UniCredit: Άνω του 47% η συμμετοχή στην Commerzbank
Ένα βήμα πιο κοντά στον έλεγχο της Commerzbank, πλησίασε ο Διευθύνων Σύμβουλος της UniCredit, Andrea Orcel, με τους επενδυτές να προσφέρουν αρκετές μετοχές κατά τη λήξη της προσφοράς εξαγοράς της ιταλικής τράπεζας, ώστε το ποσοστό συμμετοχής που μπορεί ενδεχομένως να ελέγχει, να ανέλθει στο 47,6%.
Μετοχές που αντιπροσωπεύουν το 17,6% του κεφαλαίου της Commerzbank προσφέρθηκαν έως την προθεσμία αποδοχής της 3ης Ιουλίου, συμπεριλαμβανομένου ποσοστού άνω του 5% κατά τη διάρκεια της διετούς περιόδου επαναλειτουργίας της προσφοράς. Η UniCredit κατείχε ήδη ποσοστό λίγο κάτω του 30%, συμπεριλαμβανομένων των φυσικών μετοχών και των παραγώγων που μετατρέπονται σε μετοχές.
Το αποτέλεσμα αυτό θέτει τον Orcel σε τροχιά να αποκτήσει τον ουσιαστικό έλεγχο της Commerzbank, μετά από μια διετή προσπάθεια που προκάλεσε αναταραχή από τη Φρανκφούρτη έως το Βερολίνο. Μια πλήρης εξαγορά θα αποτελούσε το μεγαλύτερο τραπεζικό deal στην Ευρώπη εδώ και περίπου δύο δεκαετίες και θα μετέτρεπε την ιταλική τράπεζα σε κυρίαρχη δύναμη στη Γερμανία, ενισχύοντας παράλληλα την παρουσία του στην Πολωνία.
Δεδομένου ότι δεν ασκούν όλοι οι επενδυτές τα δικαιώματα ψήφου τους, ο Orcel θα είναι πιθανότατα σε θέση να διορίσει νέους εκπροσώπους στο εποπτικό συμβούλιο, ανοίγοντας το δρόμο για στρατηγικές κινήσεις ή αλλαγές στη διοίκηση. Η αντίσταση από την κυβέρνηση, τη διευθύνουσα σύμβουλο της Commerzbank Bettina Orlopp και τους εκπροσώπους των εργαζομένων ενδέχεται να περιπλέξει αυτή την προσπάθεια.
Οποιαδήποτε τέτοια κίνηση εκ μέρους του Orcel θα πρέπει πιθανότατα να αναβληθεί, έως ότου η UniCredit εξασφαλίσει τις απαραίτητες ρυθμιστικές εγκρίσεις για να αποκτήσει την κυριότητα των μετοχών που προσφέρθηκαν. Αυτό περιλαμβάνει την έγκριση της Ευρωπαϊκής Κεντρικής Τράπεζας για την αύξηση της φυσικής συμμετοχής της πάνω από το 30%. Η διαδικασία ενδέχεται να διαρκέσει τρεις έως έξι μήνες, σύμφωνα με τον Orcel.
Η ΕΚΤ ενδέχεται επίσης να απαιτήσει από την UniCredit να ενοποιήσει τη Commerzbank στον ισολογισμό της, μόλις καταλήξει στο συμπέρασμα ότι η ιταλική τράπεζα ασκεί ουσιαστικό έλεγχο, αυξάνοντας έτσι τις κεφαλαιακές απαιτήσεις της, όπως δήλωσε ο Orcel.
Η UniCredit είχε προηγουμένως περιγράψει τρία πιθανά αποτελέσματα της προσφοράς της. Το πρώτο, ένα αποτέλεσμα που θα της εξασφάλιζε συμμετοχή περίπου 30%, έχει ήδη ξεπεραστεί. Το δεύτερο θα έβλεπε την UniCredit να αναλάβει θέση ελέγχου, με την εκτέλεση να ηγείται από τη γερμανική της μονάδα, την HVB. Το πιο φιλόδοξο αποτέλεσμα παραμένει η πλήρης συγχώνευση, εφόσον εξασφαλίσει αρκετές μετοχές.
Οι μετοχές και των δύο τραπεζών σημείωσαν πτώση σήμερα Τετάρτη, εν μέσω γενικότερης πτώσης των χρηματιστηριακών αγορών, με την UniCredit να υποχωρεί κατά 1,4% στις 09:53 στο Μιλάνο και την Commerzbank κατά 0,7% στη Φρανκφούρτη. Η UniCredit πρόσφερε 0,485 δικές της μετοχές για κάθε μία της Commerzbank, αποτιμώντας τον γερμανικό ανταγωνιστή σε περίπου 43 δισ. ευρώ για το σύνολο της εταιρείας, με βάση το κλείσιμο της Τρίτης.
Πηγή:businessnews.gr
Commerzbank Annual General Meeting approves all agenda items
Yesterday, the Annual General Meeting of Commerzbank approved all items on the agenda by a large majority. Shareholders paid tribute to the achievements delivered and clearly reaffirmed their support for the “Momentum 2030” strategy and the Bank’s stand-alone course. They approved the dividend proposal for the 2025 financial year of €1.10 per share (2024: €0.65) with a majority of 99.88% (agenda item 2). In total, the dividend payment amounts to around €1.2bn.
Together with two share buybacks already completed with a total volume of around €1.5bn, Commerzbank will return a total of around €2.7bn to its shareholders for the 2025 financial year. This corresponds to 100% of the net result before restructuring expenses and after deduction of AT 1 coupon payments.
For the coming years, the Bank plans to continuously increase the capital return. Commerzbank continues to rely on a combination of dividend payments and share buybacks, with the share of the dividend to grow to at least 50%. The share buybacks are subject to approval by the European Central Bank and the Finance Agency.
The Annual General Meeting approved the necessary authorisations to acquire and use its own shares (agenda items 7 and 8) – with majorities of 96.25% and of 97.79%, respectively. This means that Commerzbank has once again the opportunity to acquire its own shares up to a volume of 10% of the share capital via the stock exchange or through multilateral trading systems.
The shareholders voted on the other key items on the agenda as follows:
Ratification of the Board of Managing Directors and Supervisory Board (agenda items 3 and 4)The actions by the members of the Board of Managing Directors were ratified by the Annual General Meeting with a majority between 99.58% and 99.64%. The actions by the members of the Supervisory Board were ratified with a majority between 98.36% and 99.64%.
Remuneration report for the members of the Board of Managing Directors and Supervisory Board (agenda item 6)
The Annual General Meeting approved the remuneration report for the 2025 financial year with a majority of 91.28%.
Max Hohenberg appointed new Head of Communications at Commerzbank AG
Commerzbank has a new Head of Communications: Max Hohenberg (55) will take up this position by 1 January 2026 at the latest. He succeeds Philipp Encz, who passed away unexpectedly in June.
As Divisional Board Member for Corporate Communications at Commerzbank, Hohenberg will be responsible for Corporate Communications, Public Affairs and Brand & Research. His area of responsibility includes corporate communications, political communication with the liaison offices in Brussels and Berlin, brand management and market research as well as the Commerzbank Foundation. He will report to Bettina Orlopp, CEO of Commerzbank AG.
“I am pleased to have gained an internationally recognized expert in Max Hohenberg, who can give further impetus to our communications in a key phase of growth and transformation of the bank,” says Bettina Orlopp. “With his background as a banker and his long career as consultant and communicator in all areas of corporate communications, he brings a high level of industry expertise and an excellent network,” adds Orlopp.
Max Hohenberg comes from the communications consultancy Kekst CNC, where he worked as a partner for a total of almost 20 years since 2002, with one interruption. During this time, he advised various clients in the financial sector on strategic positioning and stakeholder engagement. From 2018 to 2022, he was Head of Identity & Communications at UniCredit Group. Prior to joining Kekst CNC, he was a banker at Citi. Hohenberg holds a bachelor’s degree in political science from the University of Eichstätt and a master’s degree from the London School of Economics and Political Sciences.
Commerzbank with record figures in the first half of the year – targets for 2025 raised
Operating result in H1 increased by 23% to €2.4bn – in Q2 34% higher at €1.2bn
Net result in H1 with €1.3bn remains at high level of previous year despite restructuring expenses of €534m – in Q2 net result of €462m
Revenues in H1 and Q2 increased by 13% each to €6.1bn and €3bn respectively
Net commission income in H1 increased by 8% to €2bn – in Q2 10% higher at €1bn
Net interest income in H1 with €4.1bn and in Q2 with €2.1bn almost unchanged despite lower interest rates
Cost-income ratio in H1 reduced by 3 percentage points to 56% – below target of 57% for full year
Risk result in Q2 at minus €176m – NPE ratio at 1.1%
Double-digit Net RoTE of around 11% in H1 and Q2 before restructuring expenses
Next share buyback of up to €1bn based on half-year results applied for – solid CET 1 ratio of 14.6%
Outlook for full year 2025 further improved: targets for net interest income and net result raised
Commerzbank remains fully on track: in the first half of the year, the Bank achieved the best operating result in its history with €2.4bn. Despite restructuring expenses, the net result of €1.3bn remained at the high level of the previous year. Without these investments in the Bank’s transformation, the net result would have risen by 29% to a record €1.7bn. The Bank’s revenues increased by around 13% in the first half of the year to €6.1bn, driven by dynamic growth in net commission income. The cost-income ratio improved to 56%, being below the target of 57% for the full year. The positive business development of the first half year is also reflected in the net return on tangible equity (Net RoTE), which was a double-digit 11.1% before restructuring expenses. The loan book continued to prove robust in a challenging economic environment, with a risk result of minus €300m at mid-year, remaining at a moderate level as expected.
Commerzbank made good progress in implementing its “Momentum” strategy in the second quarter. In the negotiations on staff reductions, a framework settlement of interests and a framework social plan were agreed with the employee representative committees. These agreements form the basis for the personnel changes the Bank announced in February this year.
For the staff reduction in Germany, the Bank relies on proven measures, particularly partial retirement programmes and early retirement arrangements. Additionally, termination agreements with severance payment have been arranged, along with other measures. Based on the framework agreements, the details of the staff reduction have now been discussed and will be regulated in partial settlements of interests within the various corporate divisions. The goal is to complete the negotiations by autumn of this year.
The Bank is also on track with the implementation of the personnel objectives of “Momentum” at its international locations. As announced, staff levels are being increased at selected foreign locations and at mBank. The Bank has launched corresponding recruitment initiatives to support this.
Furthermore, Commerzbank has reached an agreement together with employee representative committees on the introduction of an employee share programme. This programme aims to increase employee participation in the Bank’s success. The programme will be introduced this autumn in the AG Germany and at the Bank’s international locations.
In the Private and Small-Business Customers segment, the sharpening of the two-brand strategy in Germany with stronger price and product differentiation is progressing well. The introduction of the new pricing model for current accounts has been very successful. Since June of this year, the Bank has generated additional earnings from it. The majority of the contacted customers have already given their consent. For €4.90 per month, they receive access to a comprehensive range of personal and digital advice, high security standards and digital features such as the mobile Girocard for Apple Pay, as well as free nationwide cash withdrawals. Recently, the virtual assistant Ava has been added to the list of features. It provides round-the-clock support for enquiries on banking products and financial topics, as well as resolving service requests. For customers who do not require personal advice, the Bank continues to offer a free digital alternative through its comdirect brand.
In the Corporate Clients segment, Commerzbank is making positive progress in expanding its digital platform business. International clients can now make money market deposits online via the Bank’s trading platform as well as various multi-dealer platforms. With targeted investments in its trading platforms, the Bank has also increased its revenues thanks to a higher market share in foreign exchange and interest rate derivatives.
The high level of client focus and the comprehensive product offering are appreciated by clients. As a result, Commerzbank was named the best bank for corporates and best bank for Mittelstand in the “FINANCE Bank Survey” 2025. Each year, Chief Financial Officers (CFOs), treasurers, and heads of finance from around 250 companies in Germany are surveyed for the study. Also, for the eighth consecutive year, the “Euro-Magazin” has named comdirect as Germany’s best direct bank and best bank as well as Commerzbank as the best branch-based bank.
“In the first half of the year, we achieved the best operating result in the history of Commerzbank and are progressing fast with our transformation. With ‘Momentum’ we are generating more value for our shareholders, customers and employees,“ said CEO Bettina Orlopp. “We have already applied to the European Central Bank and the German Finance Agency for our next share buyback of up to €1bn.”
Commerzbank successfully completed the capital return for the 2024 financial year in May 2025 with a dividend payment totalling €733m after approval by the Annual General Meeting. Together with share buybacks completed in January and March 2025 totalling €1bn, the Bank returned €1.73bn in total for the 2024 financial year to its shareholders. Moving forward, the Bank will continue to rely on a combination of dividend payments and share buybacks for capital returns.
Strong customer business: net commission income grows by 10%
In the second quarter, Commerzbank significantly increased its revenues by 13% to €3,019m (Q2 2024: €2,668m). This was positively influenced by the continued strong growth in net commission income: driven by a strong securities, loan origination and foreign exchange business, it increased by 10% compared to the previous year to €1,004m (Q2 2024: €910m). The Bank maintained its net interest income almost at the high level of the previous year’s second quarter with €2,062m despite significantly lower benchmark interest rates (Q2 2024: €2,078m).
Costs increased by 5% in the second quarter to €1,674m (Q2 2024: €1,599m). This was mainly due to an increase in administrative expenses by 6% to €1,616m (Q2 2024: €1,524m). The investments in growth and the exchange rate effects at the Polish subsidiary mBank again had an impact. Additionally, personnel expenses increased, primarily due to general salary increases and higher valuation effects for deferred equity-based variable compensation resulting from the rising share price. Through its active cost management, the Bank was able to partially offset the higher expenses. Furthermore, the consolidation of Aquila Capital Investmentgesellschaft (ACI) since June 2024 lead to higher expenses. Compulsory contributions decreased in the second quarter to €58m (Q2 2024: €75m). Overall, the Bank reduced its cost-income ratio by around 5 percentage points to 55% (Q2 2024: 60%). On a half-year basis, costs increased by 7% to €3,396m (H1 2024: €3,187m), and the cost-income ratio improved to 56% (H1 2024: 59%) – and remained below the target of 57% for the full year.
Despite the persistently challenging economic environment, the risk result remained at a moderate level in the second quarter with minus €176m (Q2 2024: minus €199m). This includes an amount of €142m from adjustments of methodology and models. The ratings for small and medium-sized corporate clients were recalibrated and the sensitivity for macroeconomic effects was increased. Thereof €91m alone are primarily related to potential impacts of US tariffs. Mainly due to this adjusted methodology, the remaining top-level adjustment (TLA) of €182m was fully released in the second quarter. Overall, the loan book continues to prove very robust, with a non-performing exposure ratio (NPE ratio) of 1.1% (Q1 2025: 1.0%).
Commerzbank improved its operating result by 34% to €1,169m in the second quarter (Q2 2024: €870m). For the half year, this resulted in an increase of 23%, reaching a record €2,396m (H1 2024: €1,954m). Net result after taxes, minorities and restructuring expenses amounted to €462m in the second quarter (Q2 2024: €538m), with a slight increase to €1,296m for the half-year (H1 2024: €1,285m). Without the restructuring expenses, the half-year profit would have reached a new record of €1,662m.
The Common Equity Tier 1 ratio (CET 1 ratio) decreased to 14.6% as of 30 June, among others due to the planned capital return of 100% before restructuring expenses and after deduction of AT 1 coupon payments for the 2025 financial year (31 March 2025: 15.1%; 30 June 2024: 14.8%). Commerzbank continues to have a high potential for capital return to its shareholders. The current buffer to the regulatory minimum requirement (MDA threshold), which is currently around 10.2%, remains very comfortable at 438 basis points.
The significant increase in the Bank’s profitability is demonstrated by the net return on tangible equity (Net RoTE), it improved to 10.7% in the second quarter before restructuring expenses (Q2 2024: 7.3%). For the first half of the year, it also achieved a double-digit value of 11.1% (H1 2024: 8.9%). In the full year, Commerzbank aims for a Net RoTE of around 9.6% before restructuring expenses.
“The strong growth in net commission income underpins the operational strength of our business. The double-digit net return on tangible equity shows that we are delivering what we promise,” said CFO Carsten Schmitt. “We have raised our profit target for 2025 and now expect a net result of €2.9bn before restructuring expenses.”
Segment Development: increased loan demand among corporate clients
The Corporate Clients segment generated revenues of €1,169m in the second quarter (Q2 2024: €1,255m). Net commission income increased by 9% to €355m, driven by a strong loan origination and foreign exchange business (Q2 2024: €325m). Despite lower benchmark interest rates, net interest income also increased by 6% to €614m (Q2 2024: €580m). However, hedging derivates in the Banking Book led to a lower fair value result. Loan demand rose across all client groups, with also Mittelstand clients showing an increased demand for investment loans. The average loan volume in the quarter significantly rose to €107bn (Q1 2025: €104bn; Q2 2024: €99bn). Overall, the segment’s operating result amounted to €498m in the second quarter (Q2 2024: €548m), and €1,100m for the first half of the year (H1 2024: €1,251m).
The Private and Small-Business Customers segment in Germany contributed €1,126m to revenues in the second quarter, more than in the previous year’s second quarter (Q2 2024: €1,075m). This growth was driven by strong net commission income, which increased by 9% to €516m (Q2 2024: €474m). The main driver of this growth was the strong securities business, especially at comdirect and in Wealth Management products. Net interest income remained stable at €594m despite lower interest rates (Q2 2024: €591m). Mainly due to higher costs resulting from an impairment on intangible assets of €65m at ACI as well as a higher risk result, the Private and Small-Business Customers segment in Germany achieved an operating result of €262m (Q2 2024: €320m). For the first half of the year, the result amounted to €692m (H1 2024: €715m).
In a highly competitive market environment, the average deposits of private and small-business customers in Germany amounted to €169bn in the second quarter (Q2 2024: €174bn). The loan volume increased slightly to €126bn (Q2 2024: €125bn), mainly due to the mortgage loan volume, which was €97bn in the second quarter (Q2 2024: €96bn). The securities volume increased at the end of the quarter, driven by developments in the stock markets, to €247bn (Q2 2024: €233bn).
The Polish subsidiary mBank benefited in the second quarter once more from reduced provisions for legal risks related to foreign currency loans: the burdens nearly halved compared to the previous year’s quarter to €128m (Q2 2024: €240m). Excluding this effect and burdens from credit holidays, revenues were on the same high level as last year. Net interest income slightly decreased to €587m due to lower benchmark interest rates in Poland and exchange rate effects (Q2 2024: €596m), while net commission income climbed by 20% to €140m, mainly driven by strong transaction-related businesses such as payments and a one-off effect from an insurance cooperation (Q2 2024: €117m). In total, mBank doubled its operating result to €300m (Q2 2024: €147m). The half-year result also improved significantly, more than doubling compared to the previous year at €503m (H1 2024: €229m).
Outlook for the full year: higher interest income and net result expected
Commerzbank has raised its outlook for the full year. It now expects a net result of around €2.9bn before restructuring expenses, having previously anticipated around €2.8bn. After restructuring expenses, the Bank now expects a net result of around €2.5bn, up from around €2.4bn. The outlook remains subject to the development of burdens related to Russia and foreign currency loans at mBank.
The improved outlook is primarily driven by net interest income. The Bank now expects a net interest income of around €8bn for the full year and a related positive fair value adjustment of around €0.3bn. In total, this contributes around €8.3bn to revenues. Previously, the Bank had expected net interest income of around €7.8bn and a related positive fair value adjustment of around €0.3bn, totalling around €8.1bn. The Bank still plans for net commission income to grow by around 7%. Commerzbank confirms its target for the cost-income ratio at around 57%. Due to the challenging economic environment, the risk result is still expected at around minus €850m. The CET 1 ratio is anticipated at least at 14.5% by year-end after the planned capital return and restructuring expenses.
The Bank has also confirmed its plan for capital return. For the 2025 financial year, Commerzbank continues to aim to return 100% of its net result before restructuring expenses and after AT 1 coupon payments to its shareholders. For the following years from 2026 to 2028, Commerzbank aims for a payout ratio of 100% after AT 1 coupon payments, depending on the successful implementation of the strategy, the macroeconomic environment, and the approval of the European Central Bank and the German Finance Agency for respective share buybacks. The Bank intends to continuously increase capital return to its shareholders.
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Commerzbank Mourns the Loss of Head of Communications Philipp Encz
Commerzbank mourns the passing of its Head of Communications, Philipp Encz. He passed away suddenly and unexpectedly on Whit Monday. Encz had been responsible for communication, branding, public affairs, and the Commerzbank Foundation as a member of the Executive Committee for Group Communications since June 1, 2024.
Bettina Orlopp, Chairwoman of the Executive Board of Commerzbank, stated: “Philipp Encz inspired us – both as a person and as a manager. During the short time he was part of Commerzbank, he made a remarkable impact. With his positive presence, expertise, and moral compass, he served as a role model for his employees and enriched our corporate culture in a unique way. We mourn his loss and keep his family in our thoughts.”
Before joining Commerzbank, Philipp Encz worked at Citigroup as Head of Public Affairs Germany & Europe. Prior to that, he spent around 11 years at Bloomberg in New York, Munich, London, and most recently in Frankfurt as a TV business journalist before transitioning to communications. He held various senior positions at Siemens in Munich and Airbus in Toulouse, France for a similar duration. After completing his banking apprenticeship in Munich, Philipp Encz studied Business Administration and International Management at ESB Reutlingen in Germany and London.
Commerzbank delivers record profit – strong momentum for accelerated growth and transformation – targeting 15% return on tangible equity by 2028
Financial results for 2024:
• 2024 targets exceeded: net result increased by 20% to around €2.7 bn – operating result improved by 12% to €3.8 bn
• Revenues up 6% to €11.1 bn driven by strong customer business
• Net commission income up 7% to €3.6 bn; materially better than forecast – net interest income remains strong at €8.3 bn despite interest rate cuts
• Risk result at minus €743 m demonstrates resilience of loan portfolio • Cost-income ratio improved to 59%
• 9.2% return on tangible equity much higher than target of at least 8%
• Capital return for 2024 increased to around €1.73 bn – dividend of 65 cents per share planned
Strategy upgrade until 2028 – Commerzbank leverages strong momentum:
• Bank will further accelerate its profitable growth – strategic focus on expanding business in asset and wealth management – Corporate Clients segment primarily focussing on stronger client penetration and capital efficiency
• Continual revenue growth expected despite further interest rate cuts – net commission income expected to increase by around 7% on average
• Digitalisation, artificial intelligence, and increased use of international shoring locations create greater efficiency gains
• In 2025 net result target of €2.4 bn after and €2.8 bn before restructuring charges for transformation
• Cost-income ratio expected to improve to around 50% in 2028
• Net result target of €4.2 bn and return on tangible equity target of 15% for 2028
Attractive capital return until 2028:
• For 2025 planned payout ratio of 100% of net result after deduction of AT 1 coupons and before restructuring charges for transformation
• For 2026 to 2028, payout ratio of 100% of net result after deduction of AT 1 coupons planned – subject to successful strategy implementation and macroeconomic environment
“We have built a strong foundation and can now leverage market opportunities and technological advancements. With this momentum, we are accelerating our profitable growth and consistently driving forward our transformation. This makes Commerzbank stronger and better.” Bettina Orlopp, CEO
“Commerzbank has what it takes to increase returns for shareholders in the years to come. Continually raising revenues, strict cost discipline, and a dynamic capital return provide the foundation for reliably increasing the Bank’s profitability.” Carsten Schmitt, designated CFO
Commerzbank continued to develop dynamically in the financial year 2024 and exceeded its ambitious targets, which were raised during the year. Net result increased to around €2.7 bn, which is higher than the recently targeted €2.4 bn. This means that the Bank increased its result by around 20% compared to the previous year. At the same time, it achieved its highest profit ever. Its revenues were the main driver: thanks to strong customer business, revenues rose by around 6% to €11.1 bn compared to the previous year and also exceeded the target set in autumn 2024. Despite inflation and slightly higher costs related to investments, the cost-income ratio improved to 59%, placing it below the original target of 60%. The return on tangible equity increased to 9.2%, significantly exceeding the target of at least 8%. The Bank has created a strong starting point with a series of excellent results in recent years. Commerzbank is now using this momentum to accelerate its profitable growth and to continue to advance the transformation by executing its upgraded strategy for the coming years.
Commerzbank’s CEO Bettina Orlopp said: “We have delivered again. With yet another record result, we have shown that we are creating substantial added value for our shareholders, customers, and employees. We have significantly increased our profitability, expanded our fee business as previously announced, continued to improve our cost-income ratio, and are an even more attractive employer. This provides us with a strong basis for the years to come.”
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Commerzbank: Αγορά ιδίων μετοχών αξίας 400 εκατ. ευρώ – Πρόταση για μέρισμα €0,65/μτχ.
Η Commerzbank ανακοίνωσε αγορά ιδίων μετοχών αξίας έως και 400 εκατομμυρίων ευρώ ως μέρος της δέσμευσης να διανείμει το 71% των κερδών του περασμένου έτους, μεταδίδει το πρακτορείο Bloomberg.
Η γερμανική τράπεζα αποφάσισε να πραγματοποιήσει ακόμη μία αγορά ιδίων μετοχών, ανέφερε σε ανακοίνωσή της την Παρασκευή.
Επίσης, η τράπεζα γνωστοποίησε ότι προτίθεται να προτείνει μέρισμα €0,65 ανά μετοχή στην Ετήσια Γενική Συνέλευση.
Commerzbank increases net result to €2.7 bn in 2024
Revenues up 6% to €11.1 bn driven by strong customer business: net commission income up 7% to €3.6 bn – net interest income still at high level of €8.3 bn
Bank approves additional share buyback of up to €400 m
CEO Bettina Orlopp: “We have exceeded our capital return promise to our shareholders.”
Commerzbank reached a net result of €2.68 bn in the past financial year. This is an increase of about 20% compared to the previous year’s result (2023: €2.22 bn) and, at the same time, marks a record profit for the Bank. Revenues rose by 6% to €11.11 bn (2023: €10.46 bn), thanks to strong customer business. It was driven by the stronger than forecast growth in net commission income by 7% to €3.64 bn (2023: €3.39 bn). Net interest income remained at a high level of €8.33 bn (2023: €8.37 bn). In the fourth quarter, the Bank also benefited from FX valuation effects of the US dollar on AT1 bonds. Despite the challenging economic environment, the credit portfolio proved robust: the risk result in the 2024 financial year was minus €743 m (2023: minus €618 m). The cost-income ratio further improved to 59% (2023: 61%), remaining below the original target of 60%. The return on equity (RoTE) increased to 9.2% (2023: 7.7%), significantly exceeding the target of at least 8%.
Based on the strong results, the Bank plans to propose a dividend of €0.65 per share (previous year: €0.35) to the Annual General Meeting. In addition, Commerzbank’s Board of Managing Directors has approved the implementation of another share buyback with a volume of up to €400 m. The necessary approvals from the German Financial Agency and the European Central Bank have been obtained. The share buyback will start after the reporting for the 2024 financial year and is expected to be completed by the Annual General Meeting in mid-May 2025. This is the second tranche of the third share buyback programme, being part of the capital return for 2024 alongside the dividend payment. The first tranche with a volume of around €600 m was completed in January 2025.
In total, the Bank provides a capital return around €1.73 bn to its shareholders for the 2024 financial year. This corresponds to a payout ratio of 71% of the net result after deduction of AT 1 coupons. For the years 2022 to 2024, the capital return amounts to €3.1 bn – more than originally announced. The CET 1 ratio after the capital return is 15.1%.
“We have exceeded our capital return promise to our shareholders,” said Commerzbank CEO Bettina Orlopp. “By consistently managing costs and focussing on growth initiatives, we were able to significantly increase the net result for the past financial year. Thanks to increasing profitability and new growth initiatives, we will further enhance capital return in the coming years. Commerzbank is and remains an attractive investment.”
Further details on the 2024 financial year and the upgraded strategy will be presented by the Board of Managing Directors on 13 February 2025 in Frankfurt.
The figures for the year 2024 presented in this press release are preliminary and unaudited.
Commerzbank improves full-year outlook
Revenues increased to €8.2bn at end of September thanks to strong customer business (9M 23: €8.1bn)
Loan volume of corporate clients in Mittelstand business increased by 3% to €62bn in Q3
9M net commission income up 4% to €2.7bn
Net interest income after nine months at consistently high level of €6.3bn despite rate cuts
9M costs stable at €4.8bn – cost-income ratio at 59%
Operating result after nine months almost stable at €2.8bn despite decreasing interest rates
9M net result up 5% to €1.9bn
Risk result after nine months at minus €529m – non-performing exposure ratio remains low at 0.9%
High CET1 ratio of 14.8% (9M 23: 14.6%) expected to rise to around 15% at year-end and underpins potential for capital return
Outlook for full year: net result target of around €2.4bn confirmed – targets for net commission income and net interest income raised
Third share buyback: buyback of first tranche of around €600m approved – applied for approval for second tranche of up to €400m
Commerzbank has improved its outlook for the 2024 financial year after the first nine months: net interest income and net commission income developed better than anticipated in the third quarter, which is why the Bank is raising its targets for both key figures. The Bank also confirms its forecast for 2024 of achieving a higher net result than in 2023. It anticipates a net result of around €2.4bn after reaching €2.2bn in the 2023 financial year. This means the Bank is once again heading for a record profit for the full year. In the third quarter, growth in net commission income accelerated to around 8% compared to the same quarter of the previous year. Growth in the securities business and asset management as well as in the syndication business and trade finance had a particularly positive effect. In contrast, net interest income fell slightly due to the European Central Bank’s (ECB’s) recent interest rate cuts, but the Bank benefited from the continuing high volume of deposits. Despite the economically challenging environment, the credit volume in the Corporate Clients segment rose to €100bn in the third quarter. In the Mittelstand alone, the loan volume increased by 3% compared to the previous quarter to €62bn. The loan book remains robust. Between January and September, revenues rose to a total of €8.2bn. With €1.9bn after taxes and minorities, the Bank earned 5% more in the first nine months of this year than in the same time of the previous year.
The Bank continued implementing its strategic initiatives in the third quarter. A few weeks after successfully acquiring a majority stake in Aquila Capital, the Bank started the distribution of Aquila products with the launch of the European long-term investment fund (ELTIF) “AC One Planet”. The demand from Commerzbank customers for this long-term fund, which invests in pioneering projects in the field of renewable energy, is very high. The Bank is also expanding its offering for ultra-high-net-worth individuals and family offices, substantiating Commerzbank’s growth ambitions in this segment. The relevant skill sets and highly specialised departments will be brought together in a separate division. In addition to the existing services in Berlin, Düsseldorf, Frankfurt am Main and Munich, the Bank is also establishing two new locations in Hamburg and Stuttgart for comprehensive advisory services for this customer group.
The Bank is also continuing to implement its strategic plans abroad. To further strengthen its technological development, Commerzbank has opened a new “IT factory” in Malaysia. Commerzbank is furthermore making good progress in its commitment to sustainability: growth in the Green Infrastructure Finance division, which focuses on project financing for renewable energies and other green infrastructure, already exceeded the record year 2023 after nine months. Between January and September, net growth in the financing volume amounted to around €1.1bn (full year 2023: €1bn).
“Our figures and our strong customer business emphasise that our strategy is paying off. Even in an environment of decreasing interest rates, we are delivering stable revenues and strong results. We believe we have great potential for growth, particularly in asset management and wealth management. In the lending business, we want to continue to grow in the Mittelstand business”, said Bettina Orlopp, Commerzbank’s CEO. “To further increase the Bank’s profitability in the coming years and create sustainable value for our shareholders, we are currently working hard on upgrading our strategy for the coming years. The results will be presented on 13 February 2025.”
“We are convinced that we will increase our net result again this year. The customer business developed very well in the third quarter. We are particularly pleased with the growth in net commission income. This shows that our growth initiatives are increasingly paying off, thanks to the very consistent implementation of our strategy.”
Bettina Orlopp, CEO Commerzbank
Strong customer business: growth in commissions almost offsets decline in interest income
Driven by the ongoing strength of customer business, Commerzbank’s revenues remained at a high level in the third quarter at €2,735m (Q3 2023: €2,755m) – despite provisions of €227m for legal risks from foreign currency loans at Polish subsidiary mBank. The Bank benefited from accelerated growth in net commission income of around 8% to €894m (Q3 2023: €831m), to which both customer segments contributed. As anticipated, net interest income fell slightly to €2,048m (Q3 2023: €2,166m, Q2 2024: €2,078m) as a result of the interest rate cuts, but remained at a high level. Between January and September, revenues increased to €8,150m compared to the same period last year (9M 2023: €8,052m).
Total costs increased only slightly in the third quarter to €1,594m (Q3 2023: €1,549m). Compulsory contributions rose to €64m (Q3 2023: €45m). Again, this was caused by the higher contributions to the Deposit Insurance Fund due to the increase in covered deposits. Operating expenses were also slightly higher than in the previous year at €1,530m (Q3 2023: €1,504m). This was primarily due to higher costs incurred by mBank as a result of investments in future business growth and foreign currency effects. Other drivers were general salary increases in Germany, higher accruals for share-based variable compensation as a consequence of the strong rise in the Commerzbank share price and the increased cost base since the acquisition of Aquila Capital in June. These effects were partially offset by active cost management. Between January and September, costs fell by a total of around 1% to €4,780m. The cost-income ratio was at 58.7% (9M 2023: 59.7%).
The risk result totalled minus €255m in the third quarter (Q3 2023: minus €91m). It includes around minus €147m from methodology updates, of which minus €97m alone are intended to cover climate and environmental risks. In the ongoing economically challenging environment, the loan book proved to be overall robust, with three large individual cases impacting the risk result by minus €130m. The non-performing exposure ratio (NPE ratio) was at low 0.9% (Q2 2024: 0.8%). The Bank’s Top-Level Adjustment (TLA) decreased by €94m due to reassessment. Taking into account the reduction in the TLA, the Bank still has €242m (Q2 2024: €336m) available mainly to cover expected secondary effects from geopolitical crises and uncertainties from inflation. After nine months, the risk result was at minus €529m (9M 2023: minus €367m).
Overall, the operating result in the third quarter totalled €886m (Q3 2023: €1,116m). Between January and September, it remained almost stable at €2,841m (9M 2023: €2,879m). Net result after taxes and minority interests totalled €642m in the third quarter (Q3 2023: €684m), improving by 5% to €1,926m after nine months (9M 2023: €1,829m). The Bank is therefore well on track to achieve its target of generating a higher profit for the financial year 2024 than in the previous year.
Commerzbank’s Common Equity Tier 1 ratio (CET1 ratio) was 14.8% as of 30 September (30 June 2024: 14.8%, 30 September 2023: 14.6%). The Bank continues to have a very comfortable buffer of 451 basis points to the regulatory minimum requirement (MDA threshold), which currently is 10.31%. Commerzbank has significant potential to return capital to its shareholders. The return on tangible equity (RoTE) was 8.7% in the third quarter (Q3 2023: 9.6%) and improved to 8.8% between January and September (9M 2023: 8.6%). After nine months, the Bank is on track to achieve its target of at least 8% for the full year.
“We are consistently implementing our plans for the return of capital. We have applied for the second tranche of our share buyback to the ECB and the German Finance Agency. By further sharpening the financial targets of our Strategy until 2027 in September, we have also made it clear that we will improve our profitability beyond our original plans. This will enable us to return even more capital to our shareholders in the coming years”, said Bettina Orlopp.
Segment performance: mBank more than doubles its operating result
The Corporate Clients segment generated revenues of €1,121m in the third quarter (Q3 2023: €1,172m). After nine months, revenues were 5% higher compared to the same period of the previous year, totalling €3,541m. Net commission income rose by around 5% to €345m in the third quarter compared to the same quarter of the previous year. The syndication business and trade finance developed particularly strongly. Net interest income, however, fell, as anticipated, to €629m (Q3 2023: €718m, Q2 2024: €678m) because of the recent interest rate cuts. The credit volume increased to €100bn in the third quarter despite the challenging economic environment (Q2 2024: €99bn, Q3 2023: €97bn). The segment’s operating result totalled €412m (Q3 2023: €645m) and largely reflects the increased risk result in the third quarter. After the first nine months of the financial year, the operating result, which totalled €1,623m, was almost on the same level as in the previous year (9M 2023: €1,637m).
The Private and Small-Business Customers segment (PSBC) in Germany recorded stable revenues of €1,044m in the third quarter (Q3 2023: €1,045m), despite the decline of interest rates. In the first nine months of the year, the segment’s revenues increased to €3,276m (9M 2023: €3,240m). As anticipated, in the third quarter net interest income fell to €537m (Q3 2023: €596m). However, the decline could largely be offset by a significant increase in net commission income by 8% to €472m as well as valuation effects at the real estate subsidiary Commerz Real. The continued strength of the securities business had a positive effect on net commission income. Driven by the positive trend in the stock markets, the securities volume rose further to €238bn by the end of September (end of June: €233bn). The segment’s average deposit volume was stable in the third quarter at €174bn (Q2 2024: €174bn) as well as the loan volume at an average of €125bn (Q2 2024: €125bn). The volume of mortgage loans also remained unchanged at €96bn (Q2 2024: €96bn). The segment’s operating result of €251m (Q3 2023: €298m) reflects, amongst others, the acquisition of Aquila Capital in June as well as increased expenses for the deposit guarantee scheme. After nine months, the result was 11% higher compared to the same period last year at €985m (9M 2023: €885m).
The Polish subsidiary mBank continued its dynamic growth in customer business. Revenues increased by a strong 40% to €485m in the third quarter (Q3 2023: €346m), despite further provisions for legal risks for foreign currency loans totalling €227m (Q3 2023: €234m). Between January and September, mBank’s revenues increased by one-third to €1,239m (9M 2023: €929m). In the third quarter, net interest income rose to €609m (Q3 2023: €561m), driven by the continued strong deposit and lending business. Net commission income also increased further, rising by around 13% to €91m. mBank contributed €203m to the Group’s operating result in the third quarter, more than twice as much as a year ago (Q3 2023: €89m). Without the impact of the legal risks associated with foreign currency loans and “Credit Holidays”, the operating result would even have risen to €404m in the third quarter (Q3 2023: €323m). In the first nine months of the year, mBank was able to more than double its operating result to €432m compared to the same period last year (9M 2023: €175m).
Outlook 2024: targets for net commission and net interest income as well as CET1 ratio raised
After the first nine months of the year, Commerzbank confirms its profit target for the full year 2024: with a net result of around €2.4bn, it is targeting a higher net result than in the 2023 financial year. The outlook is subject to the future development of burdens from Russia and foreign currency loans at mBank. Based on the strong results of the third quarter, the Bank is raising its forecast for net interest income from around €8.1bn to around €8.2bn for the full year. Net commission income also developed better than planned: the Bank now anticipates that net commission income will exceed the previous year’s figure by more than 5%. Previously, the Bank had anticipated net interest income to rise by 4%. On this basis, the Bank assumes revenues totalling €10.9bn. Commerzbank now anticipates a CET1 ratio of around 15%. Previously, it had assumed a ratio of more than 14%. Commerzbank is still aiming for a cost-income ratio of around 60% for the current year. The Bank expects a risk result lower than minus €800m for the full year assuming usage of TLA.
The Bank remains committed to its capital return plans and planned share buybacks: for this financial year, Commerzbank is aiming to return at least 70% of net result to its shareholders – but not more than the net result after deduction of AT1 coupon payments. On 4 November, the Bank decided to start its third share buyback programme soon. Previously, the German Finance Agency and ECB had given their approval for the first tranche of €600m. As planned, Commerzbank has applied to the ECB and the German Finance Agency for the second tranche of up to €400m, based on the third quarter results. By strengthening the financial targets of its Strategy until 2027 in September, the Bank is increasing its capital return potential.
Η Commerzbank αποκτά το 75% της Aquila Capital
Σε συμφωνία για την ανάπτυξη στρατηγικής συνεργασίας με την Commerzbank προχώρησε η Aquila Capital Investmentgesellschaft. Στο πλαίσιο αυτής της συνεργασίας, η Commerzbank αποκτά μερίδιο 74,9% στην Aquila Capital. Ο Όμιλος Aquila, ως πωλητής, επιβεβαιώνει τη μακροπρόθεσμη δέσμευσή του στην εταιρεία και τον ηγετικό ρόλο που θα συνεχίσει να διαδραματίζει στη διαμόρφωση της μελλοντικής της ανάπτυξής.
Μέσω αυτής της συνεργασίας, η Aquila Capital Investmentgesellschaft επεκτείνει την προσφορά της στους τομείς της καθαρής ενέργειας, των πράσινων υποδομών και των βιώσιμων επενδυτικών λύσεων σε ακίνητα προς ιδιώτες πελάτες και προς ένα ευρύ φάσμα θεσμικών και επιχειρηματικών πελατών. Στόχος της συνεργασίας είναι να επιταχυνθεί σημαντικά η ανάπτυξη της Aquila Capital Investmentgesellschaft και να εξελιχθεί η εταιρεία σε έναν από τους κορυφαίους διαχειριστές περιουσιακών στοιχείων για βιώσιμες επενδυτικές στρατηγικές στην Ευρώπη.
Η Aquila Capital Investmentgesellschaft αναμένεται να επωφεληθεί από το ισχυρό εμπορικό σήμα της Commerzbank και το ευρύ δίκτυο διανομής της με σχεδόν 11 εκατομμύρια νέους ιδιωτικούς και εταιρικούς πελάτες, 26.000 ομάδες εταιρικών πελατών και ένα παγκόσμιο δίκτυο με παρουσία σε περισσότερες από 40 χώρες. Σε απόλυτη συμφωνία με τη στόχευση της Commerzbank να διευκολύνει την ενεργειακή μετάβαση, η τράπεζα θα αποκτήσει πρόσβαση στην επενδυτική εμπειρογνωμοσύνη της Aquila Capital Investmentgesellschaft, που θα της επιτρέψει να επεκτείνει τη θέση της στην αγορά σε επενδύσεις πραγματικών περιουσιακών στοιχείων.
Η εν λόγω συνεργασία θα αποτελέσει σημαντικό ορόσημο στην ιστορία της Aquila Capital Investmentgesellschaft αλλά και τη βάση για την αμοιβαία ανάπτυξη των εταιρειών. Από τη μια, εξασφαλίζει τη διαχειριστική ανεξαρτησία της Aquila Capital Investmentgesellschaft, που παραμένει αυτόνομη στις λειτουργίες, τις επενδυτικές αποφάσεις, την ανάπτυξη προϊόντων και την εκπροσώπηση του εμπορικού σήματος.
Από την άλλη, μέσω αυτής της συνεργασίας οι πελάτες της Commerzbank θα αποκτήσουν πρόσβαση σε ελκυστικά περιουσιακά στοιχεία των ιδιωτικών αγορών. Η συνέχεια εξασφαλίζεται και σε επίπεδο ηγεσίας. Οι υφιστάμενες ομάδες διαχείρισης και διαχείρισης κεφαλαίων της εταιρείας θα διατηρήσουν τους ρόλους τους. Η μητρική εταιρεία, ο Όμιλος Aquila, θα διατηρήσει τη μακροπρόθεσμη δέσμευση της και τον κεντρικό της ρόλο στη διαμόρφωση της μελλοντικής ανάπτυξης της Aquila Capital Investmentgesellschaft. Η σύμπραξη ενισχύεται από συμφωνίες συνεργασίας μεταξύ της Commerzbank και του ομίλου Aquila, από τις οποίες θα επωφεληθούν τόσο οι επενδυτές όσο και τα δύο μέρη.
Τα μέρη συμφώνησαν να μην αποκαλύψουν τις οικονομικές λεπτομέρειες της συναλλαγής η οποία υπόκειται στις απαραίτητες επίσημες εγκρίσεις. Η συναλλαγή αναμένεται να ολοκληρωθεί εντός του δεύτερου τριμήνου του 2024.
Ο Roman Rosslenbroich, CEO και Co-Founder του Ομίλου Aquila, δήλωσε: «Από το 2006, η βασική στόχευση της επιχειρηματικής μας δραστηριότητας στον Όμιλο Aquila είναι να συμβάλουμε στην ελαχιστοποίηση του αποτυπώματος άνθρακα της παγκόσμιας οικονομίας. Η στροφή προς τις ΑΠΕ και την “πράσινη εκβιομηχάνιση” ανοίγει επενδυτικές ευκαιρίες που όχι μόνο προσφέρουν ελκυστικές αποδόσεις, αλλά και θα αποκτήσουν όλο και μεγαλύτερη σημασία τα επόμενα χρόνια λόγω των ταχέως αυξανόμενων κεφαλαιακών απαιτήσεων. Σε αυτό το πλαίσιο, εντείνουμε τις προσπάθειές μας για την κινητοποίηση ιδιωτικών κεφαλαίων. Η συνεργασία μας με την Commerzbank διευρύνει σημαντικά το δίκτυο πελατών μας, διευκολύνει την ταχεία ανάπτυξη νέων, ελκυστικών επενδυτικών προϊόντων που στοχεύουν σε μια οικονομία μηδενικού ανθρακικού αποτυπώματος και ενισχύει τη θέση του Ομίλου Aquila στην αγορά. Μαζί με την Commerzbank, σκοπεύουμε να ενισχύσουμε σημαντικά τον εξέχοντα ρόλο της Aquila Capital Investmentgesellschaft ως βιώσιμου επενδυτή πραγματικών περιουσιακών στοιχείων και να τον επεκτείνουμε διεθνώς».
Ο Thomas Schaufler, Μέλος του Διοικητικού Συμβουλίου της Commerzbank, υπεύθυνος Ιδιωτών και τους Μικρομεσαίων Επιχειρηματικών Πελατών, δήλωσε: «Ως τράπεζα της Γερμανίας, φιλοδοξούμε να διαμορφώσουμε ενεργά τον βιώσιμο μετασχηματισμό της οικονομίας και να κατευθύνουμε τις χρηματοοικονομικές ροές σε πράσινα έργα. Η στρατηγική συνεργασία μας με τον Όμιλο Aquila και το πλειοψηφικό πακέτο μετοχών της Aquila Capital Investmentgesellschaft που αποκτήσαμε, επιταχύνουν την ανάπτυξή μας σε βιώσιμες επενδύσεις. Η Aquila Capital Investmentgesellschaft συμπληρώνει άριστα την τεχνογνωσία της Commerzbank και της Commerz Real. Μέσω αυτής της συναλλαγής, αυξάνουμε σημαντικά το εύρος των προϊόντων βιώσιμης διαχείρισης περιουσιακών στοιχείων για τους πελάτες μας ενώ θα μπορέσουμε να επεκτείνουμε τη θέση μας στην αγορά ακόμη πιο γρήγορα. Με την Yellowfin, την Commerz Real, το ποσοστό μας στην Aquila Capital Investmentgesellschaft και τη διαχείριση των περιουσιακών μας στοιχείων, η τράπεζα μας πετυχαίνει μια πολύ καλή τοποθέτηση στην αγορά».