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Commerzbank AG Investor Presentation 2021
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Investor Presentation
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COMMERZBANK
Transformation well on track – FY positive net result expected
Analyst conference – Q3 2021
4 November 2021
Commerzbank, Manfred Knof, CEO and Bettina Orlopp, CFO, Frankfurt
All figures in this presentation are subject to rounding
Manfred Knof
CEO
4 November 2021
Commerzbank, Manfred Knof, CEO, Frankfurt
Transformation progress in line with plan after 9M
4 November 2021
Commerzbank, Manfred Knof, CEO, Frankfurt
Transformation milestones on track
Development of transformation KPI largely in line with plan
Revenues of €6.4bn 3.3% above previous year
Low risk result of €257m – FY guidance improved to < €700m
Costs of €5.1bn in line with FY target of €6.5bn (excluding €200m write-off in Q2)
Good operating result of €1bn and net result of €9m despite restructuring charges
Capital with CET1 ratio at 13.5% better than planned
Delivery at or above original expectation
Good achievements in all strategic dimensions
4 November 2021
Commerzbank, Manfred Knof, CEO, Frankfurt
Customer-centric
Confirmed as leading trade finance bank by German corporates
Launch of centralised advisory centres for private customers
Sustainable
€1.2bn green mortgages in Q3 – already more than ¼ of new mortgages
Digital
Ranked as safest online bank in 2021 in Germany
Go live of digital signature in CC
Profitable
Revenues from deposits stabilised by active deposit management and increased deposit pricing
4 November 2021
Commerzbank, Manfred Knof, CEO, Frankfurt
Half-way mark in personnel reduction already reached
Gross FTE reduction
>50% of gross reduction of ~10,000 FTE already ensured in a socially responsible way
Key transformation KPIs ahead of plan
Highlights
CC
Credit Risk Weighted Assets with efficiency <3% improved from 31% to 30%
PSBC
Customer and revenue churn so far lower than expected despite accelerated branch closures and pricing initiatives
Operations & Head Office
IT capacity in nearshoring locations increased to 18% – ~1/3 of planned increase already realised
Strategy implementation agenda 2021 on track
4 November 2021
Commerzbank, Manfred Knof, CEO, Frankfurt
Bettina Orlopp
CFO
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4 November 2021
Q3 with good operating performance
| Operating result of €472m in Q3 and €1,042m YtD | Stable underlying NII QoQ as expected | Costs of €1,513m in line with target | Low risk result of €22m confirms high asset quality | Strong CET1 ratio at 13.5% |
|---|---|---|---|---|
| Net result of €403m includes booking of €76m restructuring charges | Increase in underlying NCI by 7% YoY | Overall level of Top Level Adjustment (TLA) nearly unchanged at €496m | Buffer to MDA further improved to ~410bp | |
| Increase in provisions for CHF mortgages by €95m to €472m | NPE ratio stable at 0.8% |
Financials developing in line with strategy
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Strong operating result and CET1 ratio in first 9 months
Revenues
(€m)
Costs
(€m)
Risk result
(€m)
Operating result
(€m)
Net result¹
(€m)
CET1 ratio²
(%)
1) Consolidated result attributable to Commerzbank shareholders and investors in additional equity components
2) Capital reduced by potential (fully discretionary) AT1 coupons
4 November 2021
Only minor exceptional revenue items in Q3
| 2020 (€m) | Revenues | ||
|---|---|---|---|
| Q1 | Hedging & valuation adjustments | -160 | -172 |
| PPA Consumer Finance (PSBC) | -13 | ||
| Q2 | Hedging & valuation adjustments | 49 | -5 |
| PPA Consumer Finance (PSBC) | -12 | ||
| Fine UK Financial Conduct Auth. (CC) | -41 | ||
| Q3 | Hedging & valuation adjustments | -51 | -62 |
| PPA Consumer Finance (PSBC) | -11 | ||
| Q4 | Hedging & valuation adjustments | -9 | -19 |
| PPA Consumer Finance (PSBC) | -10 | ||
| FY | -258 | ||
| 2021 (€m) | Revenues | ||
| --- | --- | --- | --- |
| Q1 | Hedging & valuation adjustments | 67 | 184 |
| PPA Consumer Finance (PSBC) | -9 | ||
| TLTRO benefit (O&C) | 126 | ||
| Q2 | Hedging & valuation adjustments | 10 | -22 |
| PPA Consumer Finance (PSBC) | -8 | ||
| TLTRO benefit (O&C) | 42 | ||
| Prov. re judgement on pricing of acc. (PSBC) | -66 | ||
| Q3 | Hedging & valuation adjustments | 32 | -9 |
| PPA Consumer Finance (PSBC) | -8 | ||
| Prov. re judgement on pricing of acc. (PSBC) | -33 |
9M
153
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Group operating result
(€m)
Highlights Q3
YoY increase in operating result driven by solid revenues and lower risk result
Restructuring charges increased by €76m to €1,052m with ~€90m still to be booked until YE 2022
Group P&L
| in €m | Q3 2020 | Q2 2021 | Q1 2022 | 9M 2020 | 9M 2021 |
|---|---|---|---|---|---|
| Revenues | 2,033 | 1,862 | 2,006 | 6,158 | 6,360 |
| Exceptional items | -62 | -22 | -9 | -239 | 153 |
| Revenues excl. exceptional items | 2,095 | 1,884 | 2,015 | 6,397 | 6,207 |
| o/w Net interest income | 1,226 | 1,131 | 1,146 | 3,841 | 3,406 |
| o/w Net commission income | 813 | 860 | 873 | 2,482 | 2,692 |
| o/w Net fair value result | 117 | 115 | 129 | 146 | 537 |
| o/w Other income | -61 | -222 | -132 | -73 | -428 |
| Risk result | -272 | -87 | -22 | -1,067 | -257 |
| Operating expenses | 1,521 | 1,704 | 1,485 | 4,551 | 4,658 |
| Compulsory contributions | 72 | 39 | 27 | 445 | 402 |
| Operating result | 168 | 32 | 472 | 94 | 1,042 |
| Restructuring expenses | 201 | 511 | 76 | 201 | 1,052 |
| Pre-tax profit discontinued operations | -11 | - | - | 40 | - |
| Pre-tax profit Commerzbank Group | -43 | -478 | 396 | -67 | -10 |
| Taxes on income | 3 | 40 | -6 | 65 | -49 |
| Minority interests | 15 | 8 | -1 | 36 | 30 |
| Net result | -60 | -527 | 403 | -168 | 9 |
| CIR (excl. compulsory contributions) (%) | 74.8 | 91.5 | 74.0 | 73.9 | 73.2 |
| CIR (incl. compulsory contributions) (%) | 78.3 | 93.6 | 75.4 | 81.1 | 79.6 |
| Net RoTE (%) | -1.5 | -9.3 | 5.8 | -1.2 | -0.7 |
| Operating RoCET (%) | 2.7 | 0.5 | 7.9 | 0.5 | 5.8 |
Revenues from customer business on track
Low Q3 tax rate based on 9M pre-tax loss
NFV in line with previous quarters
Other income mainly reflects provisions for CHF mortgages in Poland
4 November 2021
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Strong NCI from securities business
Underlying net commission income
(€m)
Highlights Q3
NCI in PSBC (+13% YoY) reflects strong securities business continuing to benefit from increased securities volume in custody
Good trading volume but below exceptional Q1
Commission income in CC stable YoY – increase QoQ from improvements in transaction banking and bonds business
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Stable underlying net interest income in Q3
Underlying net interest income
(€m)
Highlights Q3
QoQ increased NII in PSBC Germany with higher contributions from the loan business and also deposits due to increased deposit pricing
QoQ better NII in CC with higher contributions from deposits and stable contributions from loans
TLTRO benefits (€126m in Q1, €42m in Q2) reported as exceptional revenue items
4 November 2021
Forward rates imply >€200m extra revenues vs. plan in 2024
EUR interest rates
Nil from EUR deposits (excl. NII from deposit pricing) (€m)
Forward curves 09/2021
~€300m lower revenues from deposits in 2024
2024 revenues from deposits on a good way back to 2020 level
Highlights
Higher long-term rates would support NII from modelled deposits
Higher short-term rates would benefit non-modelled deposits – stabilisation effects of deposit pricing while short-term rates stay low
Recent rate hike in PLN also not anticipated in Strategy 2024
Note: constant deposit volume assumed
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4 November 2021
Operating expenses excluding Q2 one-off on track
14
Operating expenses (excl. Q2 one-off) (€m)
Compulsory contributions (€m)
Total expenses (€m)
Highlights
Personnel expenses benefit from a ~1,200 net FTE reduction YoY to 38,432 – partly offset by wage adjustments and higher variable compensation
Decrease in administrative expenses for advertising, regular depreciation and travel
YtD ~€360m investment spending on digitalisation, IT infrastructure and regulatory topics
Total expenses burdened by one-time write-off for the stop of securities outsourcing project in Q2
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Resilient loan portfolio
Risk result (€m)
Risk result divisional split
| Risk Result in €m | Q3 2020 | Q2 2021 | Q3 2021 | 9M 2020 | 9M 2021 |
|---|---|---|---|---|---|
| Private and Small Business Customers | -130 | -62 | 1 | -444 | -125 |
| Corporate Clients | -120 | 13 | -29 | -575 | -68 |
| Others & Consolidation | -22 | -37 | 6 | -49 | -63 |
| Group | -272 | -87 | -22 | -1,067 | -257 |
| NPE in €bn | |||||
| --- | --- | --- | --- | --- | --- |
| Private and Small Business Customers | 2.0 | 2.0 | 1.9 | 2.0 | 1.9 |
| Corporate Clients | 2.3 | 2.2 | 2.2 | 2.3 | 2.2 |
| Others & Consolidation | 0.4 | 0.2 | 0.2 | 0.4 | 0.2 |
| Group | 4.7 | 4.5 | 4.3 | 4.7 | 4.3 |
| Group NPE ratio (in %) | 0.9 | 0.8 | 0.8 | 0.9 | 0.8 |
| Group CoR (bps) | 29 | 10 | 7 | 29 | 7 |
| Group CoR on Loans (CoRL) (bps) | 53 | 18 | 13 | 53 | 13 |
Highlights Q3
Risk result on a low level with few individual cases
NPE ratio stable at 0.8%
After review and inclusion of secondary effects, overall level of TLA nearly unchanged at €496m
Risk result of CC reflects net increase in TLA covering secondary effects of pandemic
In PSBC reduction of TLA in Germany offsets normal run-rate in mBank
PSBC: continued growth & expansion of deposit pricing
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Loan and securities volumes (Germany)
(€bn eop)
Deposits (Germany)
(€bn eop)
Highlights Q3
Increase in securities volume from inflow of €3bn net new money
Successful reduction in deposit volumes to €146bn
German mortgage business up 7% YoY to €90bn
Consumer finance book stable at €3.9bn
In August allowance for deposit pricing was reduced from €100k to €50k for new customers – existing customers are addressed on an individual basis
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Further revenue increase in PSBC
Operating result (€m)
Segmental P&L PSBC
| In €m | Q3 2020 | Q2 2021 | Q3 2021 | 9M 2020 | 9M 2021 |
|---|---|---|---|---|---|
| Revenues | 1,153 | 1,129 | 1,176 | 3,644 | 3,634 |
| Exceptional items | -11 | -71 | -43 | -38 | -123 |
| Revenues excl. exceptional items | 1,163 | 1,200 | 1,219 | 3,682 | 3,757 |
| o/w Private Customers | 682 | 692 | 736 | 2,104 | 2,193 |
| o/w Small Business Customers | 207 | 204 | 209 | 622 | 623 |
| o/w mBank | 227 | 254 | 223 | 805 | 786 |
| o/w Commerz Real | 47 | 50 | 51 | 150 | 155 |
| Risk result | -130 | -62 | 1 | -444 | -125 |
| Operating expenses | 872 | 866 | 850 | 2,596 | 2,568 |
| Compulsory contributions | 67 | 63 | 27 | 268 | 254 |
| Operating result | 83 | 138 | 299 | 337 | 687 |
| RWA (end of period in €bn) | 48.1 | 53.2 | 53.5 | 48.1 | 53.5 |
| CIR (excl. compulsory contributions) (%) | 75.7 | 76.7 | 72.3 | 71.2 | 70.7 |
| CIR (incl. compulsory contributions) (%) | 81.5 | 82.3 | 74.6 | 78.6 | 77.7 |
| Operating return on equity (%) | 5.8 | 8.9 | 18.8 | 7.9 | 15.0 |
| Legal provisions on CHF loans of mBank | -71 | -55 | -95 | -116 | -164 |
| Operating result ex legal provisions on CHF loans | 154 | 193 | 394 | 453 | 850 |
Highlights Q3
YoY 5% increase in underlying revenues driven by 8% better revenues in the client group Private Customers with strong securities business and loan growth
YoY improvement in operating result additionally supported by risk result
Net reduction of customer base by 115k – customer and revenue churn below expectation
mBank YoY with growing NCI and NII nearly offsetting higher provisions for CHF loans (addition of €95m in Q3 2021 vs. €71m in Q3 2020) – outstanding volume of CHF loans at €2.4bn and legal reserves at €472m
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
18
CC: ongoing increase in priced deposits
Loan volume Corporates
(quart. avg. €bn | Mittelstand and International Corporates)
Deposits
(quart. avg. €bn)
Highlights Q3
Quarterly average loan volume largely stable
Increase in deposits driven by high liquidity and less investment activity, however fully priced
Average RWA efficiency of corporates portfolio stable at 5.0%
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Improved revenues in all CC client groups
Operating result (€m)
Segmental P&L CC
| in €m | Q3 2020 | Q2 2021 | Q3 2021 | 9M 2020 | 9M 2021 |
|---|---|---|---|---|---|
| Revenues | 773 | 769 | 781 | 2,297 | 2,377 |
| Exceptional items | -21 | 11 | 15 | -113 | 43 |
| Revenues excl. exceptional items | 794 | 758 | 766 | 2,410 | 2,333 |
| o/w Mittelstand | 430 | 431 | 437 | 1,303 | 1,310 |
| o/w International Corporates | 229 | 187 | 200 | 703 | 614 |
| o/w Institutionss | 116 | 115 | 138 | 401 | 388 |
| o/w others | 19 | 25 | -10 | 3 | 22 |
| Risk result | -120 | 13 | -29 | -575 | -68 |
| Operating expenses | 576 | 559 | 531 | 1,734 | 1,652 |
| Compulsory contributions | 4 | -19 | - | 110 | 95 |
| Operating result | 73 | 242 | 221 | -123 | 561 |
| RWA (end of period in €bn) | 93.2 | 83.1 | 79.5 | 93.2 | 79.5 |
| CIR (excl. compulsory contributions) (%) | 74.5 | 72.7 | 68.0 | 75.5 | 69.5 |
| CIR (incl. compulsory contributions) (%) | 75.0 | 70.2 | 68.0 | 80.3 | 73.5 |
| Operating return on equity (%) | 2.6 | 9.8 | 9.1 | -1.4 | 7.5 |
Highlights Q3
Mittelstand and Institutions with higher revenues YoY and QoQ benefitting from better transaction banking
International Corporates with lower revenues YoY in line with strategy – increase QoQ from improved capital markets business as well as better transaction banking
Positive YtD in Others reduced by valuation effects and restructuring of legacy positions in Q3
YoY €14bn lower RWA mainly driven by €9bn credit RWA efficiency measures and €4bn lower operational risk RWA
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
O&C result in line with expectations
Segmental P&L O&C
| in €m | Q3 2020 | Q2 2021 | Q3 2021 | 9M 2020 | 9M 2021 |
|---|---|---|---|---|---|
| Revenues | 107 | -37 | 49 | 217 | 349 |
| Exceptional items | -31 | 38 | 19 | -88 | 232 |
| Revenues excl. exceptional items | 138 | -74 | 30 | 305 | 117 |
| o/w Net interest income | 150 | 106 | 61 | 555 | 253 |
| o/w Net commission income | -11 | -12 | -20 | -29 | -45 |
| o/w Net fair value result | -27 | -13 | 46 | -186 | 180 |
| o/w Other income | 26 | -155 | -56 | -35 | -271 |
| Risk result | -22 | -37 | 6 | -49 | -63 |
| Operating expenses | 73 | 279 | 104 | 221 | 439 |
| Compulsory contribution | - | -6 | - | 67 | 53 |
| Operating result | 12 | -347 | -49 | -120 | -206 |
| RWA (end of period in €bn) | 42.0 | 41.3 | 42.2 | 42.0 | 42.2 |
Highlights Q3
Operating result driven by lower valuations at CommerzVentures
Lower NII largely offset by better NFV
YoY Other income reflects fluctuations in hedge accounting
20
Robust CET1 ratio of 13.5% and buffer to MDA of ~410bp
^{}[]
RWA development by risk types
(€bn eop)
Transition of CET1 ratio
(%)
Highlights Q3
Credit RWA €1bn lower QoQ driven by reduced volumes, rating improvements and increased collateral in Corporate Clients
Increase in operational risk RWA due to switch from internal model to standardised approach formalised in Q4
Reduced market risk RWA from position changes
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Improved outlook 2021
Note: Expectations are based on the assumption that there is no fundamental change affecting the CHF loan portfolio at mBank
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
23
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Appendix
2021 Strategy KPI 25
German economy 26
Corona and risk related information
KfW loan demand 27
Commerzbank's risk provisions related to stages 28
Retail, Travel related industries and Automotive & mechanical engineering 29-31
Residential mortgage business 32
Corporate responsibility
Renewable energy portfolio 33
ESG ratings 34
Commerzbank Group
Commerzbank financials at a glance 35
Key figures Commerzbank share 36
Loan and deposit volumes 37
Scenario: NII sensitivity 38
Funding & rating
Commerzbank's MREL requirements 39
Distance to MDA 40
Capital markets funding 41
Rating overview 42
Capital management
IAS 19: Pension obligations 43
FX impact on CET1 ratio 44
Group equity composition 45
P&L tables
Commerzbank Group 46
Private and Small Business Customers 47
mBank 48
Corporate Clients 49
Others & Consolidation 50
Exceptional revenue items by segment 51
Glossary 52
Contacts & Financial calendar 53
Disclaimer 54
2021 Strategy KPI
| KPI | YE 2020 | Q1 2021 | H1 2021 | 9M 2021 | Target 2021 | |
|---|---|---|---|---|---|---|
| PSBC | Domestic locations (#) | ~800 (thereof ~600 open to customers) | ~800 (thereof ~600 open to customers) | ~800 (thereof ~600 open to customers) | ~800 (550 expect. at YE) | 600 |
| Active digital banking users (%) | 66 | 68 | 68 | 69 | 67 | |
| Loan and securities volumes (GER | €bn) | 290 | 307 | 319 | 325 | 310 |
| Net FTE reduction vs. YE 2020 (#) | - | 257 | 414 | 493 (~1,700 locked in) | 1,100 | |
| CC | International locations exited (#) | - | in preparation | in preparation | 4 | 3 |
| Digital banking users activated (%) | - | launch in preparation | launch in preparation | in preparation | 10 | |
| Portfolio with RWA efficiency < 3% (%) | 34 | 33 | 31 | 30 | 32 | |
| Net FTE reduction vs. YE 2020 (#) | - | 105 | 145 | 244 (~400 locked in) | 300 | |
| Operations & Head Office | IT capacity in nearshoring locations (%) | 14 | 15 | 17 | 18 | 20 |
| Apps on cloud (%) | 32 | 33 | 34 | 36 | 50 (~6M delayed) | |
| Reduction of external staff (#) | Reduction starts in 2022 | |||||
| Net FTE reduction vs. YE 2020 (#) | - | 276 | 232 | 293 (~450 locked in) | 100 |
4 November 2021
Commerzbank, Manfred Knof, CEO, Frankfurt
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
German economy 2021/2022 – Upswing stutters
DAX
(avg. p.a.)
3m-Euribor
(avg. p.a. | %)
GDP
(change vs. previous year | %)
2.2 1.8 2.7 2.6 1.1 1.8 1.1 1.2
-4.5 -7.3
2016 2017 2018 2019 2020 2021e 2022e
Current development
The German economy has grown strongly again in the third quarter, as many service sectors continued to benefit from the extensive easing of the Corona restrictions.
By contrast, the economy is being held back by the continuing bottlenecks in supply chains. Because of this, many manufacturers have cut back their production despite a very good order situation.
As a result, many growth forecasts for this year have been lowered. We currently expect real GDP growth of 2.5%.
The situation on the labor market has improved until recently, with many companies creating new jobs again. However, despite a decline in recent months, the seasonally adjusted number of unemployed is still around 250 thousand higher than before the crisis. In addition, there are probably still a good 600 thousand people on short-time work.
Our expectation for 2021 and 2022
In the final quarter of 2021 and the first quarter of the coming year, the German economy at best is likely to only slightly expand:
- As the recovery is well advanced in many service sectors, the respective growth rates are likely to return to normal. Some sectors are likely to suffer from the infection figures, which are expected to rise again, even though a renewed lockdown is unlikely.
- The bottlenecks in the supply chains are likely to continue to weigh on industrial production.
From the spring of next year we expect the problems in the supply chains to be gradually overcome and infection figures to fall with the warmer temperatures. This should give the economy renewed momentum, especially as monetary and fiscal policy remain largely expansionary. For Germany, we expect growth of 4.8% in 2022.
One risk factor is the further development in China. Demand there is likely to weaken further in view of tighter monetary policy, thus slowing industrial activity worldwide.
26
Continued moderate demand for KfW loans by customers
Government guaranteed loans
(€bn Germany)
Highlights Q3
In Q3 continued moderate drawings of small business customers in PSBC for KfW loans
No increase in drawings in CC
Application for new KfW loans possible until 31 December 2021
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Risk coverage nearly stable in all stages
Exposure¹
(€bn, excluding mBank)
Risk provisions
(€m, excluding mBank)
Highlights Q3
Increase of exposure in Q3 2021 mainly in stage 1
Risk provision slightly decreased in Q3 2021
After review and inclusion of secondary effects, overall level of TLA nearly unchanged at €496m
TLA increases the effective coverage of our credit portfolio mainly in stage 2
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Retail industry
Portfolio reduced by €0.5bn in Q3 – share of 1.3% of overall portfolio
by sub-portfolios (€bn)
Food retailing
Home improvement / furnitures
Specialists
Mail order, fashion, clothing
by region
Germany
Western Europe
North America
Asia
by maturity
<1 year
1 to 5 years
>5 years
- Overall stable sector due to high proportion of food retailing and drugstores (food retailing with 10-15% non food revenues). Top 10 borrower units represent 59% of sector EaD
- Retail industry: fierce predatory competition in all segments by price and investments in shop modernisation. Online is gaining market share at the expense of the stationary retailers. Since we see the customers of the future as "hybrid", omnichannel can be the answer to the concept question
- In crisis: food retailing winner due to stay-at-home effect and lockdown of competitors in non food. Fashion: most severely affected. The failure of the Christmas, winter and Easter business hits this sub-segment hard. Home improvement/DIY/ Consumer electronics/Sports benefit from "cocooning impact", shift in consumer preferences and "home office"
- After lockdown: all segments with promising development
- Liquidity: still satisfactory
- Future risks are rising prices for raw materials, energy and logistics costs, interruption of the supply chain and cyber risk attacks
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Travel related industries
Portfolio reduced by €0.4bn in Q3 – share of only 0.8% of overall portfolio
by sub-portfolios (€bn)
Airlines
Cruise liners
Hotels
Tour operators
by region
Germany
Western Europe
North America
Asia
Rest of world
by maturity
<1 year
1 to 5 years
>5 years
- Airlines (€ 2.0bn): Portfolio consists of €1.7bn secured aircraft financing and €0.3bn corporate exposure. Corona has hit the airline industry in an unprecedented extent. The crisis has a sustainable impact, but the general global trend for travel and mobility should be intact once the situation has improved. Full recovery is uncertain, but currently expected to take until 2024
- Cruise liners (€0.8bn): After CDC lifted the no-sail order, cruise industry slowly restarted operations. The two industry leaders CCL and RCL are aiming to have 80% of their ships operating by the end of the year, NCL is expecting to have 66% running. The restart of the industry is causing increased ramp-up costs, which can be compensated with inflowing customer deposits for future cruises. The industry is expected to be at full capacity by mid 2022, which is underpinned by strong bookings for the upcoming season
- Hotels (€0.7bn): Most hotels have reopened since lift of lockdown. Recovery is expected through: 1) implementation of 2G/3G-concept and 2) increasing vaccination rates. Return to pre-Corona level seems realistic for leisure hotels, while business hotels will suffer longer from negative Corona impact and existing project pipeline (oversupply)
- Tour operators (€0.4bn): Mix of state support and use of KfW programs. Currently we see a slow restart of business. Achievement of pre-Corona level will take time
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Automotive & mechanical engineering
Portfolio reduced by €0.7bn in Q3 – share of 3.8% of overall portfolio
by sub-portfolios (€bn)
Car parts supplier
Automotive OEM
Automotive wholesale & retail
Machinery
by region
Germany
Western Europe
North America
Asia
Middle & Eastern Europe
by maturity
<1 year
1 to 5 years
>5 years
Automotive: Major share of complete automotive EaD is rated investment grade (84%).
- Despite ongoing recovery of demand very challenging market environment, high backlog in vehicle production and temporary plant shutdowns, mainly due to global supply shortages for automotive semiconductors, other pre-products and raw materials, leading to modified call-off orders.
- Vulnerable supply chains, rising material prices, increased freight rates and also energy costs are hitting profitability with significant impact on liquidity, mainly at car part supplier side. Requirements caused by strong transformation process (switch from combustion engine to e-mobility) are remaining meanwhile.
- Overall disrupting impact on production process threatens recovery of automotive sector, return to pre-crisis level not expected before 2023.
Mechanical engineering: Overall stable sector due to highly diversified portfolio with different impact of Corona induced crisis on portfolio subgroups. Biggest subgroup Machine Tools representing less than 10% of all client groups and top 10 clients approx. 20% of EaD
- Difficult market even before Corona in subsectors with high exposure to automotive sector but for sector as a whole no severe impact expected due to well-filled order books, improving order income in recent months and sufficient liquidity
- Market environment recovered from Q4/2020 onwards. However, shortage of raw materials are having a negative impact on the overall sector and threaten recovery
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Residential mortgage business and property prices
German residential properties
(index values)
- Owner occupied housing
- Single family houses
- Condominiums
- Multi family houses
Prices of houses and flats, existing stock and newly constructed dwellings, averages
Overall mortgage portfolio
- Growing mortgage volume with unchanged risk quality:
- 12/17: EaD €75.2bn – RD 9bp
- 12/18: EaD €81.0bn – RD 9bp
- 12/19: EaD €86.6bn – RD 8bp
- 12/20: EaD €95.1bn – RD 7bp
- 03/21: EaD €98.4bn – RD 7bp
- 06/21: EaD €99.1bn – RD 7bp
-
09/21: EaD €101.4bn – RD 7bp
-
Rating profile with a share of 92% in investment grade ratings
-
Vintages of recent years developed more favorably so far and NPEs remain at a low level
-
Due to risk-oriented selection very low RD
- As a consequence of low interest rates, repayment rates remain on a very high level
- Average “Beleihungsauslauf” (BLA) in new business of 84% in Q3 2021. German BLA is more conservative than the internationally used LtV definition due to the application of the strict German Pfandbrief law
Risk parameters unchanged, impact of pandemic so far negligible
4 November 2021
Development of renewable energy portfolio
Renewable Energies (RE) project finance portfolio (EaD, €bn eop)
Global footprint of Renewable Energy financing
Offshore:
Commerzbank active globally as MLA¹ and lender with offshore projects in Germany, France, Belgium, UK and Taiwan
International RE project finance:
amongst others UK, France, Spain, US, Italy and Chile
Core market Germany:
55% of portfolio in Germany
Renewable Energy portfolio
55% invested in Germany
45% invested globally
1) MLA = Mandated Lead Arranger
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4 November 2021
Above-average ESG ratings prove that we are on the right track
MSCI
ESG Rating
- Double A rated in the upper part of the MSCI ESG rating scale
- Above-average positions in terms of private & data security, financial product safety, human capital and financing environmental impact
SUSTAINALYTICS
ESG Risk Rating
- Commerzbank is at medium risk of experiencing material financial impacts from ESG factors (score of 24.1 / 100 with 0 being the best)
- Very well positioned above industry average on the 1st quantile
ISS ESG
ESG Corporate Rating
- Rated in the ISS ESG Prime Segment – top 10% of industry group
- Excellent ratings especially in the categories environmental management, corporate governance and business ethics
ISS
ESG QualityScores
- Commerzbank assigned with low ESG risks by ISS ESG QualityScores
- Social QualityScore 1, Environmental Score 2, Governance QualityScore 3
CDP
Climate Change Rating
- Commerzbank's rating is above-average of the financial sector (C)
- Positioned as “Sector Leader Financials” in DACH region (ranked top 15% of financials in Germany, Austria and Switzerland)
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4 November 2021
Commerzbank financials at a glance
| Group | Q3 2020 | Q2 2021 | Q3 2021 | 9M 2020 | 9M 2021 | |
|---|---|---|---|---|---|---|
| Total revenues | €m | 2,033 | 1,862 | 2,006 | 6,158 | 6,360 |
| Risk result | €m | -272 | -87 | -22 | -1,067 | -257 |
| Personnel expenses | €m | 877 | 862 | 886 | 2,597 | 2,602 |
| Administrative expenses (excl. depreciation) | €m | 409 | 422 | 379 | 1,246 | 1,193 |
| Depreciation | €m | 235 | 421 | 220 | 708 | 863 |
| Compulsory contributions | €m | 72 | 39 | 27 | 445 | 402 |
| Operating result | €m | 168 | 32 | 472 | 94 | 1,042 |
| Net result | €m | -60 | -527 | 403 | -168 | 9 |
| Cost/income ratio (excl. compulsory contributions) | % | 74.8 | 91.5 | 74.0 | 73.9 | 73.2 |
| Cost/income ratio (incl. compulsory contributions) | % | 78.3 | 93.6 | 75.4 | 81.1 | 79.6 |
| Accrual for potential AT1 coupon distribution current year | €m | -34 | -42 | -49 | -68 | -133 |
| Net RoE | % | -1.3 | -8.9 | 5.6 | -1.1 | -0.7 |
| Net RoTE | % | -1.5 | -9.3 | 5.8 | -1.2 | -0.7 |
| Total assets | €bn | 544 | 544 | 541 | 544 | 541 |
| Loans and advances (amortised cost) | €bn | 272 | 265 | 265 | 272 | 265 |
| RWA | €bn | 183 | 178 | 175 | 183 | 175 |
| CET1 ratio¹ | % | 13.5 | 13.4 | 13.5 | 13.5 | 13.5 |
| Total capital ratio (with transitional provisions)¹ | % | 18.0 | 17.9 | 18.4 | 18.0 | 18.4 |
| Leverage ratio (with transitional provisions)¹ | % | 4.9 | 4.6 | 4.6 | 4.9 | 4.6 |
| NPE ratio | % | 0.9 | 0.8 | 0.8 | 0.9 | 0.8 |
| Group CoR | bps | 29 | 10 | 7 | 29 | 7 |
| Group CoR on Loans (CoRL) | bps | 53 | 18 | 13 | 53 | 13 |
| Full-time equivalents excl. junior staff (end of period) | 39,626 | 38,671 | 38,432 | 39,626 | 38,432 |
1) Capital reduced by potential (fully discretionary) AT1 coupons
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Key figures Commerzbank share
^{}[]
Figures per share
(€)
Operating result per share EPS
| FY 2019 | FY 2020 | 9M 2021 | |
|---|---|---|---|
| Number of shares issued (m) | 1,252.40 | 1,252.40 | 1,252.40 |
| Market capitalisation (€bn) | 6.9 | 6.6 | 7.2 |
| Net asset value per share (€) | 21.38¹ | 19.80¹ | 20.39 |
| Low/high Xetra intraday prices (€) | 4.66/8.26 | 2.80/6.83 | 4.70/6.87 |
1) Adjustments due to restatements
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Loan and deposit development
PSBC
(monthly average €bn)
Corporate Clients
(monthly average €bn)
Highlights
Loan growth in PSBC driven by residential mortgage business and investment loans in Germany
Decrease of deposit base in Germany while mBank shows slight increase
Decreased loan volumes in CC across all sub-segments, but mainly in International Corporates and Institutionals
Increase in deposits driven by Institutionals
37
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Significant NII potential in rising interest rate scenario
100 bps parallel up-shift in rates yield curve
(as of 30 September 2021, %)
Scenario impact on NII
(€m)
Highlights
Year 1 effect of ~€600-650m driven by short-end rates due to large stock of overnight (excess) deposits
Thereof ~1/2 stem from leaving the negative interest rate territory
Year 4 effect of ~€1,000 – 1,100m driven by higher reinvestment yield of modelled deposits used to refinance longer term loans
38
Comfortable fulfilment of RWA-based MREL requirement
MREL requirement
- Based on data as of 30 June 2021, Commerzbank fulfils the MREL RWA requirement¹ of 27.66% with a MREL ratio of 31.8% and the MREL subordination requirement of 15.82% with a ratio of 26.8% of RWA
- At 11.3% the MREL TLOF ratio is below the requirement of 12.01%
- The MREL subordination TLOF ratio of 9.5% is well above the requirement of 6.87% as of 30 June 2021
- The MREL requirements will in the near future be defined in RWA and leverage exposure terms under the BRRD II and SRMR II framework; currently they are derived from TLOF based requirements
- MREL requirement expected to be rebased on RWA and LRE in Q4 2021
1) In February 2020, Commerzbank AG received its current MREL requirement calibrated based on data as of 31 Dec 2017. The resolution approach is a multiple point of entry (MPE) with two separate resolution groups (resolution group A: Commerzbank Group without mBank subgroup; resolution group B: mBank subgroup). The legally binding MREL requirement is currently defined as a percentage of total liabilities and own funds (TLOF) based on data as of 31 Dec 2017.
2) Includes amortized amount (regulatory) of Tier 2 instruments with maturity > 1 year
3) According to §46f KWG or non-preferred senior by contract
4) Non-covered / non-preferred deposits; preferred senior unsecured
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Commerzbank's current MDA
Distance to MDA based on SREP requirement (transitional) for Q3 2021 (%)
Highlights
411bp distance to MDA based on Q3 2021 CET1 ratio of 13.51% and SREP requirement for 2021
Further regulatory expirations throughout 2021:
- Regulatory phase-out of €226m grandfathered AT1 (0.13%¹) at the beginning of 2022
- Tier 2 expiration of ~€0.4bn (~0.2%¹)
AT1 issuance strategy continues in light of economical decisions and in relation to distance to MDA while goal for the Tier 2 layer is ≥ 2.5%
1) Based on RWAs of €175.2bn as of Q3 2021. AT1 requirement of 1.875% and Tier 2 requirement of 2.5%
Capital markets funding – funding plan nearly fulfilled
Funding structure¹
(as of 30 September 2021)
Highlights
€2.3bn issued in 9M 2021:
- Additional Tier 1 capital: € 500m perp non-call April 2028 (call period starts October 2027) with 4.25% p.a. coupon
- Tier 2: €500m benchmark transaction 1.375% p.a. 10.25 non-call 5.25 years (call period starts September 2026)
- Preferred senior: €500m benchmark transaction with maturity September 2025
- mBank: €500m non-preferred green benchmark transaction 6 years non-call 5 years
- Low funding requirements in 2021 due to participation in ECB’s TLTRO III and RWA optimisation under new strategy
- Further funding activities in October: €250m² tap of September 2025 preferred senior benchmark
Funding plan 2021 below €3bn
Group issuance activities 9M 2021
(nominal values)
1) Based on balance sheet figures; senior unsecured bonds includes preferred and non-preferred senior bonds
2) not included in figures
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
42
Rating overview Commerzbank
As of 4 November 2021
| Bank Ratings | S&P Global | Moody's
INVESTORS SERVICE |
| --- | --- | --- |
| Counterparty Rating/Assessment^{1} | A- | A1/A1 (cr) |
| Deposit Rating^{2} | BBB+ negative | A1 stable |
| Issuer Credit Rating (long-term debt) | BBB+ negative | A1 negative |
| Stand-alone Rating (financial strength) | bbb | baa2 |
| Short-term debt | A-2 | P-1 |
| Product Ratings (unsecured issuances) | | |
| Preferred senior unsecured debt | BBB+ negative | A1 negative |
| Non-preferred senior unsecured debt | BBB- | Baa2 |
| Subordinated debt (Tier 2) | BB+ | Baa3 |
| Additional Tier 1 (AT1) | BB- | Ba2 |
Highlights 2021
No rating changes in 2021 so far
S&P Global: Ratings have been confirmed in June 2021
Moody's: Ratings have been confirmed in July 2021
1) Includes parts of client business (i.e. counterparty for derivatives)
2) Includes corporate and institutional deposits
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4
IAS 19: Development of pension obligations
Cumulated actuarial gains and losses (€m)
Explanation
Discount rate increased significantly versus start of the year (partly due to rising market yields, partly due to model change for discount rate), producing a YtD valuation gain in pension obligations. On the asset side, the LDI hedges experienced under-proportional losses due to rising market yields. In total positive net effect (after tax) of +€823m in YtD OCI.
The discount rate is derived from an AA rated government bond basket, re-calibrated on corporate bond level, with average duration of 18 years.
Funding ratio (plan assets vs. pension obligations) is 106% across all Group plans.
1) OCI effect driven by development of plan assets versus pension obligations, after tax, without minorities; cumulated since 1/1/2013 (new IAS19 standard) including possible restatements
2) Discount rate for pension plans in Germany (represent 87% of total pension obligations); model change for discount rate in Q1 2021
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
FX impact on CET1 ratio
QoQ Change in FX capital position
Explanation
Only marginal negative impact on CET1 ratio¹: nearly stable currency translation reserve is overcompensated by slightly higher FX driven credit risk RWA
- Slight increase in credit risk RWA from FX effects, mainly due to opposing effects between stronger USD, weaker PLN and nearly unchanged GBP
- Nearly stable currency translation reserve due to opposite effects: stronger USD is offset by weaker PLN and nearly unchanged GBP (USD +€62m, PLN -€56m, GBP -€1m)
| FX rates | 06/21 | 09/21 |
|---|---|---|
| EUR / GBP | 0.858 | 0.861 |
| EUR / PLN | 4.520 | 4.620 |
| EUR / USD | 1.188 | 1.158 |
1) Based on current CET1 ratio
2) Change in Credit Risk RWA solely based on FX not on possible volume effects since 06/21
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Group equity composition
| | Capital
Q2 2021
EoP
€bn | Capital
Q3 2021
EoP
€bn | Capital
Q3 2021
Average
€bn |
| --- | --- | --- | --- |
| Common equity tier 1 capital | 23.7 | 23.7 | 23.8 |
| DTA | 0.5 | 0.5 | |
| Minority interests | 0.4 | 0.4 | |
| Prudent Valuation | 0.2 | 0.2 | |
| IRB shortfall | 0.2 | 0.2 | |
| Instruments that are given recognition in AT1 Capital | 3.1 | 3.1 | |
| Other regulatory adjustments | 0.1 | 0.6 | |
| Tangible equity | 28.3 | 28.7 | 28.8 |
| Goodwill and other intangible assets (net of tax) | 1.0 | 1.0 | 1.0 |
| IFRS capital | 29.2 | 29.7 | 29.6 |
| Subscribed capital | 1.3 | 1.3 | |
| Capital reserve | 11.5 | 11.5 | |
| Retained earnings | 12.7 | 13.2 | |
| thereof consolidated P&L | -0.4 | 0.0 | |
| thereof cumulated accrual for potential AT1 coupon distribution | -0.0 | -0.1 | |
| Currency translation reserve | -0.5 | -0.5 | |
| Revaluation reserve | 0.0 | 0.0 | |
| Cash flow hedges | 0.0 | -0.0 | |
| IFRS capital attributable to Commerzbank shareholders | 25.0 | 25.5 | 25.3 |
| Tangible equity attributable to Commerzbank shareholders | 24.0 | 24.5 | 24.4 |
| Additional equity components | 3.1 | 3.1 | 2.2 |
| Non-controlling interests | 1.1 | 1.1 | 1.1 |
| | P&L
Q2 2021
€m | P&L
Q3 2021
€m | | Ratios
Q3 2021
% |
| --- | --- | --- | --- | --- |
| Operating Result | 32 | 472 | → | Op. RoCET 7.9% |
| Operating Result | 32 | 472 | → | Op. RoTE 6.6% |
| Consolidated P&L | -527 | 403 | | |
| ./. accrual for potential AT1 coupon distribution current year | -42 | -49 | | |
| Consolidated P&L adjusted for RoE/RoTE | -569 | 354 | → | Net RoE 5.6% |
| | | | → | Net RoTE 5.8% |
1) Includes consolidated P&L reduced by accrual for potential (fully discretionary) AT1 coupons
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Commerzbank Group
| CH | Q1 2020 | Q2 2020 | Q3 2020 | 9M 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | 9M 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total underlying revenues | 2,024 | 2,278 | 2,095 | 6,397 | 2,047 | 8,444 | 2,308 | 1,884 | 2,015 | 6,207 |
| Exceptional items | -172 | -5 | -62 | -239 | -19 | -258 | 184 | -22 | -9 | 153 |
| Total revenues | 1,851 | 2,273 | 2,033 | 6,158 | 2,029 | 8,186 | 2,492 | 1,862 | 2,006 | 6,360 |
| o/w Net interest income | 1,320 | 1,277 | 1,226 | 3,824 | 1,151 | 4,975 | 1,254 | 1,173 | 1,122 | 3,549 |
| o/w Net commission income | 877 | 791 | 812 | 2,481 | 837 | 3,317 | 951 | 852 | 889 | 2,692 |
| o/w Net fair value result | -304 | 163 | 25 | -116 | 182 | 66 | 360 | 125 | 160 | 645 |
| o/w Other income | -42 | 42 | -30 | -30 | -142 | -172 | -73 | -288 | -165 | -527 |
| o/w Dividend income | 2 | 12 | 14 | 27 | 10 | 37 | 1 | 6 | 3 | 10 |
| o/w Net income from hedge accounting | -70 | 135 | 88 | 152 | 55 | 207 | -48 | -4 | -32 | -84 |
| o/w Other financial result | 13 | 2 | -39 | -24 | -41 | -65 | 19 | -2 | 5 | 21 |
| o/w At equity result | 2 | 3 | - | 5 | 2 | 6 | - | 2 | 2 | 4 |
| o/w Other net income | 12 | -109 | -94 | -191 | -167 | -357 | -45 | -290 | -143 | -478 |
| Risk result | -326 | -469 | -272 | -1,067 | -681 | -1,748 | -149 | -87 | -22 | -257 |
| Operating expenses | 1,503 | 1,526 | 1,521 | 4,551 | 1,609 | 6,160 | 1,469 | 1,704 | 1,485 | 4,658 |
| Compulsory contributions | 301 | 73 | 72 | 445 | 67 | 512 | 336 | 39 | 27 | 402 |
| Operating result | -278 | 205 | 168 | 94 | -326 | -233 | 538 | 32 | 472 | 1,042 |
| Impairments on goodwill and other intangible assets | - | - | - | - | 1,578 | 1,578 | - | - | - | - |
| Restructuring expenses | - | - | 201 | 201 | 614 | 814 | 465 | 511 | 76 | 1,052 |
| Pre-tax result discontinued operations | 44 | 6 | -11 | 40 | -10 | 30 | - | - | - | - |
| Pre-tax result Commerzbank Group | -234 | 211 | -43 | -67 | -2,530 | -2,597 | 73 | -478 | 396 | -10 |
| Taxes on income | 48 | 14 | 3 | 65 | 199 | 264 | -83 | 40 | -6 | -49 |
| Minority Interests | 8 | 13 | 15 | 36 | -26 | 9 | 23 | 8 | -1 | 30 |
| Consolidated Result attributable to Commerzbank shareholders and investors in additional equity components | -291 | 183 | -60 | -168 | -2,702 | -2,870 | 133 | -527 | 403 | 9 |
| Total Assets | 516,958 | 550,366 | 544,030 | 544,030 | 506,613 | 506,613 | 537,778 | 543,643 | 541,258 | 541,258 |
| o/w Discontinued operations | 4,752 | 2,179 | 2,167 | 2,167 | 2,040 | 2,040 | 2,143 | 1,809 | 1,368 | 1,368 |
| Average capital employed | 24,269 | 24,577 | 24,974 | 24,601 | 24,318 | 24,499 | 23,684 | 23,800 | 23,813 | 23,751 |
| RWA credit risk (end of period) | 153,812 | 157,215 | 153,082 | 153,082 | 147,849 | 147,849 | 149,314 | 148,183 | 146,691 | 146,691 |
| RWA market risk (end of period) | 11,113 | 11,208 | 11,260 | 11,260 | 12,191 | 12,191 | 12,467 | 10,850 | 8,731 | 8,731 |
| RWA operational risk (end of period) | 18,178 | 18,056 | 18,732 | 18,732 | 18,287 | 18,287 | 16,690 | 18,555 | 19,795 | 19,795 |
| RWA (end of period) continued operations | 183,102 | 186,478 | 183,073 | 183,073 | 178,327 | 178,327 | 178,471 | 177,588 | 175,217 | 175,217 |
| RWA (end of period) discontinued operations | 690 | 574 | 263 | 263 | 253 | 253 | - | - | - | - |
| RWA (end of period) | 183,792 | 187,051 | 183,337 | 183,337 | 178,581 | 178,581 | 178,471 | 177,588 | 175,217 | 175,217 |
| Cost/Income ratio (excl. compulsory contributions) (%) | 81.2% | 67.1% | 74.8% | 73.9% | 79.3% | 75.2% | 59.0% | 91.5% | 74.0% | 73.2% |
| Cost/Income ratio (incl. compulsory contributions) (%) | 97.4% | 70.4% | 78.3% | 81.1% | 82.6% | 81.5% | 72.5% | 93.6% | 75.4% | 79.6% |
| Operating return on CET1 (RoCET) (%) | -4.6% | 3.3% | 2.7% | 0.5% | -5.4% | -1.0% | 9.1% | 0.5% | 7.9% | 5.8% |
| Operating return on tangible equity (%) | -4.1% | 2.9% | 2.3% | 0.4% | -4.6% | -0.8% | 7.8% | 0.5% | 6.6% | 4.9% |
| Return on equity of net result (%) | -4.4% | 2.3% | -1.3% | -1.1% | -40.5% | -10.7% | 1.5% | -8.9% | 5.6% | -0.7% |
| Net return on tangible equity (%) | -4.8% | 2.6% | -1.5% | -1.2% | -44.0% | -11.7% | 1.5% | -9.3% | 5.8% | -0.7% |
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Private and Small Business Customers
| £m | Q1 2020 | Q2 2020 | Q3 2020 | 9M 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | 9M 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total underlying revenues | 1,329 | 1,190 | 1,163 | 3,682 | 1,142 | 4,824 | 1,337 | 1,200 | 1,219 | 3,757 |
| Exceptional items | -20 | -7 | -11 | -38 | -9 | -47 | -9 | -71 | -43 | -123 |
| Total revenues | 1,309 | 1,183 | 1,153 | 3,644 | 1,133 | 4,777 | 1,329 | 1,129 | 1,176 | 3,634 |
| o/w Net interest income | 681 | 630 | 637 | 1,947 | 630 | 2,577 | 615 | 614 | 657 | 1,886 |
| o/w Net commission income | 586 | 502 | 515 | 1,603 | 548 | 2,151 | 653 | 575 | 582 | 1,810 |
| o/w Net fair value result | 32 | 66 | 58 | 156 | 75 | 232 | 58 | 69 | 55 | 183 |
| o/w Other income | 10 | -15 | -57 | -62 | -120 | -182 | 2 | -129 | -118 | -244 |
| o/w Dividend income | 1 | 11 | 12 | 24 | 2 | 26 | 1 | 4 | 3 | 7 |
| o/w Net income from hedge accounting | 1 | - | 1 | 2 | -2 | - | -2 | - | -2 | -3 |
| o/w Other financial result | 6 | 5 | - | 11 | 19 | 30 | 19 | - | - | 20 |
| o/w At equity result | - | - | -1 | -1 | -1 | -1 | - | - | - | - |
| o/w Other net income | 2 | -32 | -69 | -99 | -138 | -237 | -17 | -133 | -119 | -269 |
| Risk result | -161 | -152 | -130 | -444 | -118 | -562 | -64 | -62 | 1 | -125 |
| Operating expenses | 864 | 859 | 872 | 2,596 | 920 | 3,515 | 851 | 866 | 850 | 2,568 |
| Compulsory contributions | 137 | 64 | 67 | 268 | 63 | 331 | 163 | 63 | 27 | 254 |
| Operating result | 146 | 108 | 83 | 337 | 32 | 369 | 250 | 138 | 299 | 687 |
| Impairments on goodwill and other intangible assets | - | - | - | - | 1,578 | 1,578 | - | - | - | - |
| Pre-tax result | 146 | 108 | 83 | 337 | -1,547 | -1,210 | 250 | 138 | 299 | 687 |
| Total Assets | 155,201 | 158,780 | 158,667 | 158,667 | 153,547 | 153,547 | 158,318 | 161,641 | 165,238 | 165,238 |
| Liabilities | 186,485 | 194,287 | 195,332 | 195,332 | 198,372 | 198,372 | 200,420 | 202,304 | 201,007 | 201,007 |
| Average capital employed | 5,641 | 5,674 | 5,697 | 5,675 | 5,717 | 5,680 | 5,828 | 6,185 | 6,371 | 6,106 |
| RWA credit risk (end of period) | 40,476 | 40,754 | 40,959 | 40,959 | 40,019 | 40,019 | 41,759 | 42,687 | 42,820 | 42,820 |
| RWA market risk (end of period) | 964 | 1,075 | 1,029 | 1,029 | 1,072 | 1,072 | 1,180 | 1,116 | 929 | 929 |
| RWA operational risk (end of period) | 5,517 | 5,394 | 6,138 | 6,138 | 6,079 | 6,079 | 7,852 | 9,348 | 9,756 | 9,756 |
| RWA (end of period) | 46,958 | 47,223 | 48,126 | 48,126 | 47,170 | 47,170 | 50,791 | 53,151 | 53,504 | 53,504 |
| Cost/income ratio (excl. compulsory contributions) (%) | 66.0% | 72.6% | 75.7% | 71.2% | 81.2% | 73.6% | 64.1% | 76.7% | 72.3% | 70.7% |
| Cost/income ratio (incl. compulsory contributions) (%) | 76.5% | 78.0% | 81.5% | 78.6% | 86.8% | 80.5% | 76.4% | 82.3% | 74.6% | 77.7% |
| Operating return on CET1 (RoCET) (%) | 10.4% | 7.6% | 5.8% | 7.9% | 2.2% | 6.5% | 17.1% | 8.9% | 18.8% | 15.0% |
| Operating return on tangible equity (%) | 10.3% | 7.5% | 5.8% | 7.9% | 2.2% | 6.5% | 17.1% | 8.8% | 18.5% | 14.8% |
| Legal provisions on CHF loans of mBank | -3 | -42 | -71 | -116 | -113 | -229 | -14 | -55 | -95 | -164 |
| Operating result ex legal provisions on CHF loans | 149 | 150 | 154 | 453 | 145 | 598 | 264 | 193 | 394 | 850 |
mBank | Part of Segment Private and Small Business Customers
| £m | Q1 2020 | Q2 2020 | Q3 2020 | 9M 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | 9M 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total underlying revenues | 305 | 273 | 227 | 805 | 220 | 1,025 | 309 | 254 | 223 | 786 |
| Exceptional items | -7 | 5 | - | -2 | 1 | -1 | - | 3 | -2 | 1 |
| Total revenues | 299 | 278 | 227 | 803 | 221 | 1,024 | 309 | 257 | 220 | 786 |
| o/w Net interest income | 214 | 190 | 179 | 583 | 179 | 762 | 170 | 180 | 185 | 535 |
| o/w Net commission income | 64 | 65 | 67 | 197 | 71 | 268 | 85 | 79 | 78 | 242 |
| o/w Net fair value result | 27 | 57 | 52 | 136 | 67 | 203 | 55 | 58 | 52 | 164 |
| o/w Other income | -6 | -34 | -72 | -112 | -96 | -208 | -1 | -60 | -95 | -156 |
| o/w Dividend income | - | 1 | - | 1 | - | 1 | - | 1 | - | 1 |
| o/w Net income from hedge accounting | 1 | - | 1 | 2 | -2 | - | -2 | - | -2 | -3 |
| o/w Other financial result | -2 | 1 | -1 | -1 | 20 | 19 | 19 | - | - | 20 |
| o/w At equity result | - | - | - | - | - | - | - | - | - | - |
| o/w Other net income | -5 | -37 | -72 | -114 | -114 | -228 | -19 | -61 | -93 | -173 |
| Risk result | -83 | -77 | -57 | -217 | -57 | -274 | -33 | -50 | -41 | -124 |
| Operating expenses | 126 | 124 | 123 | 373 | 114 | 486 | 116 | 130 | 131 | 377 |
| Compulsory contributions | 75 | 38 | 38 | 151 | 36 | 187 | 64 | 38 | 40 | 142 |
| Operating result | 15 | 38 | 9 | 63 | 14 | 77 | 95 | 40 | 9 | 143 |
| Total Assets | 37,740 | 40,682 | 39,824 | 39,824 | 38,935 | 38,935 | 41,398 | 43,203 | 44,210 | 44,210 |
| Liabilities | 36,260 | 39,148 | 38,105 | 38,105 | 36,908 | 36,908 | 39,731 | 42,094 | 43,260 | 43,260 |
| Average capital employed | 2,303 | 2,292 | 2,319 | 2,308 | 2,291 | 2,302 | 2,361 | 2,620 | 2,754 | 2,564 |
| RWA credit risk (end of period) | 17,144 | 17,207 | 17,181 | 17,181 | 16,680 | 16,680 | 18,054 | 18,936 | 18,901 | 18,901 |
| RWA market risk (end of period) | 426 | 412 | 394 | 394 | 329 | 329 | 428 | 508 | 437 | 437 |
| RWA operational risk (end of period) | 1,384 | 1,562 | 1,753 | 1,753 | 1,805 | 1,805 | 2,652 | 3,544 | 3,774 | 3,774 |
| RWA (end of period) | 18,954 | 19,181 | 19,327 | 19,327 | 18,814 | 18,814 | 21,134 | 22,988 | 23,111 | 23,111 |
| Cost/income ratio (excl. compulsory contributions) (%) | 42.1% | 44.7% | 54.1% | 46.4% | 51.6% | 47.5% | 37.6% | 50.5% | 59.5% | 47.9% |
| Cost/income ratio (incl. compulsory contributions) (%) | 67.3% | 58.4% | 70.7% | 65.2% | 67.8% | 65.7% | 58.4% | 65.3% | 77.6% | 66.0% |
| Operating return on CET1 (RoCET) (%) | 2.6% | 6.7% | 1.6% | 3.6% | 2.5% | 3.3% | 16.1% | 6.0% | 1.3% | 7.5% |
| Operating return on tangible equity (%) | 2.6% | 6.8% | 1.7% | 3.7% | 2.6% | 3.4% | 16.3% | 6.0% | 1.3% | 7.4% |
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Corporate Clients
| Cm | Q1 2020 | Q2 2020 | Q3 2020 | 9M 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | 9M 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total underlying revenues | 823 | 793 | 794 | 2,410 | 747 | 3,157 | 810 | 758 | 766 | 2,333 |
| Exceptional items | -81 | -12 | -21 | -113 | 12 | -101 | 17 | 11 | 15 | 43 |
| Total revenues | 743 | 781 | 773 | 2,297 | 759 | 3,056 | 627 | 769 | 781 | 2,377 |
| o/w Net interest income | 433 | 441 | 426 | 1,300 | 424 | 1,724 | 426 | 411 | 405 | 1,242 |
| o/w Net commission income | 300 | 300 | 309 | 909 | 298 | 1,207 | 312 | 289 | 327 | 928 |
| o/w Net fair value result | -33 | 71 | 67 | 105 | 49 | 154 | 104 | 73 | 40 | 218 |
| o/w Other income | 43 | -31 | -29 | -17 | -12 | -29 | -15 | -5 | 9 | -11 |
| o/w Dividend income | - | 3 | - | 3 | 2 | 5 | - | 3 | -1 | 2 |
| o/w Net income from hedge accounting | 6 | 4 | 1 | 11 | 1 | 12 | -5 | - | 1 | -4 |
| o/w Other financial result | -3 | - | -23 | -27 | -13 | -39 | -6 | 1 | -2 | -7 |
| o/w At equity result | 2 | 2 | 1 | 5 | 2 | 8 | - | 2 | 2 | 4 |
| o/w Other net income | 39 | -40 | -8 | -9 | -4 | -14 | -5 | -10 | 9 | -7 |
| Risk result | -165 | -290 | -120 | -575 | -505 | -1,081 | -52 | 13 | -29 | -68 |
| Operating expenses | 584 | 575 | 576 | 1,734 | 589 | 2,323 | 562 | 559 | 531 | 1,652 |
| Compulsory contributions | 99 | 7 | 4 | 110 | 2 | 113 | 114 | -19 | - | 95 |
| Operating result | -105 | -91 | 73 | -123 | -338 | -461 | 98 | 242 | 221 | 561 |
| Impairments on goodwill and other intangible assets | - | - | - | - | - | - | - | - | - | - |
| Pre-tax result discontinued operations | 44 | 6 | -11 | 40 | -10 | 30 | - | - | - | - |
| Pre-tax result (total) | -61 | -85 | 62 | -83 | -348 | -431 | 98 | 242 | 221 | 561 |
| Total Assets | 186,617 | 179,681 | 172,080 | 172,080 | 159,001 | 159,001 | 161,850 | 152,251 | 150,067 | 150,067 |
| o/w Discontinued operations | 4,752 | 2,179 | 2,167 | 2,167 | 2,040 | 2,040 | 2,143 | 1,809 | 1,368 | 1,368 |
| Liabilities | 187,411 | 185,377 | 186,891 | 186,891 | 171,086 | 171,086 | 181,178 | 180,313 | 178,381 | 178,381 |
| o/w Discontinued operations | 5,364 | 3,878 | 3,066 | 3,066 | 2,051 | 2,051 | 2,162 | 1,847 | 1,432 | 1,432 |
| Average capital employed | 11,330 | 11,611 | 11,355 | 11,418 | 10,904 | 11,280 | 10,400 | 9,850 | 9,750 | 9,990 |
| RWA credit risk (end of period) | 82,315 | 84,102 | 79,500 | 79,500 | 74,261 | 74,261 | 73,190 | 72,386 | 70,369 | 70,369 |
| RWA market risk (end of period) | 4,693 | 5,314 | 5,793 | 5,793 | 6,748 | 6,748 | 6,599 | 6,685 | 5,229 | 5,229 |
| RWA operational risk (end of period) | 7,575 | 7,700 | 7,668 | 7,668 | 7,242 | 7,242 | 4,535 | 4,077 | 3,876 | 3,876 |
| RWA (end of period) continued operations | 94,583 | 97,115 | 92,961 | 92,961 | 88,252 | 88,252 | 84,323 | 83,147 | 79,474 | 79,474 |
| RWA (end of period) discontinued operations | 690 | 574 | 263 | 263 | 253 | 253 | - | - | - | - |
| Cost/income ratio (excl. compulsory contributions) (%) | 78.6% | 73.6% | 74.5% | 75.5% | 77.6% | 76.0% | 68.0% | 72.7% | 68.0% | 69.5% |
| Cost/income ratio (incl. compulsory contributions) (%) | 91.9% | 74.5% | 75.0% | 80.3% | 77.9% | 79.7% | 81.8% | 70.2% | 68.0% | 73.5% |
| Operating return on CET1 (RoCET) (%) | -3.7% | -3.1% | 2.6% | -1.4% | -12.4% | -4.1% | 3.8% | 9.8% | 9.1% | 7.5% |
| Operating return on tangible equity (%) | -3.5% | -3.0% | 2.5% | -1.4% | -12.1% | -3.9% | 3.6% | 9.2% | 8.4% | 7.0% |
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4 November 2021
Others & Consolidation
| £m | Q1 2020 | Q2 2020 | Q3 2020 | 9M 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | 9M 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total underlying revenues | -128 | 295 | 138 | 305 | 159 | 464 | 161 | -74 | 30 | 117 |
| Exceptional items | -72 | 14 | -31 | -88 | -22 | -110 | 176 | 38 | 19 | 232 |
| Total revenues | -200 | 310 | 107 | 217 | 137 | 354 | 337 | -37 | 49 | 349 |
| o/w Net interest income | 206 | 206 | 163 | 576 | 98 | 673 | 213 | 148 | 61 | 421 |
| o/w Net commission income | -9 | -11 | -12 | -31 | -9 | -40 | -13 | -12 | -20 | -45 |
| o/w Net fair value result | -302 | 25 | -100 | -377 | 58 | -319 | 197 | -18 | 65 | 244 |
| o/w Other income | -96 | 89 | 56 | 49 | -10 | 39 | -60 | -155 | -56 | -271 |
| o/w Dividend income | - | -2 | 2 | 1 | 6 | 7 | - | - | 1 | - |
| o/w Net income from hedge accounting | -77 | 131 | 85 | 140 | 56 | 195 | -42 | -5 | -31 | -77 |
| o/w Other financial result | 10 | -4 | -15 | -9 | -48 | -56 | 5 | -3 | 6 | 8 |
| o/w At equity result | - | - | - | - | - | - | - | - | - | - |
| o/w Other net income | -29 | -37 | -17 | -83 | -24 | -107 | -23 | -147 | -33 | -203 |
| Risk result | - | -27 | -22 | -49 | -57 | -106 | -32 | -37 | 6 | -63 |
| Operating expenses | 55 | 93 | 73 | 221 | 100 | 321 | 56 | 279 | 104 | 439 |
| Compulsory contributions | 65 | 2 | - | 67 | 1 | 68 | 59 | -6 | - | 53 |
| Operating result | -320 | 188 | 12 | -120 | -21 | -141 | 190 | -347 | -49 | -206 |
| Restructuring expenses | - | - | 201 | 201 | 614 | 814 | 465 | 511 | 76 | 1,052 |
| Pre-tax profit continued operations | -320 | 188 | -188 | -320 | -635 | -956 | -275 | -858 | -125 | -1,258 |
| Total Assets | 175,139 | 211,904 | 213,283 | 213,283 | 194,064 | 194,064 | 217,610 | 229,751 | 225,953 | 225,953 |
| Liabilities | 143,062 | 170,702 | 161,807 | 161,807 | 137,155 | 137,155 | 156,180 | 161,026 | 161,870 | 161,870 |
| Average capital employed | 7,298 | 7,293 | 7,922 | 7,508 | 7,697 | 7,539 | 7,457 | 7,765 | 7,692 | 7,655 |
| RWA credit risk (end of period) | 31,021 | 32,359 | 32,622 | 32,622 | 33,569 | 33,569 | 34,365 | 33,110 | 33,503 | 33,503 |
| RWA market risk (end of period) | 5,455 | 4,819 | 4,437 | 4,437 | 4,370 | 4,370 | 4,688 | 3,049 | 2,573 | 2,573 |
| RWA operational risk (end of period) | 5,086 | 4,962 | 4,926 | 4,926 | 4,966 | 4,966 | 4,303 | 5,131 | 6,163 | 6,163 |
| RWA (end of period) | 41,562 | 42,140 | 41,986 | 41,986 | 42,905 | 42,905 | 43,356 | 41,290 | 42,238 | 42,238 |
Commerzbank, Bettina Orlopp, CFO, Frankfurt
51
Commerzbank Group | Exceptional Revenue Items
| £m | Q1 2020 | Q2 2020 | Q3 2020 | 9M 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | 9M 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Exceptional Revenue Items | -172 | -5 | -62 | -239 | -19 | -258 | 184 | -22 | -9 | 153 |
| o/w Net interest income | -1 | -17 | - | -18 | -3 | -21 | 125 | 42 | -24 | 143 |
| o/w Net commission income | - | -1 | - | -2 | - | -2 | -8 | -8 | 16 | - |
| o/w Net fair value result | -160 | -10 | -92 | -262 | -14 | -276 | 67 | 10 | 32 | 109 |
| o/w Other income | -11 | 23 | 30 | 43 | -1 | 41 | - | -66 | -33 | -99 |
| o/w FVA, CVA / DVA, AT1 FX effect, Other former ACR valuations¹ (NIL NCI, NFVR) | -160 | 49 | -51 | -162 | -9 | -172 | 67 | 10 | 32 | 109 |
| PSBC | -20 | -7 | -11 | -38 | -9 | -47 | -9 | -71 | -43 | -123 |
| o/w Net interest income | -13 | -12 | -11 | -35 | -10 | -45 | -9 | -8 | -8 | -25 |
| o/w Net fair value result | -7 | 5 | - | -3 | 1 | -2 | - | 3 | -2 | 1 |
| o/w Other income | - | - | - | - | - | - | - | -66 | -33 | -99 |
| o/w FVA, CVA / DVA (NIL NFVR) | -7 | 5 | - | -3 | 1 | -2 | - | 3 | -2 | 1 |
| CC | -81 | -12 | -21 | -113 | 12 | -101 | 17 | 11 | 15 | 43 |
| o/w Net interest income | - | -2 | -2 | -4 | -1 | -4 | 8 | 8 | -16 | - |
| o/w Net commission income | - | - | - | - | - | - | -8 | -8 | 16 | - |
| o/w Net fair value result | -81 | 31 | -18 | -68 | 13 | -55 | 17 | 11 | 15 | 43 |
| o/w Other income | - | -41 | - | -41 | - | -41 | - | - | - | - |
| o/w FVA, CVA / DVA (NIL NFVR) | -81 | 30 | -21 | -72 | 12 | -59 | 17 | 11 | 15 | 43 |
| O&C | -72 | 14 | -31 | -88 | -22 | -110 | 176 | 38 | 19 | 232 |
| o/w Net interest income | 11 | -3 | 13 | 21 | 7 | 28 | 126 | 42 | - | 168 |
| o/w Net commission income | - | -1 | - | -2 | - | -2 | - | - | - | - |
| o/w Net fair value result | -72 | -46 | -73 | -192 | -27 | -219 | 50 | -4 | 19 | 64 |
| o/w Other income | -11 | 65 | 30 | 84 | -1 | 83 | - | - | - | - |
| o/w FVA, CVA / DVA, AT1 FX effect, Other former ACR valuations¹ (NIL NCI, NFVR) | -72 | 14 | -31 | -88 | -22 | -110 | 50 | -4 | 19 | 64 |
Description of Exceptional Revenue Items
| M&W | £m | 2021 | £m | 2021 | £m |
|---|---|---|---|---|---|
| Q1 PPA Consumer Finance (PSBC) | -13 | Q1 PPA Consumer Finance (PSBC) | -9 | Q2 Nll change from consolidation of a securitisation (CC) | 8 |
| Q2 PPA Consumer Finance (PSBC) | -12 | Q1 TLTRO benefit (O&C) | 126 | Q2 NCI change from consolidation of a securitisation (CC) | -8 |
| Q2 Fine UK Financial Conduct Authority (CC) | -41 | Q1 Nll change from consolidation of a securitisation (CC) | 8 | Q3 PPA Consumer Finance (PSBC) | -8 |
| Q3 PPA Consumer Finance (PSBC) | -11 | Q1 NCI change from consolidation of a securitisation (CC) | -8 | Q3 Prov. re judgement on pricing of accounts (PSBC) | -33 |
| Q4 PPA Consumer Finance (PSBC) | -10 | Q2 PPA Consumer Finance (PSBC) | -8 | Q3 Nll change from consolidation of a securitisation (CC) | -16 |
| Q2 TLTRO benefit (O&C) | 42 | Q3 NCI change from consolidation of a securitisation (CC) | 16 | ||
| Q2 Prov. re judgement on pricing of accounts (PSBC) | -66 |
1) From Q1 2021 onwards no longer reported as exceptional revenue items
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
4
Glossary – Key Ratios
| Key Ratio | Abbreviation | Calculated for | Numerator | Denominator | ||
|---|---|---|---|---|---|---|
| Group | Private and Small Business Customers and Corporate Clients | Others & Consolidation | ||||
| Cost/income ratio (excl. compulsory contributions) (%) | CIR (excl. compulsory contributions) (%) | Group as well as segments PSBC and CC | Operating expenses | Total revenues | Total revenues | n/a |
| Cost/income ratio (incl. compulsory contributions) (%) | CIR (incl. compulsory contributions) (%) | Group as well as segments PSBC and CC | Operating expenses and compulsory contributions | Total revenues | Total revenues | n/a |
| Operating return on CET1 (%) | Op. RoCET (%) | Group and segments (excl. O&C) | Operating profit | Average CET1¹ | 12%² of the average RWAs (YTD: PSBC €50.9bn, CC €83.3bn) | n/a (note: O&C contains the reconciliation to Group CET1) |
| Operating return on tangible equity (%) | Op. RoTE (%) | Group and segments (excl. O&C) | Operating profit | Average IFRS capital after deduction of goodwill and other intangible assets¹ | 12%² of the average RWAs plus average regulatory capital deductions (excluding goodwill and other intangible assets) (YTD: PSBC €0.1bn, CC €0.7bn) | n/a (note: O&C contains the reconciliation to Group tangible equity) |
| Return on equity of net result (%) | Net RoE (%) | Group | Consolidated Result attributable to Commerzbank shareholders and investors in additional equity components after deduction of potential (fully discretionary) AT1 coupon | Average IFRS capital without non-controlling interests and without additional equity components¹ | n/a | n/a |
| Net return on tangible equity (%) | Net RoTE (%) | Group | Consolidated Result attributable to Commerzbank shareholders and investors in additional equity components after deduction of potential (fully discretionary) AT1 coupon | Average IFRS capital without non-controlling interests and without additional equity components after deduction of goodwill and other intangible assets (net of tax)¹ | n/a | n/a |
| Non-Performing Exposure ratio (%) | NPE ratio (%) | Group | Non-performing exposures | Total exposures according to EBA Risk Dashboard | n/a | n/a |
| Cost of Risk (bps) | CoR (bps) | Group | Risk Result | Exposure at Default | n/a | n/a |
| Cost of Risk on Loans (bps) | CoRL (bps) | Group | Risk Result | Loans and Advances [annual report note (25)] | n/a | n/a |
| Key Parameter | Calculated for | Calculation | ||||
| --- | --- | --- | ||||
| Total underlying revenues | Group and segments | Total revenues excluding exceptional revenue items | ||||
| Underlying Operating Performance | Group and segments | Operating result excluding exceptional revenue items and compulsory contributions |
1) reduced by potential dividend accrual and potential (fully discretionary) AT1 coupon
2) charge rate reflects current regulatory and market standard
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
For more information, please contact our IR team
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt
Christoph Wortig
Head of Investor Relations
P: +49 69 136 52668
M: [email protected]
Ansgar Herkert
Head of IR Communications
P: +49 69 136 44083
M: [email protected]
Investors and Financial Analysts
Michael H. Klein
P: +49 69 136 24522
M: [email protected]
Jutta Madjlessi
P: +49 69 136 28696
M: [email protected]
Dirk Bartsch
Head of Strategic IR / Rating Agency Relations / ESG
P: +49 69 136 22799
M: [email protected]
Mail: [email protected] / www.ir.commerzbank.com
Financial calendar 2021/2022
| 17 February 2022 | 1 March 2022 | 11 May 2022 | 12 May 2022 | 3 August 2022 | 9 November 2022 |
|---|---|---|---|---|---|
| Q4 2021 press conference | CMD | AGM | Q1 2022 results | Q2 2022 results | Q3 2022 results |
Disclaimer
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 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 https://www.commerzbank.de/en/hauptnavigation/aktionaere/investor_relations.html
4 November 2021
Commerzbank, Bettina Orlopp, CFO, Frankfurt