Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

Commerzbank AG Investor Presentation 2012

May 9, 2012

81_ip_2012-05-09_be0fb81e-f98b-47c2-9fc7-236873f85a78.pdf

Investor Presentation

Open in viewer

Opens in your device viewer

EBA capital target fulfilled – solid start in 2012

Analyst conference – Q1 2012 results

Agenda

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

EBA capital target fulfilled ahead of plan – solid start in 2012

EBA capital target fulfilled ahead of plan

2

Solid group operating profit of €584m and €845m in Core bank, both including negative valuation effect from own credit spread (OCS) of €158m

Successful de-risking and disposal of non-core assets during the quarter – PRU netassets cut to single-digit billions and Greek PSI bonds sold

RWA further reduced by €14bn to €223bn – Core Tier I ratio of 11.3% per end of Q1

No further funding need in 2012 – strong deposit growth and ongoing non-core asset reduction

Solid start with €584m Group operating profit despite challenging market environment

G
r
o
u
p		 C
B
k
**
o
r
e
a
n
in
€
m		 Q
1
2
0
1
1		 Q
4
2
0
1
1		 Q
1
2
0
1
2		 Q
1
2
0
1
1		 Q
4
2
0
1
1		 Q
1
2
0
1
2
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 3,
6
1
6		 2,
3
1
6		 2,
5
8
5		 3,
2
7
5		 3,
3
7
5		 2,
5
1
0
L
L
P		 -3
1
8		 -3
8
1		 -2
1
2		 -7
8		 -1
7
6		 -1
7
O
i
t
p
e
r
a
n
g
e
p
e
n
s
e
s
x		 2,
1
4
5		 1,
2
7
7		 1,
8
9
7		 1,
9
8
7		 1,
6
3
2		 1,
6
4
8
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 1,
1
4
4		 1
6
3		 5
8
4		 1,
2
1
9		 1,
5
6
7		 8
4
5
N
f
i
*
t
t
e
p
r
o		 9
8
5		 3
1
6		 3
6
9
  • › Revenues compared to Q1 2011 influenced by:
  • ›Positive one-off effect from liability management in Q1 2011 of €358m
  • ›Negative OCS effect in Q1 2012 of €158m
  • ›Volume reduction due to ongoing de-leveraging, low interest rates and muted client activity
  • ›LLP benefitting from robust German economy and restructurings in ABF
  • ›Costs decreased by 17% y-o-y, benefitting from cost synergies and additional cost measures

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

Agenda

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

Revenue development driven by non-recurring items and de-risking ofbalance sheet

Revenues before LLPin € m

* incl. Others & Consolidations

Core Bank*: underlying operating revenues stable and on average level of previous quarters

LLP development benefitting from robust German economy and restructurings in ABF

  • LLP in Q1 further down by €106m y-o-y
  • Core Bank benefits from general loan loss provision releases
  • Successful ongoing restructuring in CRE partly compensated by Ship Finance
  • LLP guidance for FY2012 unchanged: ื€1.7bn

* incl. Others & Consolidations

Costs significantly down by €365m y-o-y – benefitting from cost synergies and additional cost measures

  • Overall costs reduced by 17% y-o-y
  • About 50% of expense reduction from realised cost synergies and reduction in integration costs
  • Additional reduction from further cost measures realised in Q1
  • Well under way to overachieve cost target of 7.6bn for full year

Attributable Net Profit* influenced by higher tax charges

  • Net profit of €369m*
  • Eurohypo restructuring charges of €34m included in Q1 2012
  • Higher tax charge due to revaluation of DTA following Eurohypo agreement
  • NAV per share improved to €3.97** during Q1

* consolidated result attributable to Commerzbank shareholders

** based on 5.59bn shares

Agenda

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

Core Bank segments* with solid operating contribution

Private Customers: lower revenues nearly compensated by cost measures and low LLP

O
i
t
p
e
r
a
in
€
m
1
1
6		 f
i
t
n
g
p
r
o
7
9		 7
1		 1
0
9		 1
1
2
Q
1		 Q
2		 Q
3		 Q
4		 Q
1
2
0		 1
1		 2
0
1
2
Q
1
1
1		 Q
2
1
1		 Q
3
1
1		 Q
4
1
1		 Q
1
1
2
Ø
i
(
€
)
ty
eq
u
m		 4,
0
0
3		 3,
8
8
6		 3,
8
6
8		 4,
0
0
9		 3,
7
8
3
Op
Ro
E
(
%
)		 1
1.
6		 8.
1		 3
7.		 1
0.
9		 1
1.
8
C
(
)
I
R
%		 8
5.
0		 8
8.
1		 8
9.
1		 9
3.
5		 8
6.
0

P&L at a glance

Q Q Q Q Q
1 2 3 4 1
1 1 1 1 1
1 1 1 1 2
1,
0
4
5		 9
5
9		 9
5
9		 8
5
7		 8
4
5
-4 -3 -3 5 -6
1 5 4 3
8 8 8 8 2
8 4 4 0 7
8 5 5 1 7
1
1
6		 9
7		 1
7		 1
0
9		 1
1
2
  • › Revenues before LLP affected by ongoing low client activity in securities business and low interest rates
  • › Customer business focused on deposits – growth of ~€7bn in first quarter
  • › Costs decreased by 18% y-o-y, about half of the reduction from realisation of cost synergies and lower integration costs and the remainder from additional cost measures realised in Q1

Mittelstandsbank: continues to generate strong results thanks toexcellent franchise with German corporates

O
i
t
p
e
r
a
n
in
€
m		 f
i
t
g
p
r
o
5
1
4
4
3
3		 3
4
7		 2
8
9
Q
1		 Q
2		 Q
3		 Q
4		 Q
1
2 0
1
1		 2
0
1
2
Q
1
1
1		 Q
2
1
1		 Q
3
1
1		 Q
4
1
1		 Q
1
1
2
Ø
i
(
€
)
ty
eq
u
m		 7,
2
3
8		 6,
7
5
3		 6,
9
2
8		 6,
9
2
5		 5,
9
7
7
Op
Ro
E
(
%
)		 2
3.
9		 3
0.
4		 2
0.
0		 1
6.
7		 3
2.
6
C
(
)
I
R
%		 4
7.
0		 4
3.
7		 4
9.
8		 4
3.
9		 4
2.
8
P &
L
l
t
a
a
g
a
n
c
e
4
8
7		 in
€
m		 Q
1
1
1		 Q
2
1
1		 Q
3
1
1		 Q
4
1
1		 Q
1
1
2
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 8
3
7		 8
6
3		 8
0
6		 8
1
7		 9
0
7
L
L
P		 -1
1		 2
8		 8
-5		 -1
4
9		 3
5
O
i
t
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 3
9
3		 3
7
7		 4
0
1		 3
4
3		 3
3
8
i
f
i
O
t
t
p
e
r
a
n
g
p
r
o		 4
3
3		 5
1
4		 3
4
7		 2
8
9		 4
8
7
Q
1
  • ›Revenues before LLP 6% lower y-o-y but 1% higher q-o-q
  • ›€1.7bn loan growth in Germany y-o-y
  • ›LLP benefited from releases
  • › Lower equity allocation driven by reduced exposure to financial institutions, successful securitizations and collateral management

Central & Eastern Europe with strong BRE-Bank result

P
&
L
l
t
a
a
g
a
n
c
-----------------------------------------------------
in
€
m		 Q
1
1
1		 Q
2
1
1		 Q
3
1
1		 Q
4
1
1		 Q
1
1
2
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 2
1
8		 2
2
5		 2
4
6		 3
5
5		 2
2
0
L
L
P		 -2
7		 -9 -2
6		 -2
4		 -1
8
O
i
t
p
e
r
a
n
g
e
p
e
n
s
e
s
x		 1
3
1		 1
3
3		 1
3
0		 1
3
7		 1
1
5
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 6
0		 8
3		 9
0		 1
9
4		 8
7
  • › Revenues before LLP include non-recurring effect related to PSB of €15m in Q1 2012 and €154m in Q4 2011
  • › Even excluding one-off effect revenues stable in local currency compared to Q1 2011

Corporates & Markets: recovery in client activity comparedto H2 2011 offset by own credit spread effect

P&L at a glance

in € m

O
t
p
e
r
a
in
€
m		 i
n
g
p
r
o		 f
i
t
2
4
0		 2
8
1
3
5		 2
7		 3 0
Q
1		 Q
2		 Q
3
2
0
1
1		 Q
4		 Q
2
0		 1
1
2
Q
1
1
1		 Q
2
1
1		 Q
3
1
1		 Q
4
1
1		 Q
1
1
2

Op. RoE (%) 22.8 29.8 4.0 2.9 3.7

CIR (%) 64.7 56.1 79.0 79.1 85.6

O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 2
4
0		 2
8
1		 3
5		 2
7		 3
0
Q
1		 Q
2
2
0		 Q
3
1
1		 Q
4		 Q
2
0		 1
1
2		 i
f
i
O
t
t
p
e
r
a
n
g
p
r
o
e
x.
C
S
O		 2
3
3		 2
5
9		 -1
4
4		 -4
8		 1
8
8
› O
i
l
f
t
t
p
e
r
a
n
g
r
e
s
u
o		 €
1
8
8
m
e		 l
d
i
x
c
u
n
g		 €
1
5
8
m
-		 O
C
S
e		 f
f
t
e
c
Q
1
1
1		 Q
2
1
1		 Q
3
1
1		 Q
4
1
1		 Q
1
1
2		 › O
i
t
p
e
r
a
n
g
e
x
p
e
n
s
e		 d
2
s
o
w
n		 3
%
y
-o
-y		 l
n
e
a
r
y
,		 h
l
f
f
a
r
o		 m
Ø
i
ty
eq
u		 (
)
€
m		 4,
2
0
4		 3,
7
7
7		 3,
4
9
5		 3,
7
5
1		 3,
2
4
4		 i
d
l
i
i
t
t
c
o
n
n
u
e
r
e
a
s
a
o		 f
n
o
s
y
n
e		 i
r
g
e
s
› L
i
l
l
i
d
i
b
€
b
R
W
A
d
i
8
t
t
t
o
w
e
r
e
q
u
y
a
o
c
a
o
n
r
v
e
n
y
n
r
e
u
c
o
n
y
-o
-y
d
i
B
l
f
f
h
h
i
f
f
l
i
2
5
t
t
t
t
t
e
s
p
e
a
s
e
e
e
c
r
o
u
g
e
x
r
o
m
n
o
n-
c
o
r
e
p
o
r
o
o
s
f
d
d
i
t
t
t
a
n
r
e
c
o
n
o
c
o
n
e
r
p
a
r
e
p
o
s
r
e
u
u
y
x
u
›

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12

Revenues before LLP 679 710 448 397 397

LLP 0 -31 -59 -56 -27

Operating expenses 439 398 354 314 340

Operating result of €188m excluding €-158m OCS effect

Operating result of $\epsilon$ room excluding $\epsilon$ -room OCS effect

Corporates & Markets divisional split

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

1
7
9		 1
8
5		 1
3
6
4
5
-4
3
Q
1		 Q
2		 Q
3		 Q
4		 Q
1
2
0
1
1		 2
0
1
2

* including a small impact from Own Credit Spread Valuation adjustments

  • › DCM Bonds with strong result from underwriting business
  • › Low new deal flow in other Corporate Finance areas and reduction of loan book resulting in lower revenues

  • › Revenues below excellent Q1 2011 but significantly better q-o-q reflecting recovery in client activity across EMC in the course of the quarter

  • › Sound performance in Rates, Credit and FX Trading benefitting from good customer flows

  • › Excluding OCS effect, revenues well up q-o-q and y-o-y

Others & Consolidation with strong treasury result

&
L
l
t
a
a
g
a
n
c
e
in
€
m		 Q
1
1
1		 Q
2
1
1		 Q
3
1
1		 Q
4
1
1		 Q
1
1
2
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 4
9
6		 3
7		 4
4
4		 9
8
5		 2
8
5
L
L
P		 1 -1 1 0 -1
O
i
t
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 1
2
7		 1
1
7		 1
3
7		 3
7		 1
2
8
i
f
i
O
t
t
p
e
r
a
n
g
p
r
o		 3
7
0		 -4
5		 3
0
8		 9
4
8		 1
2
9

›Strong treasury result in Q1 2012

Q Q Q Q Q
1 2 3 4 1
1 1 1 1 1
1 1 1 1 2
Ø
ity
(
€
)
eq
u
m		 6,
8
9
8		 7,
5
7
2		 4,
8
3
4		 3,
3
0
2		 5,
5
1
6

› Liability management with a positive revenue contribution of €358m in Q1 2011, €715m in Q4 2011 and €5m in Q1 2012

ABF & PRU

De-leveraging in ABF continued – Greek PSI bonds sold in Q1

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

P&L at a glance

in
€
m		 Q
1
1
1		 Q
2
1
1		 Q
3
1
1		 Q
4
1
1		 Q
1
1
2
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 2
5
7		 4
4
-5		 -1
0
9
7
,		 -1
0
4
8
,		 -1
1
7
L
L
P		 -2
4
1		 -2
3
3		 -2
5
4		 -1
7
9		 -1
7
9
O
i
t
p
e
r
a
n
g
e
p
e
n
s
e
s
x		 1
4
5		 1
4
4		 1
4
3		 1
3
2		 1
2
9
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 -1
3
8		 -9
2
1		 -1
4
9
4
,		 5
-1
3
9
,		 5
-4
2
  • › LLP reduced by 26% y-o-y driven by CRE, partly compensated by Ship Finance
  • › Q1 operating profit influenced by:
  • › realised losses from de-leveraging in PF and negative valuation effects from corresponding derivatives
  • ›sale of Greek PSI bonds

Portfolio reduction in Asset Based Finance

PF portfolio development (EaD) in € bn

Q1 2009 Q1 2011Q1 2010 Q4 2011 Q1 2012

CRE portfolio development (EaD)in € bn

  • › Public Finance EaD reduced by €7bn during first quarter driven by asset sales and maturities
  • ›Sold assets include Greek PSI bonds
  • › Position of Italian exposure reflects temporary market making in short dated bills by C&M
G
I
I
P
S
i
(
E
D
s
o
v
e
r
e
g
n
e
x
p
o
s
u
r
e
a
--------------------------------------------------------------------------------------------------------------------------------
in
€
b
n		 Q
1
1
0		 Q
1
1
1		 Q
4
1
1		 Q
1
1
2
G
r
e
e
c
e		 3.
5		 3.
0		 0.
8		 0.
0
I
l
d
r
e
a
n		 0.
1
<		 0.
1
<		 0.
0		 0.
0
I
l
t
a
y		 1
0.
7		 9.
7		 7.
9		 8.
4
P
l
t
o
r
g
a
u		 1.
7		 0.
9		 0.
8		 0.
8
S
i
p
a
n		 4.
0		 3.
1		 2.
8		 2.
9
T
l
t
o
a		 1
9.
9		 1
6.
8		 1
2.
3		 1
2.
1

Portfolio Restructuring Unit with strong result, using market opportunities for active downsizing

Op. RoE (%) 21.7 22.7 -86.7 -11.7 38.5

CIR (%) 26.2 20.8 n/a n/a 6.2

P &
L
l
t
a
a
g
a
n
c
e
in
€
m		 Q
1
1
1		 Q
2
1
1		 Q
3
1
1		 Q
4
1
1		 Q
1
1
2
R
b
f
L
L
P
e
v
e
nu
e
s
e
o
r
e		 8
4		 7
7		 -2
1
2		 -1
1		 1
9
2
L
L
P		 1 3 1
7		 -2
6		 -1
6
O
i
t
p
e
r
a
n
g
e
p
e
n
s
e
s
x		 2
2		 1
6		 1
7		 8 1
2
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 6
3		 6
4		 -2
1
2		 5
-4		 1
6
4
  • › Strong performance in Q1 driven by €116m profit from realised asset sales
  • › PRU net assets reduced by €3.2bn during the quarter to €8.7bn

Agenda

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

Strong capital position with 11.3% Core Tier I ratio – further improvement amid €14bn RWA reduction during Q1 to €223bn

Total Assets

in € bn

› Further reduction in non-core assets compensated by increase in liquid assets due to conservative liquidity management strategy

RWA

›

in € bn

RWA development in Q1 mainly driven by intended asset reduction, securitizations and collateral management

Core Tier 1 and Tier 1 ratio

in %

›

Strengthening of capital ratios due to retained earnings, lower capital deduction positions and liability management

EBA capital target of originally €5.3bn fulfilled – Liability Management in Q1 improved capital structure further

Pro forma Basel 3 capital ratio ุ10%per 01/01/2013*

› Basel 3 CET1 of ุ10%* expected by 01/01/2013 under phase-in including expected RWA development during H2 2012

* before effects from retained earnings, inkl. SoFFin silent participation

Strong long-term funding profile, no further issuance into capital markets needed in 2012*

Stephan Engels CFO Frankfurt May 9th, 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
l
i
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

Fulfillment of EBA capital target earlier than promised and on track to further increase our capital buffer

Core Bank is well positioned in difficult markets and on course for a solid operating result in 2012 given a stable economic environment

On the way to overachieve cost guidance of €7.6bn; unchanged LLP target of ื€1.7bn for FY2012

Commerzbank with a Core Tier I ratio of 11.3% in Q1 – on track to reach Basel 3 CET1 ุ10%* by 01/01/2013 under phase-in

Agreement with EU Commission allows Commerzbank to implement newgovernance structure of ABF as of July 1st 2012

* before effects from retained earnings, inkl. SoFFin silent participation

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

We expect Germany to continue to outperform the Eurozone

›

Current development

  • › German economy has slowed down significantly in the course of 2011, slightly down in Q4 and probably flat in Q1
  • ›Exports in particular have lost steam
  • ›Mixed signals from leading indicators
  • › Unemployment to improve not much further; setbacks possible
  • › Number of corporate defaults have stabilised at a low level.

Our expectation for 2012

  • › Sovereign debt crisis will weigh on growth during the whole year
  • A somewhat more positive outlook for the world economy and still very expansionary monetary policy point to moderate but positive growth rates in the coming quarters
  • › Biggest downside risk is a uncertainty shock caused by an intensification 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 strong demand for investment goods and its strong positioning in Asian markets and Emerging Markets in general

PRU Structured Credit by Business Segment

Details & Outlook

  • › The economic outlook is dependent upon sustainableresolution of European debt crisis and is key to further market recovery
  • › Asset fundamentals are stable and Q1 saw a pick-up in prices and market demand for structured credit assets
  • › Asset reduction primarily achieved through sales amid higher market demand and proactive management
No
ion
l
t
a		 Va
lue
€
bn		 Ne
As
t
se		 €
bn
*
ts		 R
is
k
Ex
p
os		 €
bn
**
ur
e		 P
&
L		 €
m		 O
C
I e
f
fec
t
€
m		 M
D
R
***
Se
ts
g
me
n		 Ma
1
2
r-		 De
1
1
c-		 Ma
1
2
r-		 De
1
1
c-		 Ma
1
2
r-		 De
1
0
c-		 Ma
1
2
r-		 F
Y
2
0
1
1		 Ma
1
2
r-		 De
1
1
c-
R
M
B
S		 1.
9		 3.
2		 0.
7		 1.
3		 1.
2		 1.
9		 2
3.
0		 (
)
5
9.
0		 (
)
4
3.
3		 0.
4
C
S
M
B		 0.
4		 0.
6		 0.
3		 0.
3		 0.
3		 0.
3		 1
1.
0		 (
2
6.
8
)		 (
2
3.
)
7		 0.
3
C
D
O		 5.
7		 9.
8		 2.
0		 3.
5		 4.
1		 9
5.		 1
0
0.
0		 1
8
2.
2		 (
8
4.
3
)		 0.
3
O
he
A
B
S
t
r		 1.
3		 2.
1		 0.
8		 1.
5		 0.
9		 1.
7		 (
)
5.
0		 2
6.
2		 (
)
0.
1		 0.
3
/
P
F
I
In
fra		 4.
0		 4.
3		 1.
6		 1.
8		 3.
5		 3.
8		 5
3.
0		 (
)
2
0
1.
1		 0.
1
C
C
S
I
R		 0.
0		 0.
0		 0.
0		 0.
0		 (
1.
5
)
O
he
t
rs		 3.
4		 3.
5		 3.
3		 3.
4		 0.
1		 0.
1		 (
)
6.
0		 1
2.
7		 1.
0
To
l
ta		 1
6.
8		 2
3.
5		 8.
7		 1
1.
9		 1
0.
2		 1
3.
7		 1
7
6.
0		 (
6
7.
3
)		 (
1
5
1.
5
)		 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)

Default Portfolio (Q1 2012)

Default portfolio and coverage ratios by segment€m – excluding /including GLLP

Loan to Value figures in the CRE business (Q1 2012)

Lo
Va
lue
to
an
ati
fie
d
str
rep
res
en		 *
U
K
–
ion
tat		 Ea
D
U
K
l
€
6
bn
to
ta		 Lo
Va
to
an
ati
fie
d
str
rep
res		 *
lue
Sp
in
a
–
ion
tat
en
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
%
–		 1
0
%
(
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
%
)
2
%
<		 3
%
2
0
%
<		 3
2
%
(
)
32
%		 0 1
(
)
31
%
Lo
Va
lue
to
an
ati
fie
d
str
rep
res
en		 *
U
S
A
–
ion
tat		 Ea
D
U
S
A
l
€
3
bn
to
ta		 Lo
Va
lue
to
an
ati
fie
d
str
rep
res		 *
C
R
E
l
to
ta
–
ion
tat
en		 Ea
D
C
R
E
l
€
5
4
bn
to
ta
1
0
0
%
>		 2
%
(
)
2
%		 1
0
0
%
>		 2
%
(
)
2
%
8
0
%
1
0
0
%
–		 4
%
(
)
4%		 8
0
%
1
0
0
%
–		 3
%
(
)
3%
6
0
%
8
0
%
–		 1
3
%
(		 )
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
%
–		 2
9
%
(
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		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12
Ne
t in
ter
t in
es
co
me		 1,
72
7		 1,
79
0		 1,
58
9		 1,
61
8		 1,
42
9
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -31
8		 -27
8		 -41
3		 -38
1		 -21
2
Ne
t in
t in
af
isio
ter
ter
es
co
me
pr
ov
ns		 1,
40
9		 1,
51
2		 1,
176		 1,
23
7		 1,
21
7
Ne
mis
sio
n in
t c
om
co
me		 1,
02
0		 92
8		 84
4		 70
3		 84
3
Ne
ad
ing
inc
nd
inc
n h
ed
ntin
t tr
net
om
e a
om
e o
g
e a
cc
ou
g		 51
9		 57
6		 35
3		 53
8		 45
7
Ne
t in
t in
stm
ve
en
co
me		 12 -95
4		 -1,
26
7		 -1,
40
2		 -17
6
Cu
d f
nt
inc
nie
nte
ing
th
ity
tho
d
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 - 13 16 13 11
Oth
inc
er
om
e		 33
8		 10 59 84
6		 21
efo
Re
s b
LL
P
ven
ue
re		 3,
61
6		 2,
36
3		 1,
59
4		 2,
31
6		 2,
58
5
Re
fte
r L
LP
ven
ue
s a		 3,
29
8		 2,
08
5		 1,
18
1		 1,
93
5		 2,
37
3
Op
ting
era
ex
pe
ns
es		 2,
154		 2,
03
0		 2,
03
6		 1,
2
77		 1,
78
9
Op
ting
ofi
t
era
pr		 1,
144		 55 -85
5		 163 58
4
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - -
Re
uri
str
uct
ng
ex
pe
ns
es		 - - - - 34
Pre
rof
it
-ta
x p		 1,
144		 55 -85
5		 163 0
55
Av
ital
loy
ed
era
g
e c
ap
em
p		 32
41
4
,		 31
54
6
,		 28
78
8
,		 28
188
,		 28
56
6
,
RW
A
(
End
of
Pe
rio
d
)		 24
8,
26
9		 23
9,
48
9		 24
4,
178		 23
6,
59
4		 22
2,
94
1
Co
/in
(
)
st
tio
%
co
me
ra		 59
.6%		 85
.9%		 127
.7%		 76
.5%		 69
.2%
Op
(
)
ting
ity
%
tur
era
re
n o
n e
qu		 14
.1%		 0.7
%		 -11
.9%		 2.3
%		 8.2
%
Re
ity
of
rof
it (
%
)
tur
-ta
n o
n e
qu
pre
x p		 14
.1%		 0.7
%		 -11
.9%		 2.3
%		 %
7.7

Private Customers

in
€ m		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12
Ne
t in
ter
t in
es
co
me		 49
2		 51
4		 49
7		 52
4		 45
3
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -41 -35 -34 53 -6
Ne
t in
t in
af
isio
ter
ter
es
co
me
pr
ov
ns		 45
1		 47
9		 46
3		 57
7		 44
7
Ne
mis
sio
n in
t c
om
co
me		 56
9		 45
5		 40
6		 32
4		 38
3
Ne
ad
ing
inc
nd
inc
n h
ed
ntin
t tr
net
om
e a
om
e o
g
e a
cc
ou
g		 1
-		 -2 8 -5 1
Ne
t in
t in
stm
ve
en
co
me		 1 1 -0 -4 2
Cu
d f
nt
inc
nie
nte
ing
th
ity
tho
d
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 6 5 5 3 7
Oth
inc
er
om
e		 -22 -14 43 15 -1
for
Re
be
e L
LP
ven
ues		 1,
04
5		 95
9		 95
9		 85
7		 84
5
Re
af
LL
P
ter
ven
ues		 1,
004		 92
4		 92
5		 91
0		 83
9
Op
ting
era
ex
pe
ns
es		 88
8		 84
5		 85
4		 80
1		 72
7
Op
ting
ofi
t
era
pr		 116 79 71 109 112
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - -
Re
uri
str
uct
ng
ex
pe
ns
es		 - - - - -
Pre
rof
it
-ta
x p		 116 79 71 109 112
Av
ital
loy
ed
era
g
e c
ap
em
p		 4,
00
3		 3,
88
6		 3,
86
8		 4,
00
9		 3,
78
3
RW
A
(
End
of
Pe
rio
d
)		 29
197
,		 27
05
2
,		 28
78
6
,		 27
36
9
,		 26
15
1
,
Co
/in
(
)
st
tio
%
co
me
ra		 85
.0%		 88
.1%		 89
.1%		 93
.5%		 86
.0%
Op
(
)
ting
ity
%
tur
era
re
n o
n e
qu		 11
.6%		 8.1
%		 7.3
%		 10
.9%		 11
.8%
Re
ity
of
rof
it (
%
)
tur
-ta
n o
n e
qu
pre
x p		 11
.6%		 8.1
%		 7.3
%		 10
.9%		 11
.8%

Mittelstandsbank

in
€ m		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12
Ne
t in
ter
t in
es
co
me		 53
4		 60
4		 54
9		 56
2		 54
2
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -11 28 -58 -14
9		 35
Ne
t in
t in
af
isio
ter
ter
es
co
me
pr
ov
ns		 52
3		 63
2		 49
1		 41
3		 57
7
Ne
t c
mis
sio
n in
om
co
me		 29
2		 27
9		 27
1		 27
4		 27
0
Ne
ad
ing
inc
nd
inc
n h
ed
ntin
t tr
net
om
e a
om
e o
g
e a
cc
ou
g		 18 -6 -1 -50 -13
Ne
t in
t in
stm
ve
en
co
me		 -10 -17 -10 -8 -1
Cu
inc
nie
d f
ing
th
ity
tho
d
nt
nte
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 2 5 2 2 -
Oth
inc
er
om
e		 1 -2 -5 1 -8
for
Re
be
e L
LP
ven
ues		 83
7		 86
3		 80
6		 78
1		 79
0
Re
af
LL
P
ter
ven
ues		 82
6		 89
1		 748 632 82
5
Op
ting
era
ex
pe
ns
es		 39
3		 37
7		 40
1		 34
3		 33
8
Op
ting
ofi
t
era
pr		 43
3		 51
4		 34
7		 28
9		 48
7
of
Imp
air
nts
dw
ill a
nd
bra
nd
me
g
oo
na
me
s		 - - - - -
Re
uri
str
uct
ng
ex
pe
ns
es		 - - - - -
Pre
rof
it
-ta
x p		 43
3		 51
4		 34
7		 28
9		 48
7
Av
ital
loy
ed
era
g
e c
ap
em
p		 23
8
7,		 6,
3
75		 6,
92
8		 6,
92
5		 97
5,
7
RW
A
(
End
of
Pe
rio
d
)		 65
31
0
,		 65
94
8
,		 67
51
1
,		 60
34
5
,		 54
00
2
,
Co
/in
(
)
st
tio
%
co
me
ra		 47
.0%		 43
.7%		 49
.8%		 43
.9%		 42
.8%
Op
ting
ity
(
%
)
tur
era
re
n o
n e
qu		 23
.9%		 30
.4%		 20
.0%		 16
.7%		 32
.6%
Re
ity
of
rof
it (
)
tur
-ta
%
n o
n e
qu
pre
x p		 23
.9%		 30
.4%		 20
.0%		 16
.7%		 32
.6%

Central & Eastern Europe

in
€ m		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12
Ne
t in
ter
t in
es
co
me		 137 147 150 139 120
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -27 -9 -26 -24 -18
Ne
t in
t in
af
isio
ter
ter
es
co
me
pr
ov
ns		 110 138 124 115 102
Ne
mis
sio
n in
t c
om
co
me		 48 50 48 41 50
Ne
ad
ing
inc
nd
inc
n h
ed
ntin
t tr
net
om
e a
om
e o
g
e a
cc
ou
g		 24 22 32 169 38
Ne
t in
t in
stm
ve
en
co
me		 -1 -0 6 -4 1
Cu
inc
nie
d f
ing
th
ity
tho
d
nt
nte
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 - - - - -
Oth
inc
er
om
e		 10 6 10 10 11
for
Re
be
e L
LP
ven
ues		 21
8		 22
5		 24
6		 35
5		 22
0
Re
af
LL
P
ter
ven
ues		 19
1		 21
6		 22
0		 33
1		 20
2
Op
ting
era
ex
pe
ns
es		 13
1		 133 130 137 115
Op
ting
ofi
t
era
pr		 60 83 90 194 87
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - -
Re
uri
str
uct
ng
ex
pe
ns
es		 - - - - -
Pre
rof
it
-ta
x p		 60 83 90 194 87
Av
ital
loy
ed
era
g
e c
ap
em
p		 1,
74
5		 1,
81
0		 1,
83
9		 1,
85
3		 1,
89
3
RW
A
(
End
of
Pe
rio
d
)		 16
08
4
,		 16
51
1
,		 16
21
1
,		 17
00
4
,		 16
71
1
,
Co
/in
(
)
st
tio
%
co
me
ra		 60
.1%		 59
.1%		 52
.8%		 38
.6%		 52
.3%
Op
(
)
ting
tur
ity
%
era
re
n o
n e
qu		 13
.8%		 18
.3%		 19
.6%		 41
.9%		 18
.4%
Re
ity
of
rof
it (
%
)
tur
-ta
n o
n e
qu
pre
x p		 13
.8%		 18
.3%		 19
.6%		 41
.9%		 18
.4%

Corporates & Markets

in
€ m		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12
Ne
t in
ter
t in
es
co
me		 160 22
5		 14
1		 30
6		 119
Pro
vis
ion
s f
loa
n lo
or
ss
es		 0 -31 -59 -56 -27
Ne
t in
t in
af
isio
ter
ter
es
co
me
pr
ov
ns		 160 194 82 25
0		 92
Ne
mis
sio
n in
t c
om
co
me		 48 92 78 82 83
Ne
ad
ing
inc
nd
inc
n h
ed
ntin
t tr
net
om
e a
om
e o
g
e a
cc
ou
g		 45
6		 37
0		 20
2		 41 195
Ne
t in
t in
stm
ve
en
co
me		 4 26 4 -4 3
Cu
inc
nie
d f
ing
th
ity
tho
d
nt
nte
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 - 11 2 2 6
Oth
inc
er
om
e		 11 -14 21 -30 -9
for
Re
be
e L
LP
ven
ues		 67
9		 71
0		 44
8		 39
7		 39
7
Re
af
LL
P
ter
ven
ues		 67
9		 67
9		 38
9		 34
1		 37
0
Op
ting
era
ex
pe
ns
es		 43
9		 39
8		 35
4		 31
4		 34
0
Op
ting
ofi
t
era
pr		 24
0		 28
1		 35 27 30
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - -
Re
uri
str
uct
ng
ex
pe
ns
es		 - - - - -
Pre
rof
it
-ta
x p		 24
0		 28
1		 35 27 30
Av
ital
loy
ed
era
g
e c
ap
em
p		 4,
20
4		 3,
77
7		 3,
49
5		 3,
75
1		 3,
24
4
RW
A
(
End
of
Pe
rio
d
)		 40
28
7
,		 36
66
1
,		 37
104
,		 35
56
4
,		 32
31
0
,
Co
/in
(
)
st
tio
%
co
me
ra		 64
.7%		 56
.1%		 79
.0%		 79
.1%		 85
.6%
Op
(
)
ting
tur
ity
%
era
re
n o
n e
qu		 22
.8%		 29
.8%		 4.0
%		 2.9
%		 3.7
%
Re
ity
of
rof
it (
%
)
tur
-ta
n o
n e
qu
pre
x p		 22
.8%		 29
.8%		 4.0
%		 2.9
%		 3.7
%

Asset Based Finance

in
€ m		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12
Ne
t in
t in
ter
es
co
me		 29
6		 25
6		 24
0		 22
9		 20
6
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -24
1		 -23
3		 -25
4		 -17
9		 -17
9
Ne
t in
t in
af
isio
ter
ter
es
co
me
pr
ov
ns		 55 23 -14 50 27
Ne
t c
mis
sio
n in
om
co
me		 81 87 69 23 63
Ne
ad
ing
inc
nd
inc
n h
ed
ntin
t tr
net
om
e a
om
e o
g
e a
cc
ou
g		 86
-		 52 -40 197 -21
5
Ne
t in
t in
stm
ve
en
co
me		 -42 -93
6		 -1,
37
0		 -1,
45
1		 -20
3
Cu
inc
nie
d f
ing
th
ity
tho
d
nt
nte
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 -8 -7 1 6 -1
Oth
inc
er
om
e		 16 4 3 -52 33
Re
s b
efo
LL
P
ven
ue
re		 25
7		 -54
4		 -1,
09
7		 -1,
04
8		 -11
7
Re
fte
r L
LP
ven
ue
s a		 16 -77
7		 -1,
35
1		 -1,
22
7		 -29
6
Op
ting
era
ex
pe
ns
es		 154 144 143 132 129
Op
ting
ofi
t
era
pr		 -13
8		 -92
1		 -1,
49
4		 -1,
35
9		 -42
5
of
Imp
air
nts
dw
ill a
nd
bra
nd
me
g
oo
na
me
s		 - - - - -
Re
uri
str
uct
ng
ex
pe
ns
es		 - - - - 34
Pre
rof
it
-ta
x p		 -13
8		 -92
1		 -1,
49
4		 -1,
35
9		 -45
9
Av
ital
loy
ed
era
g
e c
ap
em
p		 166
7,		 6,
62
0		 6,
84
5		 6,
81
7		 6,
45
0
RW
A
(
End
of
Pe
rio
d
)		 73
58
0
,		 71
38
4
,		 73
178
,		 70
59
2
,		 68
54
2
,
Co
/in
tio
(
%
)
st
co
me
ra		 59
.9%		 n/a n/a n/a n/a
Op
ting
ity
(
%
)
tur
era
re
n o
n e
qu		 -7.
7%		 -55
.6%		 -87
.3%		 -79
.7%		 -26
.4%
Re
ity
of
rof
it (
)
tur
-ta
%
n o
n e
qu
pre
x p		 7.7
%
-		 -55
.6%		 -87
.3%		 -79
.7%		 -28
.5%

Portfolio Restructuring Unit

in
€ m		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12
Ne
t in
ter
t in
es
co
me		 5 13 7 24 5
Pro
vis
ion
s f
loa
n lo
or
ss
es		 1 3 17 -26 -16
Ne
t in
t in
af
isio
ter
ter
es
co
me
pr
ov
ns		 6 16 24 -2 -11
Ne
mis
sio
n in
t c
om
co
me		 0 0 -0 0 0
Ne
ad
ing
inc
nd
inc
n h
ed
ntin
t tr
net
om
e a
om
e o
g
e a
cc
ou
g		 61 72 -21
9		 -22 169
Ne
t in
t in
stm
ve
en
co
me		 18 -7 -0 -7 17
Cu
d f
nt
inc
nie
nte
ing
th
ity
tho
d
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 - - - - -
Oth
inc
er
om
e		 -0 -1 -0 -6 1
for
Re
be
e L
LP
ven
ues		 84 77 -21
2		 -11 192
Re
af
LL
P
ter
ven
ues		 85 80 -19
5		 -37 176
Op
ting
era
ex
pe
ns
es		 22 16 17 8 12
Op
ting
ofi
t
era
pr		 63 64 -21
2		 -45 164
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - -
Re
uri
str
uct
ng
ex
pe
ns
es		 - - - - -
Pre
rof
it
-ta
x p		 63 64 -21
2		 -45 164
Av
ital
loy
ed
era
g
e c
ap
em
p		 1,
159		 1,
128		 97
8		 1,
53
3		 1,
70
4
RW
A
(
End
of
Pe
rio
d
)		 9,
31
6		 8,
84
1		 9,
23
8		 10
2
77
,		 9,
50
4
Co
/in
(
)
st
tio
%
co
me
ra		 26
.2%		 20
.8%		 n/a n/a 6.2
%
Op
(
)
ting
ity
%
tur
era
re
n o
n e
qu		 21
.7%		 22
.7%		 -86
.7%		 -11
.7%		 38
.5%
Re
ity
of
rof
it (
%
)
tur
-ta
n o
n e
qu
pre
x p		 21
.7%		 22
.7%		 -86
.7%		 -11
.7%		 38
.5%

Others & Consolidation

in
€ m		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 Q
1
20
12
Ne
t in
t in
ter
es
co
me		 103 31 5 -16
6		 -16
Pro
vis
ion
s f
loa
n lo
or
ss
es		 1 -1 1 0 -1
Ne
t in
t in
af
isio
ter
ter
es
co
me
pr
ov
ns		 104 30 6 -16
6		 -17
Ne
mis
sio
n in
t c
om
co
me		 -18 -35 -28 -41 -6
Ne
ad
ing
inc
nd
inc
n h
ed
ntin
t tr
net
om
e a
om
e o
g
e a
cc
ou
g		 47 68 37
1		 20
8		 28
2
Ne
t in
stm
t in
ve
en
co
me		 42 -21 103 76 5
Cu
inc
nie
d f
ing
th
ity
tho
d
nt
nte
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 - -1 6 -0 -1
Oth
inc
er
om
e		 32
2		 31 -13 90
8		 -6
Re
s b
efo
LL
P
ven
ue
re		 49
6		 73 44
4		 98
5		 25
8
Re
fte
r L
LP
ven
ue
s a		 49
7		 72 44
5		 98
5		 25
7
Op
ting
era
ex
pe
ns
es		 127 117 137 37 128
Op
ting
ofi
t
era
pr		 37
0		 -45 30
8		 94
8		 129
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - -
Re
uri
str
uct
ng
ex
pe
ns
es		 - - - - -
rof
Pre
-ta
it
x p		 37
0		 -45 30
8		 94
8		 129
Av
ital
loy
ed
era
g
e c
ap
em
p		 6,
89
8		 2
7,
57		 4,
83
4		 3,
30
2		 51
6
5,
RW
A
(
End
of
Pe
rio
d
)		 14
49
3
,		 13
09
1
,		 12
150
,		 14
94
7
,		 15
72
1
,

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

* 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

More from Commerzbank AG

Capital/Financing Update 2026
May 22
Capital/Financing Update 2026
May 22
Declaration of Voting Results & Voting Rights Announcements 2026
May 20
Major Shareholding Notification 2026
May 20
Capital/Financing Update 2026
May 19
Capital/Financing Update 2026
May 19
M&A Activity 2026
May 18
Major Shareholding Notification 2026
May 18
Major Shareholding Notification 2026
May 15
M&A Activity 2026
May 11
View all filings →