134
,		 10
69
3
,		 20
90
6
,		 16
59
1
,		 28
.7		 20
.6
-
Co
/
(
)
inc
io
%
st
at
om
e r		 /a
n		 /a
n		 /a
n		 /a
n		 /a
n		 /a
n		 - -
Op
ing
ity
(
)
t
tur
%
era
re
n o
n e
q
u		 -48
.2%		 -22
.7%		 -22
.6%		 -11
.5%		 -40
.3%		 -36
.6%		 - -
Re
ity
f p
lt
(
)
tur
tax
%
n o
n e
q
u
o
re-
re
su		 -17
2.5
%		 -22
.7%		 -22
.6%		 -11
.5%		 -40
.3%		 -36
.6%		 - -

Group equity definitions

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

Note: Numbers may not add up due to rounding 1) Includes net profit of H1 2014 2) Include mainly capital deductions for shortfall, prudent valuation and defined benefit pension funds

Glossary - Capital Allocation / RoE Calculation

C
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l
A
l
l
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n		 Am
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C
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D
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l
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R
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P
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6
3.
3
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s

Hedging & Valuation Adjustments

€m Q
1
1
3		 Q
2
1
3		 Q
3
1
3		 Q
4
1
3		 F
Y
1
3		 Q
1
1
4		 Q
2
1
4
P
C		 O
C
S
&
C
/
Ne
V
A
D
V
A
t		 0 -0 0 -0 -0 -0 0
M
S
B		 O
C
S
&
Ne
C
V
A
/
D
V
A
t		 -0 -3
4		 1
3		 2
1		 -1 2 1
4
C
E
E		 O
C
S
&
C
/
Ne
V
A
D
V
A
t		 - -7 6 -1 -2 -0 -1
C
&
M		 O
C
S
&
C
/
Ne
V
A
D
V
A
t		 4
1		 -2
0		 -2
5		 6
8		 6
4		 1
2		 -8
O
&
C		 O
C
S
&
Ne
C
V
A
/
D
V
A
t		 4
1		 -2
5		 -2
9		 -2
9		 -4
2		 -1
1		 -4
C
o
re
Ba
k
n		 O
C
S
&
Ne
C
V
A
/
D
V
A
t		 8
2		 -8
6		 -3
6		 6
0		 2
0		 3 1
N
C
A		 O
C
S
&
C
/
Ne
V
A
D
V
A
t		 8 4
6		 -8 -3
4		 1
2		 4
8		 -0
G
ro
p
u		 O
C
S
&
Ne
C
V
A
/
D
V
A
t		 9
0		 -4
0		 -4
4		 2
6		 3
2		 5
1		 0

Notes

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 52668M: [email protected]

Institutional Investors and Financial Analysts

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

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

Retail Investors

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

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

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

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

[email protected]

Disclaimer

Investor Relations

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