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• Total revenues increased by 46% to €2.75bn in Q3 23 compared to Q3 22 • Further provisions relating to Swiss franc loans of mBank of €234m in Q3 23 • Consolidated profit was up from to €195m for Q3 22 to €684m for Q3 23 • Commerzbank upgraded its profit target for the FY2023 from well above 2022 (€1.4bn) to €2.2bn (+57%) • Commerzbank announced a share buy-back of €600m
Companies: Commerzbank AG
AlphaValue
• Revenues increased by 9% to €2.6bn driven by higher net interest income • Further provisions relating to the Swiss franc loans of mBank amounted to €347m in Q2 23 • Administrative expenses including compulsory contributions declined by 2% to €1.5bn • Consolidated profit was up by 20% to €565m for Q2 23 • Commerzbank confirmed its 2023 net result target well above FY2022 and indicated that it had asked the regulators for a share buy-back approval
• Total revenues decreased by 4.5% to €2.7bn in Q1 23 compared to Q1 22 • The risk result (loan losses) improved from €464m for Q1 22 to €68m for Q1 23 • Consolidated profit was up by 95% to €580m for Q1 23 • Commerzbank confirmed all of its 2023 financial targets
• Total revenues were up by 12% to €9.5bn for 2022 compared to 2021 • Poland contributed negative revenue of €278m plus a further €650m of provisions for the Swiss franc loans of mBank • Net profit attributable to share increased from €291m for FY2021 to €1.24bn for FY2022 • Commerzbank is targeting a net result in 2023 well above the 2022 level. In addition, the Bank intends to increase the pay-out ratio to 50%
• Revenues decreased by 6% to €1.9bn in Q3 22 due to one-off charges of €270m for so-called “credit holidays” at mBank • Further provisions relating to Swiss franc loans of mBank amounted to €477m in Q3 22 • The pre-tax result declined by 33% to €267m for Q3 22 due to a pre-tax loss of €528m for mBank in Q3 22 • Commerzbank confirmed its net result target of more than €1bn for the FY2022
• Revenues increased by 30% to €2.4bn driven by higher net interest income • Restructuring charges were €25m in Q2 22 compared €511m in Q2 21 • The net result was a profit of €470m for Q2 22 compared to a loss of €527m for Q2 21 • Commerzbank confirmed its net result target of more than €1bn for the FY2022 despite no contribution from Polish mBank • Risk costs of 20bp forecasted in a “no gas from Russia” scenario
• Revenues increased by 12% to €2.8bn for Q1 22, driven by higher net interest income • The risk result rose to €464m for Q1 22 compared to €149m for Q1 21, owing to charges due to the war in Ukraine • The net result was €298m for Q1 22 compared to €133m for Q1 21 • Commerzbank confirmed all its 2022 financial targets
• Revenues increased by 12% to €2.8bn for Q1 22, driven by higher net interest income • The risk result rose to €464m for Q1 22 compared to €149m for Q1 21, owing to charges due to the war in Ukraine • The preliminary net result was €284m for Q1 22 compared €133m in Q1 21 • Commerzbank confirmed all its 2022 financial targets
• Net profit increased from a loss of €2.9bn for FY2020 to a profit of €430m for FY2021 which was higher than consensus expectations of €95m. • Risk result declined from €1.75bn for 2020 to €570m for 2021. • Restructuring expenses were €1.08bn in 2021 compared to €814m in 2020. • Commerzbank expects a net profit of more than €1bn, and aims to pay a 30% dividend for FY2022, thereafter 30-50% plus potential share buy-backs.
• Total revenues decreased by 1% to €2.0bn in Q3 21 compared to Q3 20 • Net profit increased from a loss of €60m for Q3 20 to a profit of €403m for Q3 21 • Risk result (loan losses) declined €272m for Q3 20 to €22m for Q3 21 • Commerzbank expects now a net profit for FY2021
• Net loss was €527m for Q2 21 compared to a net profit of €183m for Q2 20 • Swing from a profit of €42m for “other income” in Q2 20 to a loss of €288m in Q2 21 • Risk result (loan losses) declined from €469m for Q2 20 to €87m for Q2 21 • Restructuring charges of €511m in Q2 21
• Net profit of €133m for Q1 21 compared to a net loss of €291m for Q1 20 • Swing from a loss of €304m for the fair value result in Q1 20 to a profit of €360m in Q1 21 • Risk result (loan losses) declined from €326m for Q1 20 to €149m for Q1 21 but increase expected from H2 21 onwards • Restructuring charges of €465m in Q1 21 and another €680m in Q2-Q4 21
• Net profit after minorities attributable to shareholders decreased from €644m for 2019 to a loss of €2.9bn for 2020. • The resumption of dividend payments is planned for FY2023. • Up to €3bn of payouts to shareholders in the years 2023 and 2024.
Commerzbank will reduce c.10,000 full-time equivalents in gross terms. Costs will be reduced by €1.4bn, or around 20%, by 2024. Restructuring expenses totalling €1.8bn, which will be fully financed with existing funds. Commerzbank targets a Return on Tangible Equity (RoTE) of 6.5-7% for FY2024.
Commerzbank expects to impair fully the existing goodwill of around €1.5bn in FY2020. The loan loss provision guidance of €1.3-1.5bn for FY2020 was increased to at least €1.7bn too. The bank is planning further restructuring measures as part of a new strategy to be announced in the first quarter of 2021.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Commerzbank AG. We currently have 1 research reports from 3 professional analysts.
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