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Commerzbank AG Investor Presentation 2012

Aug 10, 2012

81_ip_2012-08-10_e13c3ecd-c70a-473b-90bc-df881811a25e.pdf

Investor Presentation

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Prudent capital management in a challenging market environment

Analyst conference – Q2 2012 results

Agenda

1 G
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With strong Core Tier 1 ratio of 12.2%well prepared for Basel 3

H1 group operating profit of €1,035m and €1,404m in Core bank*, affected by deteriorating markets, subdued client activity and low interest rate environment

Core bank segments MSB and CEE with solid operating performance, C&M and PC affected by difficult market conditions

Commercial Real Estate, Public and Ship Finance transferred to the new segment NCA

Sale of Bank Forum; negative P&L contribution of €86m in Q2 - a further €200m to be charged at closing but already reflected in capital as currency translation reserve

* both including negative valuation effect from own credit spread (OCS) of €142m

Group operating profit in H1 2012 of €1,035m and €1,404m in Core Bank reflecting deteriorating market environment

Gr
ou
p		 Co
Ba
k
re
n		 **
in
€ m		 Q
2 2
0
11		 Q
1 2
0
12		 Q
2 2
0
12		 M20
6
11		 M20
6
12		 Q
2 2
0
11		 Q
1 2
0
12		 Q
2 2
0
12		 M20
6
11		 M20
6
12
for
Re
be
LL
P
ven
ue
s
e		 2,
36
3		 2,
58
5		 2,
58
6		 5,
97
9		 5,
17
1		 2,
83
0		 2,
51
0		 2,
27
5		 6,
105		 4,
78
5
LL
P		 27
8
-		 21
2
-		 40
4
-		 59
6
-		 61
6
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-		 17
-		 117
-		 126
-		 134
-
Op
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Re
ing
str
tur
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ex
p
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s		 - 34 9 - 43 - - - - -
Sa
le
f B
k F
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m		 - - 86
-		 - 86
-		 - - 86
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-
Pr
f
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ro		 5
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4		 2,
13
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3
18
fit
Ne
t p
*
ro		 24 36
9		 27
5		 1,
00
9		 64
4
  • › Revenues in H1 2012 influenced by:
  • weakened deposit margins and transaction volumes in PC
  • reduced loan book in C&M and low client flows in EMC and FIC
  • asset run down in ABF
  • › LLP still on low level especially core bank benefitting from resilient German economy – increase in Ship Finance LLP
  • ›Cost base benefitting from cost synergies and additional cost measures effective in H1 2012

* consolidated result attributable to Commerzbank shareholders ** incl. Others & Consolidation

Agenda

1 G
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Revenue development driven by further decreased interest rates and subdued client activity

Revenues before LLPin € m

* incl. Others & Consolidations

Core Bank*: revenues under pressure

Still low LLP level in the Core Bank – higher need in Ship Finance

LLP in Q2 rose due to

  • increase in Core Bank but still on a low level benefitting from resilient German economy
  • -LLP in ABF driven by Ship Finance
  • LLP target of ื€1.7bn for FY2012 achievable but increasingly ambitious due to worsening market conditions

* incl. Others & Consolidations

Cost base benefitting from cost synergies and additional cost measures effective in H1 2012

  • › Costs down 16% y-o-y – about one third from realised cost synergies
  • › Additional reduction from further cost measures realised in H1
  • › Asymmetric cost profile with expected increase in H2 – cost management stays on top of the agenda
  • › Well underway to significantly overachieve cost target of €7.6bn for full year

Net profit of €275m* including effects from sale of Bank Forum

Attributable Net Profit*in € m

  • › Eurohypo restructuring charges of €34m in Q1 and €9m in Q2
  • Sale of Bank Forum with negative P&L contribution of €86m in Q2, a further €200m to be charged at closing but with no impact on capital as already accounted for in currency translation reserve
  • Following higher tax charge in Q1 tax rate in Q2 now on a normalised level
  • NAV per share €3.86** in Q2

* consolidated result attributable to Commerzbank shareholders** based on 5.83bn shares

Agenda

1 G
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Core Bank segments* impacted by further deteriorating markets

Private Customers: cost management could not compensate weaker revenues

Q
2
1
1		 Q
1
1
2		 Q
2
1
2		 6
M
1
1		 6
M
1
2
Ø
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(
€
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eq
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m		 3,
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(
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(
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%		 8
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6.
5		 9
0.
0

P&L at a glance

in
€
m		 Q
2
1
1		 Q
1
1
2		 Q
2
1
2		 6
M
1
1		 6
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1
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R
b
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L
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8		 -7
6		 -3
4
O
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a
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O
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a
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p
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6
  • › Decrease in revenues before LLP due to low interest rates and ongoing subdued client activities in securities business
  • › Customer business focused on deposits –growth of €8bn in H1
  • ›Focus on further strategic development

Mittelstandsbank: solid operating revenues benefitting from excellent German franchise

P&L at a glance

in
€
m		 Q
2
1
1		 Q
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1
2		 Q
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1
2		 6
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1
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(
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eq
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1

› Revenues before LLP decreased by 5.4% q-o-q mainly due to weakening of deposit margin in the light of low interest rates – Q2 2011 including positive contribution fromrestructured loans

Operating expenses 378 338 326 771 664

Operating profit 515 488 390 948 878

› Increase in LLP in Q2, but still on low level benefitting from robust German economy

Central & Eastern Europe: BRE Bank with business growthand stable cost basis, sale of Bank Forum

Q
2
1
1		 Q
1
1
2		 Q
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1		 6
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P&L at a glance

in
€
m		 Q
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2		 Q
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1
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6
  • ›Revenues in CEE stable adjusted for PSB put option
  • › BRE Bank with growth in deposits and loans q-o-q – cost base stable
  • › Sale of Bank Forum (signed; charges will only be reflected in profit before tax)

Strategic realignment of CEE: Refocusing on core customer franchise finalised

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Focus on the Polish market with BRE Bank

Corporates & Markets: client centric business model affected by reduced client activity in adverse markets

P&L at a glance

O
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p
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in
€
m		 i
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Q
1		 Q
2		 Q
3		 Q
4		 Q
1		 Q
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Q
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(
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eq
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(
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1
in
€
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1
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1
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M
1
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1
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7
  • › Positive Operating result despite deepening of Sovereign Debt Crisis and difficult market conditions in Q2 2012
  • › Material reduction in costs due to continued stringent cost control after completion of integration
  • › RWA reduction in line with cautious risk approach and ongoing balance sheet management

Corporates & Markets divisional split

Equity Markets and Commodities - Operating Revenues* incl. LLPin € m

* including a small impact from Own Credit Spread Valuation adjustments

Q1

2012

Q2

  • › Almost stable corporates' business compared to Q1 2012
  • › DCM Bonds continued to perform strongly while active reduction of balance sheet and exit from non-strategic portfolio adversely impacted net interest income

› EMC with weaker revenues compared to Q1 as risk aversion amongst investor base intensified, leading to reduced level of client activity

  • › FIC revenues in Q2 were materially lower than Q1 as the effects of deepened Sovereign Debt Crisis affected client flows in Credit Trading and Interest Rates Trading
  • ›FX Trading remained relatively stable

Own Credit Spread valuation adjustments Q2 Q3 Q4 2011

Q1

Others & Consolidation: reflecting lower treasury result

P
&		 L
l
t
a
a
g
a
n
c
e
in €
m		 Q
2
1
1		 Q
1
1
2		 Q
2
1
2		 6
M
1
1		 6
M
1
2
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1 1 1 1 1
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(
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m		 7,
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5
1
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6
0		 7,
2
3
5		 6,
5
8
8

ABF & PRU

ABF result with lower de-leveraging lossesas expected LLP in ship finance increased

ABF result with lower de-leveraging losses – as expected LLP in ship finance increased

Q
2
1
1		 Q
1
1
2		 Q
2
1
2		 6
M
1
1		 6
M
1
2
Ø
i
(
€
)
ty
eq
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m		 6,
6
2
0		 6,
4
5
0		 6,
3
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9		 6,
8
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3
9
4
Op
(
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Ro
E
%		 5
5.
6
-		 2
6.
3
-		 8.
1
-		 -3
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7		 1
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3
-
C
I
R
(
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%		 /a
n		 /a
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4		 /a
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3.
5

P&L at a glance

Q Q Q 6 6
2 1 2 M M
1 1 1 1 1
1 2 2 1 2
4 -1 2 -2 1
4 1 8 8 0
-5 7 7 7 7
-2 -1 -3 -4 -4
3 7 0 7 7
3 9 0 4 9
1 1 1 2 2
4 2 1 9 4
3 8 6 7 4
-9
2
0		 -4
2
4		 -1
2
9		 5
-1
0
8
,		 -5
5
3
  • › Q2 operating profit influenced by:
  • reduced impact from de-leveraging losses in PF, Q2 11: impairment on Greek sovereign bonds;
    • Q1 12: complete sale of remaining Greek bond portfolio
  • positive valuation effects from derivatives
  • › LLP in Q2 mainly driven by Ship Finance; only partly compensated by declining charges in CRE

Portfolio reduction in Asset Based Finance

›

PF portfolio development (EaD) in € bn

Q2 2009 Q2 2011Q2 2010 Q1 2012 Q2 2012

  • Public Finance EaD reduced by €2bn during second quarter
  • ›CRE with successful disposal of parts of US-portfolio
  • › Reduction of Italian and Spanish sovereign exposures in the trading book

GIIPS sovereign exposure (Group figures: EaD)

in
€
b
n		 Q
2
1
0		 Q
2
1
1		 Q
1
1
2		 Q
2
1
2
G
r
e
e
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e		 2.
8		 2.
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I
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I
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9		 8.
7		 8.
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7.
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a		 1.
0		 0.
9		 0.
8		 0.
8
S
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3		 2.
9		 2.
9		 2.
6
T
l
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o
a		 1
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7.		 1
4.
7		 1
2.
1		 1
1.
2

Portfolio Restructuring Unit with good result amid downsizing

P&L at a glance

Q
2
1
1		 Q
1
1
2		 Q
2
1
2		 6
M
1
1		 6
M
1
2
Ø
(
)
ity
€
eq
u
m		 1,
1
2
8		 1,
7
0
4		 1,
0
5
2		 1,
1
4
4		 1,
3
7
8
Op
(
)
Ro
E
%		 2
2.
7		 3
8.
5		 7.
6		 2
2.
2		 2
6.
7
C
I
R
(
%
)		 2
0.
8		 6.
2		 7
0.
8		 2
3.
6		 1
3.
4
in
€
m		 Q
2
1
1		 Q
1
1
2		 Q
2
1
2		 6
M
1
1		 6
M
1
2
f
R
b
L
L
P
e
v
e
nu
e
s
e
o
r
e		 7
7		 1
9
2		 2
4		 1
6
1		 2
1
6
L
L
P		 3 -1
6		 1
3		 4 -3
O
i
t
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 1
6		 1
2		 1
7		 3
8		 2
9
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 6
4		 1
6
4		 2
0		 1
2
7		 1
8
4
  • › Further positive operating result in Q2, following a strong performance in Q1 in light of increased market liquidity
  • › Remaining assets of €8.7bn will be integrated into and managed by C&M (€7.2bn) and NCA (PFI: €1.5bn)

New Segment structure of Commerzbank Group

C
P		 S
M
B		 C
E
E		 C
&
M		 N
C
A		 O
h
t
e
r
s
C
Pr
iva
l
ien
te
ts
W
l
h
t
ea
Ma
t
na
g
em
en
D
ire
Ba
k
ing
t
c
n
Co
Re
l
m
m
er
a
z		 S
Ge
M
B
rm
an
y
Co
La
&
te
rg
e
rp
or
a
s
In
ion
l
te
t
rn
a
a
F
ina
ia
l
nc
Ins
i
ion
t
tu
t
s		 B
R
E
Ba
k
n
Ba
k
Fo
*
n
ru
m		 Eq
i
Ma
ke
&
ty
ts
u
r
Co
d
i
ies
t
mm
o
F
ixe
d
Inc
&
om
e
Cu
ies
rre
nc
Co
F
ina
te
rp
or
a
nc
e
C
l
ien
Re
la
ion
h
ip
t
t
s
Ma
t
na
g
em
en
Re
h
se
ar
c
Cr
d
i
Po
fo
l
io
t
t
e
r
Ma
**
t
na
g
em
en		 Co
ia
l
Re
l
m
m
er
c
a
Es
ta
te
Pu
b
l
ic
F
in
an
ce
De
he
ts
u
c
Sc
h
i
f
fs
ba
k
n		 Gr
Su
t
ou
p
p
p
or
Fu
ion
t
nc
s
Gr
Tr
ou
p
ea
su
ry

Segment changes in bold

Figures as of 30/06/2012

A ( A ( A ( A ( A ( A (
) ) ) ) ) )
RW RW RW RW RW RW
€ € € € € €
bn bn bn bn bn bn
2 3. 1 3 6 1
8. 2 6. 1. 7. 3.
8 5 0 0 5 7
D ( D ( D ( D ( D ( D (
) ) ) ) ) )
EA EA EA EA EA EA
€ € € € € €
bn bn bn bn bn bn
7
6		 1
1
5		 2
3		 6
3		 1
5
8		 3
1

Agenda

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

Strong capital position with 12.2% Core Tier I ratio – €13bn RWA reduction during Q2 to €210bn

Commerzbank significantly exceeds EBA capital requirement by €2.8bn

Capital target of originally €5.3bn was already achieved in Q1 2012

* incl. €0.9bn impairments on Greek sovereign debt

Basel 3 CET 1 ratio of >10% per 01/01/2013

Basel 3 Common Equity Tier 1 of >10% under phase-in and 7.7% fully-loaded expected by 01/01/2013

No further issuance into capital markets needed in 2012

Agenda

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

Conclusion and Outlook

No stabilisation in economic environment expected in H2 2012 – operating result remains under pressure

Management focus on PC´s further strategic development and NCA run-down strategy

On the way to significantly overachieve cost guidance of €7.6bn; LLP target of ื€1.7bn for FY2012 still achievable but ambitious due to worsening market conditions

Basel 3 Common Equity Tier 1 of >10% under phase-in and 7.7% fully-loaded expected by 01/01/2013

New segment structure and organisational responsibilities

Agenda

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

Germany with continuing outperformance of Eurozone – but economy has slowed down

Current development

  • › German economy has slowed down significantly since fall 2011
  • ›Exports in particular have lost steam
  • › Leading indicators are pointing to the down side, signalling the risk of a GDP decline in the third quarter
  • › Downward-trend of unemployment has flattened; setbacks possible
  • › Number of corporate defaults have stabilised at a low level

Our expectation for 2012/2013

›

›

  • Sovereign debt crisis will still weigh on growth
  • A still growing demand from outside the Euro area and a very expansionary monetary policy will prevent Germany to fall into a recession as the peripherals did already
  • › Biggest downside risk is uncertainty shock caused by an escalation of the sovereign debt crisis

Reasons for outperformance

  • No bubbles in the housing market
  • Low level of private sector debt
  • Less need for fiscal consolidation
  • Steadily improved competitiveness since start of EMU; however, the advantage is about to decline
  • Germany benefits from its strong positioning in Asian markets and Emerging Markets in general

Source: Commerzbank Economic Research

PRU Structured Credit by Business Segment – June 2012

Details & Outlook

  • › The economic outlook is dependent upon sustainableresolution of European debt crisis and is key to further market recovery
  • › Asset fundamentals are stable since Q1, which saw a pick-up in prices and market demand for structured credit assets
No
t
io
l
na		 Va
lu
€
bn
e		 Ne
t
As
se		 ts
€
bn
*		 R
is
k
Ex
p
os		 €
bn
**
ur
e		 P
&
L		 €
m
n		 O
C
I e
f
fe
ct
€
m
n		 M
D
R
***
Se
ts
g
m
en		 Ju
12
n-		 De
11
c-		 Ju
12
n-		 De
11
c-		 Ju
12
n-		 De
11
c-		 Ju
12
n-		 F
Y
20
11		 Ju
12
n-		 Ju
12
n-
R
M
B
S		 1.8 3.
2		 0.
6		 1.3 1.2 1.9 3
6		 (
9.
0
)
5		 (
49
.4
)		 0.
3
C
S
M
B		 0.
4		 0.
6		 0.
3		 0.
3		 0.
3		 0.
3		 12 (
)
26
.8		 (
)
22
.4		 0.
4
C
DO		 3
5.		 9.
8		 1.9 3.5 3.
9		 9
5.		 18
8		 18
2.2		 (
8
6.
1
)		 0.
3
Ot
he
A
B
S
r		 1.2 2.
1		 0.7 1.5 0.
8		 1.7 24 26
.2		 0.
0		 0.
3
/
fra
P
F
I
In		 4.
1		 4.3 **
 t
1.7		 he
f €
1.8
0.2
reo		 bn
in
Co
to
3.
6
rp
ora		 &
Ma
rke
tes
3.
8
ts		 (
)
28		 (
)
20
1.1		 0.
1
C
I
R
C
S		 0.
0		 0.
0		 0.
0		 0 (
)
1.5
Ot
he
rs		 3.
6		 3.5 3.
4		 3.
4		 0.
1		 0.
1		 (
)
18		 12
.7		 1.0
To
l
ta		 5
16		 5
23		 8.7 11
.9		 9.
9		 13
.7		 21
3		 (
)
67
.3		 (
5
)
1
8.
0		 0.
4

* Net Assets includes both "Buy" and "Sell" Credit Derivatives; all are included on a Mark to Market basis

** Risk Exposure only includes "Sell" Credit derivatives. The exposure is then calculated as if we hold the long Bond (Notional less PV of derivative)

*** Mark-down-ratio = 1 minus(Risk Exposure/Notional)

**** thereof €1.5bn into NCA and €0.2bn into C&M in new segment structure

Default Portfolio (Q2 2012)

Default portfolio and coverage ratios by segment

€m – excluding/including GLLP

* incl. Others and Consolidation

Loan to Value figures in the CRE business (Q2 2012)

Lo
lue
to
an
va
atif
ied
str
rep
res		 U
K
Ea
D
U
K t
l
€
bn
1
ta
7
o
–
atio
ent
n		 Lo
lue
to
an
va
atif
ied
str
rep
res		 Sp
in
1
a
–
atio
ent
n		 Ea
D
Sp
in
l
€
4
bn
to
ta
a
1
0
0
%
>		 2
%
(
)
2%		 1
0
0
%
>		 1
%
(
1%
)
8
0
%
1
0
0
%
–		 3
%
(
)
3%		 8
0
%
1
0
0
%
–		 2
%
(
)
1%
6
0
%
8
0
%
–		 9
%
(
)
10%		 6
0
%
8
0
%
–		 1
4
%
(
14%		 )
4
0
%
6
0
%
–		 2
2
%
(
)
22
%		 4
0
%
6
0
%
–		 2
3
%
(
)
24
%
2
0
%
4
0
%
–		 3
1
%
(
)
31
%		 2
0
%
4
0
%
–		 2
9
%
(
)
29
%
3
1
%
2
0
%
<		 3
3
%
(
32
%
)		 2
0
%
<		 (
31
%
)
Lo
to
lue
an
va
atif
ied
str
rep
res		 S
S
U
A
1
Ea
D
U
A
to
ta
l
€
2
bn
–
atio
ent
n		 Lo
to
lue
an
va
atif
ied
str
rep
res		 C
R
E t
ta
l
1
o
–
atio
ent
n		 C
Ea
D
R
E t
ta
l
€
5
3
o
1
0
0
%
>		 1
%
(
)
2%		 1
0
0
%
>		 2
%
(
)
2%		 bn
8
0
%
1
0
0
%
–		 3
%
(
)
4%		 8
0
%
1
0
0
%
–		 3
%
(
)
3%
6
0
%
8
0
%
–		 1
2
%
(
)
13%		 6
0
%
8
0
%
–		 1
2
%
(
13%		 )
4
0
%
6
0
%
–		 2
3
%
(
)
24
%		 4
0
%
6
0
%
–		 2
4
%
(
)
24
%
2
0
%
4
0
%
–		 3
0
%
(
)
28
%		 2
0
%
4
0
%
–		 2
9
%
(
28
%
)

* Loan to values based on market values; exclusive margin lines and corporate loans; additional collateral not taken into account. All figures relate to business secured by mortgages. Values in parentheses: December 2011.

Appendix: Segment reporting

Commerzbank Group

in
€
m		 Q
1
20
11		 Q
2
20
11		 6
M
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12		 Q
2
20
12		 6
M
20
12
Ne
inte
inc
t
t
res
om
e		 1,
72
7		 1,
79
0		 3,
51
7		 1,
58
9		 1,
61
8		 1,
42
9		 1,
33
3		 2,
76
2
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -31
8		 -27
8		 -59
6		 -41
3		 -38
1		 -21
2		 -40
4		 -61
6
fte
Ne
t
inte
t
inc
is
ion
res
om
e a
r p
rov
s		 1,
40
9		 1,
51
2		 2,
92
1		 1,
17
6		 1,
23
7		 1,
21
7		 92
9		 2,
14
6
Ne
mis
ion
in
t c
om
s
co
me		 1,
02
0		 92
8		 1,
94
8		 84
4		 70
3		 84
3		 75
7		 1,
60
0
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 51
9		 57
6		 1,
09
5		 35
3		 53
8		 45
7		 55
5		 1,
01
2
Ne
inv
inc
t
tm
t
es
en
om
e		 12 -95
4		 -94
2		 -1,
26
7		 -1,
40
2		 -17
6		 -23 -19
9
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
u
me		 - 13 13 16 13 11 7 18
Ot
he
r in
co
me		 33
8		 10 34
8		 59 84
6		 21 -43 -22
Re
be
for
LL
P
ven
ue
s
e		 3,
61
6		 2,
36
3		 5,
97
9		 1,
59
4		 2,
31
6		 2,
58
5		 2,
58
6		 5,
17
1
Re
fte
r L
LP
ven
ue
s a		 3,
29
8		 2,
08
5		 5,
38
3		 1,
18
1		 1,
93
5		 2,
37
3		 2,
182		 4,
55
5
Op
ing
t
era
ex
p
en
se
s		 2,
154		 2,
03
0		 4,
184		 2,
03
6		 1,
77
2		 1,
78
9		 1,
73
1		 3,
52
0
Op
ing
fit
t
era
p
ro		 1,
144		 55 1,
19
9		 -85
5		 16
3		 58
4		 45
1		 1,
03
5
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - -
Re
str
tur
ing
uc
ex
p
en
se
s		 - - - - - 34 9 43
/
Ne
in
los
he
ive
llin
ric
f d
isp
l g
t m
t g
n t
t
ea
su
rem
en
a
s o
p
ros
p
ec
se
g
p
e o
os
a
rou
p
s		 - - - - - - -86 -86
Pre
fit
-ta
x p
ro		 1,
144		 55 1,
19
9		 -85
5		 16
3		 0
55		 35
6		 90
6
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 32
41
4
,		 31
54
6
,		 31
98
0
,		 28
78
8
,		 28
18
8
,		 28
56
6
,		 29
58
8
,		 29
07
7
,
RW
A
(
En
d o
f P
io
d
)
er		 24
8,
26
9		 23
9,
48
9		 23
9,
48
9		 24
4,
17
8		 23
6,
59
4		 22
2,
94
1		 21
0,
15
0		 21
0,
15
0
Co
/
(
)
inc
io
%
st
at
om
e r		 59
.6%		 85
.9%		 70
.0%		 12
7.7
%		 76
.5%		 69
.2%		 66
.9%		 68
.1%
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 14
.1%		 0.7
%		 7.5
%		 -11
.9%		 2.3
%		 8.2
%		 6.1
%		 7.1
%
Re
ity
f p
fit
(
%
)
tur
tax
n o
n e
q
u
o
re-
p
ro		 14
.1%		 0.7
%		 7.5
%		 -11
.9%		 2.3
%		 7.7
%		 4.8
%		 6.2
%

Core Bank

in
€
m		 Q
1
20
11		 Q
2
20
11		 6
M
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12		 Q
2
20
12		 6
M
20
12
Ne
inte
inc
t
t
res
om
e		 1,
42
6		 1,
52
1		 2,
94
7		 1,
34
2		 1,
36
5		 1,
21
8		 1,
11
7		 2,
33
5
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -78 -48 -12
6		 -17
6		 -17
6		 -17 -11
7		 -13
4
fte
Ne
t
inte
t
inc
is
ion
res
om
e a
r p
rov
s		 1,
34
8		 1,
47
3		 2,
82
1		 1,
16
6		 1,
18
9		 1,
20
1		 1,
00
0		 2,
20
1
Ne
mis
ion
in
t c
om
s
co
me		 93
9		 84
1		 1,
78
0		 77
5		 68
0		 78
0		 71
4		 1,
49
4
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 54
4		 45
2		 99
6		 61
2		 36
3		 50
3		 45
4		 95
7
Ne
inv
inc
t
tm
t
es
en
om
e		 36 -11 25 10
3		 56 10 21 31
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
u
me		 8 20 28 15 7 12 6 18
Ot
he
r in
co
me		 32
2		 7 32
9		 56 90
4		 -13 -37 -50
Re
be
for
LL
P
ven
ue
s
e		 3,
27
5		 2,
83
0		 6,
10
5		 2,
90
3		 3,
37
5		 2,
51
0		 2,
27
5		 4,
78
5
Re
fte
r L
LP
ven
ue
s a		 3,
19
7		 2,
782		 5,
97
9		 2,
72
7		 3,
199		 2,
49
3		 2,
158		 4,
65
1
Op
ing
t
era
ex
p
en
se
s		 1,
97
8		 1,
87
1		 3,
84
9		 1,
87
6		 1,
63
3		 1,
64
9		 1,
59
8		 3,
24
7
Op
ing
fit
t
era
p
ro		 1,
21
9		 91
1		 2,
13
0		 85
1		 1,
56
6		 84
4		 56
0		 1,
40
4
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - -
Re
str
tur
ing
uc
ex
p
en
se
s		 - - - - - - - -
/
Ne
in
los
he
ive
llin
ric
f d
isp
l g
t m
t g
n t
t
ea
su
rem
en
a
s o
p
ros
p
ec
se
g
p
e o
os
a
rou
p
s		 - - - - - - -86 -86
Pre
fit
-ta
x p
ro		 1,
21
9		 91
1		 2,
13
0		 85
1		 1,
56
6		 84
4		 47
4		 1,
31
8
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 24
08
9
,		 23
79
8
,		 23
94
3
,		 20
96
5
,		 19
83
9
,		 20
41
2
,		 22
19
8
,		 21
30
5
,
RW
A
(
En
d o
f P
io
d
)
er		 16
5,
37
2		 15
9,
26
4		 15
9,
26
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1,
76
2		 15
5,
23
0		 144
89
6
,		 13
6,
57
9		 13
6,
57
9
Co
/
(
)
inc
io
%
st
at
om
e r		 60
.4%		 66
.1%		 63
.0%		 64
.6%		 48
.4%		 65
.7%		 70
.2%		 67
.9%
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 20
.2%		 15
.3%		 17
.8%		 16
.2%		 31
.6%		 16
.5%		 10
.1%		 13
.2%
Re
ity
f p
fit
(
%
)
tur
tax
n o
n e
q
u
o
re-
p
ro		 20
.2%		 15
.3%		 17
.8%		 16
.2%		 31
.6%		 16
.5%		 8.5
%		 12
.4%

Private Customers

in
€
m		 Q
1
20
11		 Q
2
20
11		 6
M
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12		 Q
2
20
12		 6
M
20
12
Ne
inte
inc
t
t
res
om
e		 49
2		 51
4		 1,
00
6		 49
7		 52
4		 45
3		 42
8		 88
1
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -41 -35 -76 -34 53 -6 -28 -34
fte
Ne
t
inte
t
inc
is
ion
res
om
e a
r p
rov
s		 45
1		 47
9		 93
0		 46
3		 57
7		 44
7		 40
0		 84
7
Ne
mis
ion
in
t c
om
s
co
me		 56
9		 45
5		 1,
02
4		 40
6		 32
4		 38
3		 34
3		 72
6
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 1
-		 -2 -3 8 -5 1 -0 1
Ne
inv
inc
t
tm
t
es
en
om
e		 1 1 2 -0 -4 2 1 3
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
u
me		 6 5 11 5 3 7 3 10
Ot
he
r in
co
me		 -22 -14 -36 43 15 -1 -19 -20
Re
be
for
LL
P
ven
ue
s
e		 1,
04
5		 95
9		 2,
00
4		 95
9		 85
7		 84
5		 75
6		 1,
60
1
Re
fte
r L
LP
ven
ue
s a		 1,
00
4		 92
4		 1,
92
8		 92
5		 91
0		 83
9		 72
8		 1,
56
7
Op
ing
t
era
ex
p
en
se
s		 88
8		 84
5		 1,
73
3		 85
4		 80
1		 72
7		 71
4		 1,
44
1
Op
ing
fit
t
era
p
ro		 11
6		 79 19
5		 71 10
9		 112 14 12
6
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - -
Re
str
tur
ing
uc
ex
p
en
se
s		 - - - - - - - -
/
Ne
in
los
he
ive
llin
ric
f d
isp
l g
t m
t g
n t
t
ea
su
rem
en
a
s o
p
ros
p
ec
se
g
p
e o
os
a
rou
p
s		 - - - - - - - -
Pre
fit
-ta
x p
ro		 11
6		 79 19
5		 71 10
9		 112 14 12
6
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 4,
00
3		 3,
88
6		 3,
94
5		 3,
86
8		 4,
00
9		 3,
78
3		 3,
69
0		 3,
73
6
RW
A
(
En
d o
f P
io
d
)
er		 29
19
7
,		 27
05
2
,		 27
05
2
,		 28
78
6
,		 27
36
9
,		 26
15
1
,		 27
23
9
,		 27
23
9
,
Co
/
(
)
inc
io
%
st
at
om
e r		 85
.0%		 88
.1%		 86
.5%		 89
.1%		 93
.5%		 86
.0%		 94
.4%		 90
.0%
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 11
.6%		 8.1
%		 9.9
%		 7.3
%		 10
.9%		 11
.8%		 1.5
%		 6.7
%
Re
ity
f p
fit
(
%
)
tur
tax
n o
n e
q
u
o
re-
p
ro		 11
.6%		 8.1
%		 9.9
%		 7.3
%		 10
.9%		 11
.8%		 1.5
%		 6.7
%

Mittelstandsbank

in
€
m		 Q
1
20
11		 Q
2
20
11		 6
M
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12		 Q
2
20
12		 6
M
20
12
Ne
inte
inc
t
t
res
om
e		 53
4		 60
6		 1,
14
0		 55
1		 56
3		 54
3		 48
8		 1,
03
1
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -11 28 17 -58 -14
9		 35 -32 3
Ne
inte
inc
fte
is
ion
t
t
res
om
e a
r p
rov
s		 52
3		 63
4		 1,
15
7		 49
3		 41
4		 57
8		 45
6		 1,
03
4
Ne
mis
ion
in
t c
om
s
co
me		 29
2		 27
9		 1
57		 27
1		 27
4		 26
9		 27
3		 54
2
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 18 -6 12 -1 -50 -13 1 -12
Ne
t
inv
tm
t
inc
es
en
om
e		 -10 -17 -27 -10 -8 -1 -6 -7
Cu
for
inc
ies
d
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
u
me		 2 5 7 2 2 - - -
Ot
he
r in
co
me		 1 -2 -1 -5 2 -7 -8 -15
Re
be
for
LL
P
ven
ue
s
e		 83
7		 86
5		 1,
70
2		 80
8		 78
3		 79
1		 74
8		 1,
53
9
Re
fte
r L
LP
ven
ue
s a		 82
6		 89
3		 1,
71
9		 0
75		 63
4		 82
6		 71
6		 1,
54
2
Op
ing
t
era
ex
p
en
se
s		 39
3		 37
8		 77
1		 40
0		 34
4		 33
8		 32
6		 66
4
Op
ing
fit
t
era
p
ro		 43
3		 51
5		 94
8		 35
0		 29
0		 48
8		 39
0		 87
8
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - -
Ne
in
/
los
he
ive
llin
ric
f d
isp
l g
t m
t g
n t
t
ea
su
rem
en
a
s o
p
ros
p
ec
se
g
p
e o
os
a
rou
p
s		 - - - - - - - -
Pre
fit
-ta
x p
ro		 43
3		 51
5		 94
8		 35
0		 29
0		 48
8		 39
0		 87
8
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 7,
23
8		 6,
75
3		 6,
99
5		 6,
92
8		 6,
92
5		 5,
97
7		 5,
71
3		 5,
84
5
RW
A
(
En
d o
f P
io
d
)
er		 65
31
0
,		 65
94
8
,		 65
94
8
,		 67
51
1
,		 60
34
5
,		 54
00
2
,		 53
19
1
,		 53
19
1
,
Co
/
inc
io
(
%
)
st
at
om
e r		 47
.0%		 43
.7%		 45
.3%		 49
.5%		 43
.9%		 42
.7%		 43
.6%		 43
.1%
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 23
.9%		 30
.5%		 27
.1%		 20
.2%		 16
.8%		 32
.7%		 27
.3%		 30
.0%
Re
ity
f p
fit
(
%
)
tur
tax
n o
n e
q
o
re-
p
ro
u		 23
.9%		 30
.5%		 27
.1%		 20
.2%		 16
.8%		 32
.7%		 27
.3%		 30
.0%

Central & Eastern Europe

in
€
m		 Q
1
20
11		 Q
2
20
11		 6
M
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12		 Q
2
20
12		 6
M
20
12
Ne
inte
inc
t
t
res
om
e		 13
7		 14
7		 28
4		 15
0		 13
9		 12
0		 12
1		 24
1
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -27 -9 -36 -26 -24 -18 -35 -53
Ne
inte
inc
fte
is
ion
t
t
res
om
e a
r p
rov
s		 11
0		 13
8		 24
8		 124 11
5		 102 86 18
8
Ne
t c
mis
ion
in
om
s
co
me		 48 50 98 48 41 50 47 97
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 24 22 46 32 16
9		 38 28 66
Ne
inv
inc
t
tm
t
es
en
om
e		 -1 -0 -1 6 -4 1 5 6
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
me
u		 - - - - - - - -
Ot
he
r in
co
me		 10 6 16 10 10 11 9 20
Re
be
for
LL
P
ven
ue
s
e		 21
8		 22
5		 44
3		 24
6		 35
5		 22
0		 21
0		 43
0
fte
Re
r L
LP
ven
ue
s a		 19
1		 21
6		 40
7		 22
0		 33
1		 20
2		 175 37
7
Op
ing
t
era
ex
p
en
se
s		 13
1		 13
3		 26
4		 13
0		 13
7		 11
5		 11
6		 23
1
Op
ing
fit
t
era
p
ro		 60 83 14
3		 90 194 87 59 14
6
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - -
/
f d
Ne
t m
t g
in
los
n t
he
t
ive
llin
ric
isp
l g
ea
su
rem
en
a
s o
p
ros
p
ec
se
g
p
e o
os
a
rou
p
s		 - - - - - - -86 -86
Pre
fit
-ta
x p
ro		 60 83 14
3		 90 194 87 -27 60
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 1,
74
5		 1,
81
0		 1,
77
8		 1,
83
9		 1,
85
3		 1,
89
3		 1,
88
5		 1,
88
9
RW
A
(
En
d o
f P
io
d
)
er		 16
08
4
,		 16
51
1
,		 16
51
1
,		 16
21
1
,		 17
00
4
,		 16
71
1
,		 15
97
1
,		 15
97
1
,
Co
/
inc
io
(
)
st
at
%
om
e r		 60
.1%		 59
.1%		 59
.6%		 52
.8%		 38
.6%		 52
.3%		 55
.2%		 53
.7%
Op
(
)
t
ing
tur
ity
%
era
re
n o
n e
q
u		 13
.8%		 18
.3%		 16
.1%		 19
.6%		 41
.9%		 18
.4%		 12
.5%		 15
.5%
(
)
Re
ity
f p
fit
%
tur
tax
n o
n e
q
u
o
re-
p
ro		 13
.8%		 18
.3%		 16
.1%		 19
.6%		 41
.9%		 18
.4%		 -5.
7%		 6.4
%

Corporates & Markets

in
€
m		 Q
1
20
11		 Q
2
20
11		 6
M
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12		 Q
2
20
12		 6
M
20
12
Ne
inte
inc
t
t
res
om
e		 16
0		 22
5		 38
5		 14
1		 30
6		 11
9		 11
3		 23
2
Pro
vis
ion
for
lo
lo
s
an
ss
es		 0 -31 -31 -59 -56 -27 -23 -50
Ne
inte
inc
fte
is
ion
t
t
res
om
e a
r p
rov
s		 16
0		 194 35
4		 82 25
0		 92 90 182
Ne
mis
ion
in
t c
om
s
co
me		 48 92 14
0		 78 82 83 60 14
3
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 45
6		 37
0		 82
6		 20
2		 41 19
5		 20
8		 40
3
Ne
inv
inc
t
tm
t
es
en
om
e		 4 26 30 4 -4 3 1 4
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
u
me		 - 11 11 2 2 6 3 9
Ot
he
r in
co
me		 11 -14 -3 21 -30 -9 4 -5
Re
be
for
LL
P
ven
ue
s
e		 67
9		 71
0		 1,
38
9		 44
8		 39
7		 39
7		 38
9		 78
6
Re
fte
r L
LP
ven
ue
s a		 67
9		 67
9		 1,
35
8		 38
9		 34
1		 37
0		 36
6		 73
6
Op
t
ing
era
ex
p
en
se
s		 43
9		 39
8		 83
7		 35
4		 31
4		 34
0		 32
1		 66
1
Op
ing
fit
t
era
p
ro		 24
0		 28
1		 52
1		 35 27 30 45 75
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - -
Ne
in
/
los
he
ive
llin
ric
f d
isp
l g
t m
t g
n t
t
ea
su
rem
en
a
s o
p
ros
p
ec
se
g
p
e o
os
a
rou
p
s		 - - - - - - - -
fit
Pre
-ta
x p
ro		 24
0		 28
1		 52
1		 35 27 30 45 75
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 4,
20
4		 3,
77
7		 3,
99
0		 3,
49
5		 3,
75
1		 3,
24
4		 3,
24
9		 3,
24
7
(
f P
)
RW
A
En
d o
io
d
er		 40
28
7
,		 36
66
1
,		 36
66
1
,		 37
104
,		 35
56
4
,		 32
31
0
,		 26
45
4
,		 26
45
4
,
Co
/
inc
io
(
%
)
st
at
om
e r		 64
.7%		 56
.1%		 60
.3%		 79
.0%		 79
.1%		 85
.6%		 82
.5%		 84
.1%
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 22
.8%		 29
.8%		 26
.1%		 4.0
%		 2.9
%		 3.7
%		 %
5.5		 4.6
%
Re
ity
f p
fit
(
)
tur
tax
%
n o
n e
q
o
re-
p
ro
u		 22
.8%		 29
.8%		 26
.1%		 4.0
%		 2.9
%		 3.7
%		 5.5
%		 4.6
%

Asset Based Finance

in
€
m		 Q
1
20
11		 Q
2
20
11		 6
M
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12		 Q
2
20
12		 6
M
20
12
Ne
inte
inc
t
t
res
om
e		 29
6		 25
6		 2
55		 24
0		 22
9		 20
6		 17
9		 38
5
for
Pro
vis
ion
lo
lo
s
an
ss
es		 -24
1		 -23
3		 -47
4		 -25
4		 -17
9		 -17
9		 -30
0		 -47
9
Ne
inte
inc
fte
is
ion
t
t
res
om
e a
r p
rov
s		 55 23 78 -14 50 27 -12
1		 -94
Ne
mis
ion
in
t c
om
s
co
me		 81 87 16
8		 69 23 63 43 10
6
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 86
-		 52 -34 -40 19
7		 -21
5		 124 -91
Ne
inv
inc
t
tm
t
es
en
om
e		 -42 -93
6		 -97
8		 -1,
37
0		 -1,
45
1		 -20
3		 -55 -25
8
Cu
for
nt
inc
ies
te
d
ing
t
he
ity
t
ho
d
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
u
me		 -8 -7 -15 1 6 -1 1 -
Ot
he
r in
co
me		 16 4 20 3 -52 33 -5 28
Re
be
for
LL
P
ven
ue
s
e		 25
7		 -54
4		 -28
7		 -1,
09
7		 -1,
04
8		 -11
7		 28
7		 17
0
Re
fte
r L
LP
ven
ue
s a		 16 -77
7		 -76
1		 -1,
35
1		 -1,
22
7		 -29
6		 -13 -30
9
Op
ing
t
era
ex
p
en
se
s		 154 14
3		 29
7		 14
3		 13
1		 12
8		 11
6		 24
4
Op
ing
fit
t
era
p
ro		 -13
8		 -92
0		 -1,
05
8		 -1,
49
4		 -1,
35
8		 -42
4		 -12
9		 -55
3
f g
Imp
irm
ts
dw
ill a
nd
br
d n
a
en
o
oo
an
am
es		 - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - 34 9 43
/
Ne
in
los
he
ive
llin
ric
f d
isp
l g
t m
t g
n t
t
ea
su
rem
en
a
s o
p
ros
p
ec
se
g
p
e o
os
a
rou
p
s		 - - - - - - - -
Pre
fit
-ta
x p
ro		 -13
8		 -92
0		 -1,
05
8		 -1,
49
4		 -1,
35
8		 -45
8		 -13
8		 -59
6
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 16
6
7,		 6,
62
0		 6,
89
3		 6,
84
5		 6,
81
7		 6,
45
0		 6,
33
9		 6,
39
4
RW
A
(
En
d o
f P
io
d
)
er		 73
58
0
,		 71
38
4
,		 71
38
4
,		 73
17
8
,		 70
59
2
,		 68
54
2
,		 64
59
6
,		 64
59
6
,
Co
/
(
)
inc
io
%
st
at
om
e r		 59
.9%		 /a
n		 /a
n		 /a
n		 /a
n		 /a
n		 40
.4%		 14
3.5
%
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 -7.
7%		 -55
.6%		 -30
.7%		 -87
.3%		 -79
.7%		 -26
.3%		 -8.
1%		 -17
.3%
Re
ity
f p
fit
(
%
)
tur
tax
n o
n e
q
u
o
re-
p
ro		 7%
-7.		 .6%
-55		 -30
.7%		 -87
.3%		 -79
.7%		 -28
.4%		 -8.
7%		 -18
.6%

Portfolio Restructuring Unit

in
€
m		 Q
1
20
11		 Q
2
20
11		 6
M
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12		 Q
2
20
12		 6
M
20
12
Ne
t
inte
t
inc
res
om
e		 5 13 18 7 24 5 37 42
Pro
vis
ion
for
lo
lo
s
an
ss
es		 1 3 4 17 -26 -16 13 -3
Ne
inte
inc
fte
is
ion
t
t
res
om
e a
r p
rov
s		 6 16 22 24 -2 -11 50 39
Ne
mis
ion
in
t c
om
s
co
me		 0 0 0 -0 0 0 -0 -0
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 61 72 13
3		 -21
9		 -22 16
9		 -23 14
6
Ne
inv
inc
t
tm
t
es
en
om
e		 18 -7 11 -0 -7 17 11 28
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
u
me		 - - - - - - - -
Ot
he
r in
co
me		 -0 -1 -1 -0 -6 1 -1 0
Re
be
for
LL
P
ven
ue
s
e		 84 77 16
1		 -21
2		 -11 192 24 21
6
Re
fte
r L
LP
ven
ue
s a		 85 80 165 -19
5		 -37 176 37 21
3
Op
ing
t
era
ex
p
en
se
s		 22 16 38 17 8 12 17 29
Op
ing
fit
t
era
p
ro		 63 64 12
7		 -21
2		 -45 164 20 184
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - -
Ne
in
/
los
he
ive
llin
ric
f d
isp
l g
t m
t g
n t
t
ea
su
rem
en
a
s o
p
ros
p
ec
se
g
p
e o
os
a
rou
p
s		 - - - - - - - -
Pre
fit
-ta
x p
ro		 63 64 12
7		 -21
2		 -45 164 20 184
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 1,
15
9		 1,
12
8		 1,
144		 97
8		 1,
53
3		 1,
70
4		 1,
05
2		 1,
37
8
(
)
RW
A
En
d o
f P
io
d
er		 9,
31
6		 8,
84
1		 8,
84
1		 9,
23
8		 10
77
2
,		 9,
50
4		 8,
97
5		 8,
97
5
Co
/
inc
io
(
%
)
st
at
om
e r		 26
.2%		 20
.8%		 23
.6%		 /a
n		 /a
n		 6.2
%		 70
.8%		 13
.4%
Op
ing
ity
(
)
t
tur
%
era
re
n o
n e
q
u		 21
.7%		 22
.7%		 22
.2%		 -86
.7%		 -11
.7%		 38
.5%		 7.6
%		 26
.7%
Re
ity
f p
fit
(
)
tur
tax
%
n o
n e
q
u
o
re-
p
ro		 21
.7%		 22
.7%		 22
.2%		 -86
.7%		 -11
.7%		 38
.5%		 7.6
%		 26
.7%

Others & Consolidation

in
€
m		 Q
1
20
11		 Q
2
20
11		 6
M
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12		 Q
2
20
12		 6
M
20
12
Ne
inte
inc
t
t
res
om
e		 10
3		 29 132 3 -16
7		 -17 -33 -50
Pro
vis
ion
for
lo
lo
s
an
ss
es		 1 -1 0 1 0 -1 1 -0
Ne
inte
inc
fte
is
ion
t
t
res
om
e a
r p
rov
s		 104 28 132 4 -16
7		 -18 -32 -50
Ne
mis
ion
in
t c
om
s
co
me		 -18 -35 -53 -28 -41 -5 -9 -14
Ne
d
ing
in
d n
inc
n h
dg
ing
t tr
et
nt
a
co
me
an
om
e o
e
e a
cc
ou		 47 68 11
5		 37
1		 20
8		 28
2		 21
7		 49
9
Ne
inv
inc
t
tm
t
es
en
om
e		 42 -21 21 10
3		 76 5 20 25
Cu
inc
ies
d
for
ing
he
ity
ho
d
nt
te
t
t
rre
om
e o
n c
om
p
an
ac
co
un
us
eq
u
me		 - -1 -1 6 -0 -1 - -1
Ot
he
r in
co
me		 32
2		 31 35
3		 -13 90
7		 -7 -23 -30
Re
be
for
LL
P
ven
ue
s
e		 49
6		 71 56
7		 44
2		 98
3		 25
7		 172 42
9
Re
fte
r L
LP
ven
ue
s a		 49
7		 70 56
7		 44
3		 98
3		 25
6		 173 42
9
Op
ing
t
era
ex
p
en
se
s		 12
7		 11
7		 24
4		 13
8		 37 12
9		 12
1		 25
0
Op
ing
fit
t
era
p
ro		 37
0		 -47 32
3		 30
5		 94
6		 12
7		 52 17
9
f g
Imp
irm
ts
dw
ill a
nd
br
d n
a
en
o
oo
an
am
es		 - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - -
Ne
in
/
los
he
ive
llin
ric
f d
isp
l g
t m
t g
n t
t
ea
su
rem
en
a
s o
p
ros
p
ec
se
g
p
e o
os
a
rou
p
s		 - - - - - - - -
fit
Pre
-ta
x p
ro		 37
0		 -47 32
3		 30
5		 94
6		 12
7		 52 17
9
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 6,
89
8		 7,
57
2		 7,
23
5		 4,
83
4		 3,
30
2		 5,
51
6		 7,
66
0		 6,
58
8
(
f P
)
RW
A
En
d o
io
d
er		 14
49
3
,		 13
09
1
,		 13
09
1
,		 12
15
0
,		 14
94
7
,		 15
72
1
,		 13
72
4
,		 13
72
4
,

Group equity definitions

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

* After deduction of estimated pro-rated 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] Ute Heiserer-Jäckel (Retail Investors)P: +49 69 136 41874M: [email protected]

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

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