REG-Commerzbank Aktiengesellschaft Commerzbank delivers record profit – strong momentum for accelerated growth and transformation – targeting 15% return on tangible equity by 2028
13/02/2025 06:15
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Commerzbank Aktiengesellschaft (CZB)
Commerzbank delivers record profit – strong momentum for accelerated
growth and transformation – targeting 15% return on tangible equity by
2028
13-Feb-2025 / 07:02 CET/CEST
The issuer is solely responsible for the content of this announcement.
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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
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.”
Successful business development in 2024 creates a strong starting point
for upgraded strategy
In the financial year 2024, revenues increased to €11,106 m (2023:
€10,461 m). The growth was driven by the strong fee business. Net
commission income increased by 7% to €3,638 m (2023: €3,386 m) thanks to
the dynamic securities business and positive development in asset
management. It exceeded the growth target, which was raised to more than
5% in September. Net interest income remained at a high level at €8,331 m
(2023: €8,368 m). The ongoing growth in deposits and adjustments in the
replication portfolio for the long-term stabilisation of net interest
income compensated for the impact of interest rate cuts by the European
Central Bank (ECB).
Total costs for the 2024 financial year were slightly higher at €6,526 m
(2023: €6,422 m), primarily caused by increased administrative expenses,
which rose to €6,244 m (2023: €6,006 m). This was mainly due to
investments in the growth of mBank and higher personnel expenses. The
consolidation of Aquila Capital effective since June had an impact,
alongside salary increases. The Bank was able to partly compensate for
these through active cost management and cost savings. Compulsory
contributions decreased to €283 m for the full year (2023: €415 m), mainly
because the European bank levy was significantly lower, as the Single
Resolution Fund’s target volume was achieved. The cost-income ratio
improved to 59% (2023: 61%).
The risk result for the financial year 2024 totalled minus €743 m (2023:
minus €618 m), mainly driven by single cases. The loan book continued to
prove its overall resilience in a challenging macroeconomic environment.
At the end of the year, the non-performing exposure (NPE) ratio was 1.1%
(Q3 2024: 0.9%; Q4 2023: 0.8%). The top-level adjustment (TLA) was reduced
by €14 m due to reassessment in the fourth quarter. Therefore, the Bank
continues to have €228 m (Q3 2024: €242 m; Q4 2023: €453 m) mainly
available to cover expected secondary effects from geopolitical crises and
uncertainties from inflation.
The Bank’s operating result increased by 12% to €3,837 m (2023: €3,421 m)
in the financial year 2024. Net result after taxes and minority interests
also rose significantly compared to the previous year: it increased by 20%
to €2,667 m (2023: €2,224 m).
The CET 1 ratio rose to a comfortable 15.1% as of 31 December 2024, which
underpins the Bank’s very high potential for returning capital to its
shareholders (Q3 2024: 14.8%; Q4 2023: 14.7%). The current buffer to the
regulatory minimum requirement (MDA threshold) of around 10.3% is
therefore 485 basis points. The return on tangible equity (RoTE) continued
to significantly improve, reaching 9.2% in the financial year 2024 (2023:
7.7%). This means that the Bank clearly exceeded its aims to achieve a
return on tangible equity of at least 8% for the full year.
Based on its strong results, Commerzbank will give back a total of around
€1.73 bn – 71% of its net result after deduction of AT 1 coupons – to its
shareholders for the financial year 2024. Part of the capital return is
the Bank’s third share buyback programme. In January this year, the Bank
concluded the buyback of the first tranche, which it began in 2024, with a
volume of around €600 m. The ECB and the German Finance Agency have
already approved a second tranche of up to €400 m. The share buyback will
start after the reporting for the 2024 financial year and is expected to
be completed by the Annual General Meeting at the latest. Furthermore, the
Board of Managing Directors and the Supervisory Board intend to propose a
dividend of 65 cents per share (previous year: 35 cents per share) at the
Annual General Meeting on 15 May 2025. The Bank will return around €3.1 bn
to its shareholders in total for the years 2022 to 2024, which is more
than originally announced.
Designated CFO, Carsten Schmitt, explained: “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.”
Segment development: loan volumes continue to rise in Corporate Clients
segment
The Corporate Clients segment increased its revenues in the financial year
2024 by a total of 5% across all client groups to €4,724 m (2023:
€4,486 m). Net commission income climbed by around 7% to €1,379 m (2023:
€1,284 m). The main drivers were increased business activity in loan
syndications and bond issuance. Growth in foreign trade and the financing
of green infrastructure projects for renewable energies (CoC GIF) also had
a positive impact. However, as expected, net interest income was slightly
lower at €2,670 m (2023: €2,782 m) due to the downward trend of interest
rates on deposits. Despite the challenging economic environment in the
final quarter, loan volume growth continued: the loan volume rose by a
further €4 bn compared to the third quarter to a total of €104 bn at the
end of the year (Q4 2023: €95 bn). The increase is largely attributed to
investment loans for the green transformation, the public sector and
institutional clients. At €2,060 m, operating result was slightly below
the previous year (2023: €2,147 m).
Significantly improved result in Private and Small-Business Customers
segment
The Private and Small-Business Customers segment in Germany generated
revenues of €4,440 m in the financial year 2024, a 7% increase compared to
the previous year (2023: €4,134 m). Thanks to higher contribution from the
deposit business, net interest income climbed by around 8% to €2,384 m
(2023: €2,208 m) despite interest rate cuts by the ECB. Net commission
income rose by 7% to €1,964 m (2023: €1,833 m), with strong performance in
the securities business, supported by the positive market development and
strategic initiatives in asset management, contributing significantly to
the growth. Additionally, the segment saw strong growth in savings plans.
The segment’s operating result for the full year improved by 56% to
€1,362 m (2023: €873 m).
In 2024, the securities volume rose significantly to €243 bn as per the
end of December (Q4 2023: €215 bn), as a result of the strong market
development. Loan volume averaged €125 bn in the final quarter, which is
equal to the level of the previous quarter (Q4 2023: €125 bn); the average
mortgage volume for the fourth quarter was €96 bn (Q4 2023: €95 bn). The
Bank also gained customer deposits in the past financial year; the average
deposit volume rose to €173 bn in the fourth quarter compared to the same
quarter of the previous year (Q4 2023: €156 bn).
The Polish subsidiary mBank continued its strong growth in customer
business in 2024. It increased its revenues by 38% to €1,702 m (2023:
€1,235 m). Net commission income increased by 11% to €348 m (2023: €313 m)
and net interest income rose by 9% to €2,382 m (2023: €2,176 m). This
allowed mBank to compensate for provisions for legal risks for foreign
currency loans (FX) totalling €1,002 m (2023: €1,094 m). mBank contributed
€599 m to the Group’s operating result in the 2024 financial year, more
than four times as much as in the previous year (2023: €146 m). Without
the impact of provisions for legal risks associated with foreign currency
loans and “credit holidays”, it would have contributed an even higher
amount of €1,636 m in 2024 (2023: €1,228 m).
“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,” said CEO Bettina Orlopp. “This makes Commerzbank stronger
and better.”
Strategy “Momentum”: significant increase in financial targets until 2028
With its upgraded strategy “Momentum”, Commerzbank has set significantly
more ambitious targets than before. The RoTE is expected to improve to 15%
by 2028. This means that the Bank will earn significantly more than its
cost of capital and be a well-established player amongst the successful
banks in Europe. It is aiming to increase its net result to €4.2 bn by
2028. With only a moderate rise in costs, revenues are expected to
increase significantly: The Bank anticipates a compound annual growth rate
(CAGR) of 4% excluding provisions for legal risks for FX loans at mBank to
€14.2 bn by 2028. The main driver will be net commission income, while a
moderate increase in net interest income is expected despite ongoing
interest rate cuts. The Bank plans to continue to significantly improve
its cost-income ratio to around 50% – an internationally competitive
level.
Commerzbank’s revised financial targets, which were published in September
2024, initially extended until the year 2027. These targets are now
anticipated to be partially exceeded as early as 2027 on the way to
reaching the more ambitious targets by the end of 2028. The Bank aimed for
a net result target of €3.6 bn in 2027. Based on its “Momentum” strategy,
the Bank now forecasts a net result of €3.8 bn for 2027. Revenues are
projected to rise to €13.6 bn instead of the previously expected €13.3 bn,
and the Bank is targeting a return on equity of 13.6% rather than the
previous target of 12.3%. In September 2024, the Bank’s cost-income ratio
target was 54%. Its new target for 2027 is 53%.
Commerzbank focusses on growth potential and strengthens its digital
distribution channels
To achieve the targets of its upgraded strategy by 2028 and to accelerate
its profitable growth, Commerzbank will continue to leverage further
potential from its business model over the coming years. In doing so, the
Bank will focus on its acknowledged strengths in the business with private
and small-business customers, including its asset and wealth management,
which is expected to continue to grow following recent acquisitions, the
further expansion of its market leadership position in the Mittelstand,
and the growth of mBank. In all business segments, the Bank will, in
addition, consistently advance its offering of digital processes,
solutions, and product offerings, including through the expansion of sales
partnerships.
In the Private and Small-Business Customers segment, the Bank will sharpen
its two-brand strategy with stronger price and product differentiation.
The Commerzbank brand will continue to stand for access to a branch
network with a comprehensive range of services and personal advice, in
addition to extensive digital offerings. Under the brand comdirect, the
Bank offers all core services as a digital primary bank and, as a
performance broker, solutions for saving, investing, and securities
trading.
Furthermore, the Bank aims to expand its new loan volume with private and
small-business customers. It will also modernise its payment business and
further strengthen its omnichannel approach. Already today, more than 90%
of customer contacts are digital. More than 50% of product sales in the
Commerzbank brand are concluded digitally. In addition to the various
online and mobile offerings as well as the established remote advisory
centre, branches remain an important sales channel that will be
structurally strengthened by an adjusted advisory model. Customer areas
and sales structures will be reorganised to free up more time for
qualified customer advisory services at the locations. The model will be
implemented in the fourth quarter of 2025. In this context, the Bank will
also strengthen personal advice in Private Banking and Wealth Management.
In the Corporate Clients segment, Commerzbank will focus on an even
stronger penetration of its clients in the Mittelstand and large client
groups. To this end, the Mittelstandsbank Direkt team will be staffed up
to ensure more active client support. Moreover, Commerzbank is
strengthening its financing solutions offerings, particularly for large
corporate clients, and supports Mittelstand businesses in the area of
succession financing. Both advisory and financing also play an important
role regarding strategic sustainability topics such as decarbonisation and
the establishment of reporting around the dimensions of environment,
social, and governance (ESG).
The Corporate Clients segment will also focus on international growth and
strengthen its business with German clients in the USA and Asia. The Bank
also plans to intensify business relationships with North American and
Asian companies in selected sectors. Additional revenue potential will be
gained through the acquisition of new corporate clients with increased RWA
(risk-weighted assets) efficiency. On the product side, the range of
services for foreign exchange, interest rate, and commodity products, and
transaction banking, especially for payment transactions and foreign trade
business, will be specifically strengthened. Commerzbank will also
significantly increase its capital efficiency and utilise securitisation
to free up even more capital.
Measures to accelerate organic growth will be complemented with targeted
acquisitions. Alongside this, Commerzbank aims to pursue further strategic
partnerships, especially with a focus on developing innovative products,
distribution channels, and IT services. Visa will become strategic partner
of Commerzbank for payment cards. The two companies agreed on a long-term
partnership. It supports Commerzbank’s strategic direction in payments and
ensures the Bank’s access to future payment innovations. Commerzbank
customers will preferentially receive debit and credit cards from Visa in
the future.
Extensive investments in digitalisation and artificial intelligence
increase efficiency
In addition to accelerating profitable growth, the consistent continuation
of its own transformation is at the core of the Bank’s upgraded strategy.
These measures aim to reduce the complexity of processes and make
Commerzbank on the whole even leaner and more efficient.
The Bank will further increase its productivity, particularly by
modernising and efficiently utilising technologies. This includes
accelerating digitalisation activities, for example, by using modern
technologies, such as artificial intelligence (AI). It will also invest in
consistently modernising and streamlining its IT infrastructure.
As part of this, the Bank has already signed strategic partnerships with
Google Cloud and Microsoft. The target is to significantly accelerate the
transformation of the digital landscape by collaborating closely in the AI
and Cloud space and by bringing skills and resources together.
For a competitive cost base, the Bank will also focus on scaling shoring
and sourcing activities within the group and reducing its dependency on
external service providers. The Bank will utilise international locations
as well as nearshore and offshore subsidiaries to a greater extent than
before, which should increase access to skilled specialists.
The efficiency gains from digitalisation, as well as the increased use of
international locations, will be accompanied by further job reductions. In
total, around 3,900 full-time equivalent (FTE) positions are expected to
be cut by 2028. With approximately 3,300 FTEs this affects mainly central
staff functions and Operations in Germany. At the same time, there will be
an increase in staffing in selected areas, such as the international
locations and at mBank. Ultimately, the number of employees in the
Commerzbank Group is expected to remain constant at 36,700 FTEs worldwide.
To make the transformation process socially acceptable, Commerzbank will
rely primarily on demographic change and natural fluctuations. For
instance, the Bank will be offering an early partial retirement programme
this year. The Bank has already agreed on these key principles in a joint
transformation agreement with the employee unions. The Bank estimates
restructuring charges of around €700 m before tax effects in 2025. The
specific design of personnel measures will be subject of upcoming
negotiations with employee unions.
Commerzbank will continue to ensure its attractiveness as an employer and
to further raise the motivation and performance of its employees through
extensive measures. For instance, the Bank is focussing on a modern,
flexible workplace concept for its employees. Another planned measure is
the introduction of an employee share programme to increasingly involve
its employees in the Bank’s future success.
Outlook for 2025: Higher net result targeted again thanks to “Momentum”
In 2025, Commerzbank will make significant progress towards achieving its
financial targets by the end of 2028. The Bank aims for a net result of
€2.8 bn before restructuring charges for the transformation of the Bank,
while expecting a net result of €2.4 bn after restructuring charges. The
outlook remains subject to the future development of burdens from Russia
and FX loans at mBank. The Bank expects a net interest income between
€7.7 bn and €7.9 bn, depending on the interest rate development and the
related fair value movement between €0.4 bn and €0.3 bn, leading to a
combined contribution of €8.1 to €8.2 bn. Net commission income is planned
to increase by around 7%. The Bank is targeting a cost-income ratio of
57%. The risk result is expected around minus €850 m for the full year
assuming usage of TLA. Commerzbank expects its CET 1 ratio to be at least
14% after the planned capital return and restructuring charges.
Capital return until 2028: payout ratio of 100% targeted
As the CET 1 ratio increased to 15.1% at the end of 2024 and anticipating
significantly increasing results, there is an even higher potential for
capital return in the coming years than previously forecast. For 2025, the
Bank plans a payout ratio of more than 100% of its net result after
restructuring charges and deduction of AT 1 coupon payments. Before
restructuring charges, the payout ratio amounts to 100% of the net result
after deduction of AT 1 coupon payments. In the years 2026 to 2028, it
aims for a payout ratio of 100% after deduction of AT 1 coupon payments –
subject to the successful implementation of the strategy and the
macroeconomic environment. As a result, the CET 1 ratio up to 2028 will
approach the target level of 13.5%.
Financial figures at a glance
2024 Q4 2024
in €m 2024 2023 vs 2023 Q4 2024 Q4 vs Q4 Q3
(in %) 2023 2023 2024
(in %)
Net interest income 8,331 8,368 – 0.4 2,080 2,126 – 2.2 2,048
Net commission income 3,638 3,386 + 7.4 945 798 + 18.3 894
Net fair value result^1 – 46 – 359 + 87.3 79 – 202 – 67
Other income – 817 – 933 + 12.4 – 148 – 313 + 52.8 – 140
Total revenues 11,106 10,461 + 6.2 2,956 2,409 + 22.7 2,735
Revenues excl. 11,160 10,438 + 6.9 2,874 2,434 + 18.0 2,753
exceptional items
Risk result – 743 – 618 + 20.2 – 214 – 252 – 15.1 – 255
Operating expenses 6,244 6,006 + 4.0 1,693 1,557 + 8.8 1,530
Compulsory 283 415 – 31.9 53 59 – 10.6 64
contributions
Operating result 3,837 3,421 +12.1 996 542 + 83.8 886
Restructuring costs 3 18 – 82.6 4 2
Pre-tax result 3,833 3,403 + 12.7 996 537 + 85.3 885
Taxes 989 1,188 – 16.8 181 166 + 9.2 197
Minorities 168 – 10 64 – 24 46
Consolidated result^2 2,677 2,224 + 20.3 750 395 + 89.9 642
Cost-income ratio in 56.2 57.4 57.3 64.6 55.9
operating business
excl. compulsory
contributions (%)
Cost-income ratio in 58.8 61.4 59.1 67.1 58.3
operating business
incl. compulsory
contributions (%)
Operating RoTE (%) 12.3 11.3 12.5 7.0 11.3
Net RoTE (%)^3 9.2 7.7 10.1 5.2 8.7
Net RoE (%) 8.8 7.4 9.7 5.0 8.3
CET 1 ratio (%)^3 15.1 14.7 15.1 14.7 14.8
Leverage ratio 4.8 4.9 4.8 4.9 4.4
Total assets (€bn) 555 517 555 517 565
^1 Net income from financial assets and liabilities measured at fair value
through profit and loss.
^2 Net result attributable to Commerzbank shareholders and investors in
additional equity components.
^3 Reduced by payout accrual and potential (fully discretionary) AT 1
coupons – Q3 2024 excluding net result.
Selected figures for the 2024 financial year had already been published by
Commerzbank in a release on 31 January 2025.
The figures for 2024 contained in this press release are provisional and
unaudited.
The events of the day at a glance:
• 9.00 a.m. CET: 1 Online conference call for analysts on the Q4 2024
results (”listen-only”, in English)
• 10.30 a.m. CET: 2 Broadcast of the annual press conference on the
2024 business figures and the key content of the “Momentum” strategy
upgrade available on our 3 website
• 2.30 p.m. CET: 4 Broadcast of the Capital Markets Day with detailed
information on the “Momentum” strategy upgrade (in English)
The documents relating to the business results and the Capital Markets Day
are available via our 5 website.
Press contact
Svea Junge +49 69 9353-45691
Kathrin Jones +49 69 9353-45687
Investors’ contact
Jutta Madjlessi +49 69 9353-47707
Michael Klein +49 69 9353-47703
About Commerzbank
With its two business segments – Corporate Clients and Private and
Small-Business Customers –, Commerzbank, as a full-service bank, offers a
comprehensive portfolio of financial services. It is the leading bank for
the German Mittelstand and a strong partner for around 24,000 corporate
client groups. Commerzbank transacts approximately 30% of Germany’s
foreign trade financing. The Bank is present internationally in more than
40 countries in the corporate clients’ business – wherever its Mittelstand
clients, large corporates, and institutional clients need it. In addition,
Commerzbank supports its international clients with a business
relationship to Germany, Austria, or Switzerland and companies operating
in selected future-oriented industries. With more than €400 bn assets
under management, Commerzbank is also one of the leading banks for private
and small-business customers in Germany. Under the brand Commerzbank, it
offers a wide range of products and services with an omni-channel
approach: online and mobile, via phone or video in the remote advisory
centre, and personally in its around 400 branches. Under the brand
comdirect, it offers all core services as a digital primary bank 24/7 and,
as a performance broker, solutions for saving, investing, and securities
trading. Its Polish subsidiary mBank S.A. is an innovative digital bank
that serves approximately 5.8 million private and corporate customers,
predominantly in Poland, as well as in the Czech Republic and Slovakia.
Disclaimer
This release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts. In this release,
these statements concern inter alia the expected future business of
Commerzbank, efficiency gains and expected synergies, expected growth
prospects and other opportunities for an increase in value of Commerzbank
as well as expected future financial results, restructuring costs and
other financial developments and information. These forward-looking
statements are based on the management’s current plans, expectations,
estimates and projections. They are subject to a number of assumptions and
involve known and unknown risks, uncertainties and other factors that may
cause actual results and developments to differ materially from any future
results and developments expressed or implied by such forward-looking
statements. Such factors include, amongst others, the conditions in the
financial markets in Germany, in Europe, in the USA and other regions from
which Commerzbank derives a substantial portion of its revenues and in
which Commerzbank holds a substantial portion of its assets, the
development of asset prices and market volatility, especially due to the
ongoing European debt crisis, potential defaults of borrowers or trading
counterparties, the implementation of its strategic initiatives to improve
its business model, the reliability of its risk management policies,
procedures and methods, risks arising as a result of regulatory change and
other risks. Forward-looking statements therefore speak only as of the
date they are made. Commerzbank has no obligation to update or release any
revisions to the forward-looking statements contained in this release to
reflect events or circumstances after the date of this release.
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
══════════════════════════════════════════════════════════════════════════
ISIN: DE000CBK1001
Category Code: MSCU
TIDM: CZB
LEI Code: 851WYGNLUQLFZBSYGB56
Sequence No.: 375937
EQS News ID: 2085645
End of Announcement EQS News Service
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