Slides
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Clear outperformance in 2024 13 February 2025 0All figures in this presentation are subject to rounding Analyst conference – Q4 2024 / FY 2024 preliminary and unaudited results
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At a glance 13 February 2025 Commerzbank, Frankfurt 1 Q4 2024 vs Q4 23 FY 2024 vs FY 23 Original targets 2024 Revenues €2,956m +22.7% €11,106m NII €8,331m NCI €3,638m +6.2% -0.4% +7.4% NII ~€7.9bn NCI growth 4% Risk result -€214m -15.1% -€743m +20.2% <€800m incl. usage of TLA Net result €750m +89.9% €2,677m +20.3% Above 2023 Cost income ratio 59% -8.0pp 59% -2.6pp ~60% RoTE 10.1% +5.0 pp 9.2% +1.4pp ≥8% CET1 ratio 15.1% +0.4pp 15.1% +0.4pp >14% Capital return Payout €1.7bn and payout ratio 71% €1.6bn and 70+X%
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Bettina Orlopp CEO 13 February 2025 Commerzbank, Bettina Orlopp, Frankfurt 2
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Great financial and operational delivery in 2024 Significant capital return to shareholders Good starting position for 2025 We outperformed and delivered a record result in 2024 13 February 2025 Commerzbank, Bettina Orlopp, Frankfurt 3 Reliability Security Responsibility Delivery Trust Clients Employees Investors
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4.9 7.7 9.2 FY 22 FY 23 FY 24 1,435 2,224 2,677 FY 22 FY 23 FY 24 We again exceeded our targets in 2024 13 February 2025 Commerzbank, Bettina Orlopp, Frankfurt 4 Net RoTE (%) Cost-income ratio (CIR) (%) 69 61 59 FY 22 FY 23 FY 24 Net Result (€m) Cost income ratio reduced below 60% target by strong revenue growth and effective cost management Net result well above €2.4bn target with 20% earnings growth driven by strong client business despite burdens outside ongoing business 2024 RoTE exceeds target of at least 8% by a significant margin
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3,519 3,386 3,638 FY 22 FY 23 FY 24 Strong revenues drive increased profitability 13 February 2025 Commerzbank, Bettina Orlopp, Frankfurt 5 Net commission income (NCI) (€m) NCI up 7% in 2024 – focus on commission income led to sustained growth throughout the year 6,459 8,368 8,331 FY 22 FY 23 FY 24 Net interest income (NII) (€m) Maintained NII on 2023 level despite increased deposit betas by strong deposit growth and margin management
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1,599 2,330 2,704 -1,094 -1,002 FY 22 FY 23 FY 24 1,235 1,702 -650 948 4,318 4,134 4,440 FY 22 FY 23 FY 24 All businesses grew revenues in 2024 13 February 2025 Commerzbank, Bettina Orlopp, Frankfurt 6 mBank revenues (€m) PSBC Germany revenues (€m) Higher fees from securities business and deposit volume growth Substantial growth based on margin management and volumes 3,792 4,486 4,724 FY 22 FY 23 FY 24 CC revenues (€m) Strong growth in transaction banking, lending and capital markets businesses more than compensates lower deposit revenues FX loan provisions
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600250 415 122 2022 2023 ~730 ~1,000 2024 372 1,015 ~1,730 We overdeliver on capital return targets 13 February 2025 Commerzbank, Bettina Orlopp, Frankfurt 7 Payout ratio (%) Capital return (€m) 30 50 ~71 CET1 ratio (%) 14.1 14.7 15.1 We concluded 1st €600m tranche of the FY 2024 share buyback We received approval for 2nd €400m tranche of the share buyback and will start buyback in February We intend to propose a dividend of €0.65 per share at the AGM Dividend Buyback Dividend (€) 0.20 0.35 ~0.65 Total 2022 - 2024 payout €3.1bn
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13 February 2025 8 NII €7.7bn – €7.9bn based on forward rates, connected net fair value (NFV) change €0.4bn – €0.3bn, leading to a combined contribution of €8.1bn – €8.2bn Cost income ratio ~57% CET1 ratio ≥14.0% after restructuring charges and capital return Risk result ~€850m assuming usage of top-level adjustment (TLA) Net result ~€2.4bn – respectively ~€2.8bn before restructuring charges Outlook 2025 1) Payout ratio based on net result after potential (fully discretionary) AT1 coupon payments; share buyback as part of payout subject to approval by ECB and German Finance Agency Commerzbank, Bettina Orlopp, Frankfurt Outlook subject to further development of FX loan provisions and Russia Higher payout than in 2024 with payout ratio1 >100% – respectively 100% based on net result before restructuring charges and after AT1 coupon payments NCI growth ~7% building on strong 2024 momentum
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Carsten Schmitt Designated CFO 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 9
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Result (€m) Operating result Net result Net RoTE Double-digit net RoTE in Q4 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 10 Revenues (€m) Revenues Costs Cost income ratio (CIR) Risk (€m) Risk result Top-level adjustment (TLA) Non-performing exposure (NPE) ratio Capital CET1 ratio RWA (€bn) 2,409 2,735 2,956 Q4 23 Q3 24 Q4 24 -252 -255 -214 Q4 23 Q3 24 Q4 24 542 886 996 Q4 23 Q3 24 Q4 24 395 1,616 1,594 67% 58% 0.8% 0.9% 453 14.7% 14.8% 15.1% Q4 23 Q3 24 Q4 24 642 5.2% 8.7% 175 171 228242 750 10.1% 59% 1,746 1.1% 173
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Revenues on record level 13 February 2025 11 2,668 2,629 2,755 2,409 2,747 2,668 2,735 2,956 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Revenues (€m) 2,130 2,166 2,126 841 831 798 -72 -17 -67 -202 915 1,947 Net commission income Net fair value 51 23 60 28 -173 -347 -234 -340 Other Income (excl. FX loan prov.) FX loan provisions 2,078 879 -4 -44 -240 Net interest income Q4 Revenues up 8% QoQ and 23% YoY Net interest income (NII) 2.2% lower YoY in line with development of interest rates partially offset by volumes Net commission income (NCI) up 18.3% YoY mainly due to better securities business and increased activity level of corporate clients Net fair value result (NFV) up QoQ mainly driven by FX valuation effect of USD AT1 Other income excluding provisions for FX loans broadly on same level as Q3 FY 23: 10,461 2,048 894 -67 87 -227 2,126 -53 920 72 -318 Commerzbank, Carsten Schmitt, Frankfurt 2,080 945 79 70 -218 FY 24: 11,106
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7.4% growth of net commission income in FY 2024 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 12 Net commission income (NCI) (€m) 81 80 80 72 84 87 91 87 511 450 435 437 489 474 472 529 335 321 327 300 360 331 345 343 -11 -10 -12 -11 -14 -13 -13 -15 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 915 841 831 798 920 879 894 945 CC PSBC Germany mBank O&C Q4 with 18.3% YoY growth of net commission income Corporate Clients (CC) increased NCI +14.3% YoY with capital markets business especially strong and Q4 on the level of Q3 Private and Small-Business Customers Germany (PSBC Germany) increased NCI by 21.0% YoY based on very strong securities business, including contributions from Aquila Capital mBank with 20.5% higher NCI YoY based on good payments and accounts business as well as currency effects For 2025 also growth of ~7% expected FY 23: 3,386 FY 24: 3,638
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Broad-based YoY growth of net commission income 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 13 113 28 Q1 23 187 106 28 Q2 23 189 102 36 Q3 23 192 84 25 Q4 23 198 124 38 Q1 24 194 113 28 Q2 24 200 111 35 Q3 24 196 115 33 Q4 24 335 321 327 300 360 331 345 343 190 Net commission income Corporate Clients (€m) 40 23 14 9 26 21 25 45124 123 123 129 125 121 122 128 347 304 299 299 338 332 324 357 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 511 450 435 437 489 474 472 529 Securities business (incl. AM) Payments business Pension products / other Net commission income PSBC Germany (€m) Securities volume (€bn | eop)202 208 205 215 230 Corporate Clients Trade finance YoY stable despite sluggish German economy In Capital Markets YoY growth from loan and bond syndication as well as M&A advisory Private and Small-Business Customers Germany YoY increased commission income due to volume growth in securities, higher number of transactions as well as contribution from Aquila Capital QoQ securities volume up ~€5bn due to market values 233 Cash & Trade Capital Markets Lending / other 238 243
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Corporate Clients (CC) with higher NII QoQ – as impact from lower ECB deposit rate overcompensated by higher deposit volumes at slightly improved beta Private and Small-Business Customers Germany (PSBC Germany) with QoQ higher NII due to beta management and day count effects mBank with slightly lower NII QoQ mostly offset in NFV Others & Consolidation (O&C) with lower NII QoQ mainly offset in PSBC, partly caused by day count effects Increased NII QoQ despite lower ECB rates 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 14 Net interest income (NII) (€m) 229 315 291 367 171 223 273 229 488 547 561 580 583 596 609 594 602 571 596 438 660 581 537 606 627 696 718 741 711 678 630 651 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 1,947 2,130 2,166 2,126 2,126 2,078 2,048 2,080 CC PSBC Germany mBank O&C FY 23: 8,368 FY 24: 8,331
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Loan and deposit growth in CC – PSBC stable 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 15 Loan volume (Group ex mBank) (Quarterly average in €bn) Deposit volume (Group ex mBank) (Quarterly average in €bn) 30 30 (3) 60 29 (3) 59 7 96 Q2 24 29 9 28 58 30 (3) 29 95 8 Q1 23 62 Q3 23 94 8 29 (3) 28 30 (3) 96 Q3 24 58 10 30 (3) 95 59 32 Q2 23 59 29 63 30 29 (3) 8 29 (3) 95 Q1 24 96 Q4 24 Institutionals & others8 Internat. corp. Q4 23 Mittelstand other loans (o/w consumer loans)95 Mortgages 219 219 221 219 220 224 225 229 8 105 98 92 86 83 82 80 81 45 50 60 70 83 92 94 92 70 66 64 62 59 58 56 58 30 31 33 37 38 40 42 Q1 24 Q3 24Q1 23 Q2 23 25 Q3 23 Q2 24 Q4 24 CC term/call Q4 23 PSBC term/call/ saving PSBC sight 245 244 247 252 261 270 270 274 CC sight CC loan book reached €104bn with continued loan volume growth in all client groups – growth in International Corporates largely driven by new Green Infrastructure Finance and strong USD German mortgage and consumer finance volumes stable; Q4 with €2.7bn best quarter for new mortgage volumes in 2024 CC grew deposit volumes with corporates increasing liquidity in both deposit products over year-end. YoY volume increase with shifts from sight to term/call deposits PSBC with stabilising sight deposit volumes – call deposit volume only slightly lower despite reduced rates offered Beta reduced to 39% due to pricing adjustment on call deposits ~30%~25%~20%~15% Average deposit beta~39%~35% CC PSBC Germany ~40% ~39%
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Accounting of derivatives leads to NFV/NII offset 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 16 NII / NFV offset in O&C (A) Strong fixed rate funding base Structurally very strong deposit franchise and capital markets funding results in large fixed rate funding base The funding costs are accounted for in NII (B) Variable rate investments Many assets are at variable rates, e.g. central bank deposits and floating rate corporate loans The investments are accounted for in NII (C) Swap fixed/float Funding and investments are generally swapped to floating rates The swaps are accounted for in NFV Net effect There is an economically offsetting relationship between the variable interest rate cashflows from derivatives and variable rate cashflow from cash investments, however, accounted for in different line items (NII and NFV) Fixed rate funding Swap from fix to floating NII NFV Unchanged NII Lower NFV Investment at variable rates NII Higher NII Unchanged NII Higher NFV Lower NII (A) Fixed rate funding (B) Variable-rate investment Offset + - Short term rates (C) Swap
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1) Fixed rate funding €20bn for 1 year at average 2.4% interest (funding mix) In principle full offset between NFV and NII in O&C 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 17 Simplified, illustrative example of €20bn fixed-rate funding that is hedged and placed at ECB -€480m NII effect NFV effectTransaction 2) Swap €20bn fixed rate funding to floating for 1 year (receive fix 2.4%, pay Euribor) €0m (Euribor 2.4%) 3) Invest €20bn at floating rates for 1 year, e.g. ECB deposit at 2.5% on average +€500m (ECB rate 2.5%) Net result from all instruments €0m+€20m Total P/L +€20m -€480m NII effect NFV effect +€20m (Euribor 2.3%) +€480m (ECB rate 2.4%) +€20m€0m +€20m In principle, and everything else being equal, the effects of changes in short-term rates are offset between the swap and floating-rate investments, but in different line items (NII vs. NFV) There are other positions that contribute significantly to NII and NFV in O&C and that may materially change from quarter to quarter The size of the position may also fluctuate significantly as new business is conducted -10bp short term rates In 2024 the offset between NII and NFV in O&C was ~80% With more closely matching of fixed-rate funding and investments, the offset willlikely reduce in 2025
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2025 NII expected at ~€7.7bn to ~€7.9bn at forward rates 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 18 1) Change in net fair value result due to assumed changes in interest rate levels in EUR and PLN 2) Deposit beta is the average interest pass-through rate to customers across interest-bearing and non-interest-bearing deposit products based on ECB deposit rate Expected development of NII at current forward rates (€bn) Total NII related revenues expected at €8.1bn to €8.2bn ECB deposit rates Average ECB deposit rate at 3.7% in 2024 and expected in range 2.15% – 2.35% in 2025 (~€30m annualised sensitivity to +/-10bp in ECB rate due to higher beta and increased replication portfolio) Lower NII due to rates development expected to be partially offset by higher NFV Deposit and loan volumes Slightly lower deposit volumes compensated by loan growth Deposit beta 2 2025 beta expected at ~41%; average 2024 at ~38% (~€80m annualised sensitivity to +/-1pp beta change) Replication portfolio Deposit replication portfolio at €138bn; replication portfolios expected to contribute additional ~€200m in 2025 and a further ~€900m until 2028 mBank ~€200m below 2024, partly offset by ~€100m higher NFV 8.4 8.3 7.7 2023 2024 -0.5 ECB rates -0.3 Deposit beta 0.2 Loan and deposit volumes 0.2 Repl. Portf. -0.2 mBank 2025e Expected positive offsetting NFV change vs 20241 (€bn) 0.4 – 0.3 NII on forward rates 0.2
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Cost increase of 1.6% while revenues grew 6.2% 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 19 6,006 6,244 5,361 5,484 645 759203 209 415 FY 23 283 FY 24 212 FY 23 74 FY 24 FY 23 FY 24 6,422 6,526 5,573 5,558 848 968 1.6% -0.3% 14.1% Operating expenses Compulsory contributions mBankGroup ex mBank Group Operating expenses for Group ex mBank are up YoY because of general salary increases, consolidation of Aquila Capital in June, further investments in junior staff and higher variable compensation. This was partially offset by realised cost savings due to FTE reduction in Germany and ongoing shoring activities Operating expenses for mBank rose as a result of investments in business growth and FX effects Lower European bank levy in 2024 due to suspended contribution to Single Resolution Fund as target volume has been reached 2024 CIR of 59% ahead of target For 2025 CIR of 57% planned Costs (€m)
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Risk result below guidance – TLA nearly unchanged in Q4 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 20 Risk result (€m) -68 -208 -91 -252 -76 -199 -255 -214 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 23: -618 Risk result in Q4 lower compared to previous quarter and Q4 2023 TLA reassessment leads to a reduction of €14m. Remaining €228m TLA mainly available to cover expected secondary effects from geopolitical crises and uncertainties from inflation Overall, very solid portfolio in a challenging environment Cost of risk slightly higher at 27bp and NPE-ratio at 1.1% Based on muted economic outlook risk result of ~€850m assuming usage of TLA expected for 2025 FY 24: -743453435456483 228242423 336 0.8%1.0%1.1%1.1% 1.1%0.9%0.8% 0.8% 23182110 272511 20Cost of risk on loans (bp) Non-performing exposure ratio Top-level adjustment (€m)
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Strong net result exceeds expectations 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 21 2,956 996 750 214 1,746 181 64 Revenues Risk result Costs Operating result Restruct. expenses Taxes Minority interests Net result 0 Q4 2024 (€m) Operating result (€m) 886 996 3,421 3,837 542 Q4 23 Q3 24 Q4 24 FY 23 FY 24 Corporate Clients PSBC Germany mBank Others & Consolidation -12 -28 72 510 250 203 21 412 378 166 15 437 2,147 2,060 873 1,362 146 599 255 -184 FY 2024 (€m) 2,677 743 989 168 11,106 6,526 3,837 3
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Operating result (€m) FY 23: 2,147 CC: higher 2024 revenues offset by increased cost of risk 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 22 541 450 646 510 659 553 412 437 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 revenues from customer business on same level YoY with improved contributions from capital markets business and lending compensating higher deposit beta Revenue growth QoQ in all customer groups mainly due to better capital markets business – Mittelstand further benefits from higher deposit volumes and International Corporates from growth in green infrastructure finance and trade finance RWA increase QoQ mainly from operational risk. Credit risk RWA slightly higher with loan growth offset by new securitisation P&L CC €m Q4 23 Q3 24 Q4 24 FY 23 Revenues 1,107 1,121 1,182 4,486 o/w Mittelstand 664 639 663 2,577 o/w International Corporates 284 263 295 1,086 Risk result -36 -188 -201 -155 Operating expenses 561 521 543 2,112 Compulsory contributions - 0 1 - 0 73 Operating result 510 412 437 2,147 RWA (end of period in €bn) 82.8 78.7 80.1 82.8 CIR (incl. compulsory contributions) (%) 50.7 46.5 46.0 48.7 Operating return on equity (%) 19.4 16.4 17.4 20.5 o/w Institutionals 212 214 222 821 FY 24 4,724 2,638 1,140 893 -564 2,097 2 2,060 80.1 44.5 20.2 o/w others -53 4 1 2 52 FY 24: 2,060
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PSBC Germany’s result driven by strong revenue growth 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 23 Operating result (€m) 288 299 298 -12 423 310 250 378 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 P&L PSBC Germany Operating result increased 51% QoQ with higher revenues and better risk result more than compensating higher costs Private Customers with QoQ 13.7% increase in revenues from strong commission income growth (trades and volumes), improved margin on deposits and Aquila Capital – consolidated in 2024 Small-Business Customers QoQ also with higher revenues from commission income and deposits Commerz Real with stable revenues QoQ – FY lower revenues as 2023 benefitted from one-offs Q4 2023 was burdened by adjustments to the replication portfolio and the write-down of a participation FY 23: 873 €m Q4 23 Q3 24 Q4 24 FY 23 Revenues 894 1,043 1,164 4,134 o/w Private Customers 671 792 900 3,058 o/w Small-Business Customers 181 205 218 856 Risk result -92 -32 26 -231 Operating expenses 800 742 805 2,930 Compulsory contributions 15 19 7 100 Operating result -12 250 378 873 RWA (end of period in €bn) 31.5 30.9 30.0 31.5 CIR (incl. compulsory contributions) (%) 91.1 73.0 69.8 73.3 Operating return on equity (%) -1.2 25.4 38.8 21.7 o/w Commerz Real 42 46 46 220 FY 24 4,440 3,384 878 177 -30 2,976 72 1,362 30.0 68.6 34.4 FY 24: 1,362
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€m Volume of CHF loans before deductions at €1.0bn Outstanding provisions for legal risk for CHF loans of €1.5bn (thereof €0.7bn for repaid loans as well as for legal fees) So far ~€2.0bn already paid out for court cases and settlements for the FX mortgage portfolio – almost exclusively for CHF loans The number of new CHF court cases dropped by circa one third in Q4 2024 (Q4 24 vs. Q4 23: -63%). The total number of pending lawsuits significantly declined to 16k in 2024 – to a major extent driven by settlements with customers In 2025 burden from FX loans is expected to materially decline below the levels recorded over the period 2022-2024 excluding provisions for legal risks of FX loans and credit holidays: mBank with ongoing strong revenue development 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 24 100 -14 89 -28 82 147 203 166 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Operating result (€m) 262 335 323 308 400 P&L mBank 404447 FY 23: 146 Q4 23 Q3 24 Q4 24 FY 23 Revenues 307 485 463 1,235 Risk result -109 -45 -40 -241 Operating expenses 184 193 211 645 Compulsory contributions 43 45 45 203 Operating result -28 203 166 146 RWA (end of period in €bn) 22.3 24.5 26.8 22.3 CIR (incl. compulsory contributions) (%) 73.7 48.9 55.4 68.7 Operating return on equity (%) -4.1 26.7 20.3 5.4 FY 24 1,702 -136 759 209 599 26.8 56.9 19.6 Provisions for legal risks of FX loans of mBank -340 -227 -218 -1,094 -1,002 Credit holidays in Poland 4 26 - 0 12 -35 384 FY 24: 599
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NII lower QoQ mainly offset in PSBC, partly caused by day count effects Lower NII YoY additionally reflects adjustments in the replication portfolio in Q4 2023 (offset in PSBC) Improvement in NFV YoY and QoQ mainly due to USD AT1 FX effects CommerzVentures with €1m valuation effects in Q4 – in FY 2024 overall -€13m Others & Consolidation with slightly positive result in Q4 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 25 -54 153 84 72 -81 -139 21 15 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 P&L O&C Operating result (€m) €m Q4 23 Q3 24 FY 23 Revenues 101 86 606 o/w Net interest income 367 273 1,202 o/w Net commission income -11 -13 -45 Risk result -15 9 8 Operating expenses 13 73 319 Compulsory contribution 1 - 0 40 Operating result 72 21 255 RWA (end of period in €bn) 38.5 36.7 38.5 o/w Net fair value result -248 -224 -650 FY 24 240 896 -54 -654 -14 411 - 0 -184 36.5 Q4 24 147 229 -15 -87 2 134 - 0 15 36.5 o/w Other income -7 50 20 99 52 FY 23: 255 FY 24: -184
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Structured Solutions and Investments (SSI) currently part of O&C ~€6bn RWA in SSI from legacy hold-to-collect assets (from former non- core asset unit) with low revenue contribution ~€8bn RWA in SSI from investing excess capital not used by customer segments SSI subject to CC RWA efficiency targets for new business after transfer Transfer of Structured Solutions and Investments to CC 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 26 1) RoCET (12.7% RWA): CC 20.2% and CC including SSI 18.2% Key figures 2024 | €m Corporate Clients SSI Corporate Clients incl. SSI Revenues 4,724 243 4,966 Risk Result -564 -35 -598 Operating Expenses 2,097 106 2,204 Compulsory Contribution 2 0 2 Operating result 2,060 102 2,162 Assets (€bn) 151 103 253 RWA eop (€bn) 80 14 94 RWA efficiency 5.9% 5.3% CIR 44% 44% RoCET (13.5% RWA)1 19% 17%
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CET1 ratio of 15.1% provides large 485bp buffer to MDA 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 27 RWA development by risk types (€bn | eop) Transition of CET1 ratio (%) 30 31 31 32 30 29 30 29 16 17 16 17 17 18 19 20 24 23 23 23 24 23 23 23 73 73 74 73 71 72 69 70 21 21 21 23 23 23 23 24 89 Q2 23 8 Q1 23 Q2 24 78 8 172 174 174 175 173 173 171 173 8 Q1 24 8 Q4 23 Q3 24Q3 23 Q4 24 Market risk Operational risk Credit risk O&C CC mBank PSBC GER 14.7 14.8 15.1 Q4 2023 Q3 2024 0.5Capital change -0.2RWA change Q4 2024 10.3MDA RWA increase driven by higher operational risk RWA due to better operating revenues in FY 2024 Slightly higher credit risk RWA QoQ mainly from USD FX effect – RWA from loan growth offset by new securitisation mBank RWA reflects mostly regulatory model changes, partly offset by new securitisation Capital increase mainly based on inclusion of positive FY net result after capital distributions, further strengthened by higher currency translation reserve For 2025, target CET1 ratio ≥14% based on distribution >100% and RWA growth – CRR III (“Basel 4”) impact already covered by current RWA buffers
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We are well positioned to start the next step of our transformation with our strategy “Momentum” which we will present in the CMD this afternoon NII has been kept stable and we start with an improved deposit base and growing loan volumes NCI growth of 7% above plan – we expect this momentum to continue in 2025 Costs have been managed well and we have measures in place to manage costs mid-term The portfolio is resilient, and we expect only a moderate increase in risk result despite the challenging economic environment 2025 should be the last year with larger provisions for FX loans in Poland We have an excellent starting position for 2025 13 February 2025 Commerzbank, Carsten Schmitt, Frankfurt 28
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Overview Commerzbank Group 30 Corporate Clients Private and Small-Business Customers mBank Financials at a glance Key figures Commerzbank share 31 32 33 34 35 German Economy 36 Appendix 13 February 2025 Commerzbank, Frankfurt 29 Exposure and risk related information Russia net exposure Commerzbank’s risk provisions related to stages Corporate portfolio Commercial real estate Residential mortgage business mBank CHF mortgage loans 37 38 39 40 41 42 Corporate responsibility ESG strategy: framework updated ESG ratings Sustainable products target Green Infrastructure Finance portfolio Green bonds 43 44 45 46 47 Glossary 68 Contacts & financial calendar 69 Disclaimer 70 P&L tables Commerzbank Group Corporate Clients Private and Small-Business Customers PSBC Germany mBank Others & Consolidation Exceptional revenue items by segment Balance Sheet 60 61 62 63 64 65 66 67 Capital management IAS 19: Pension obligations FX impact on CET1 ratio Group equity composition 57 58 59 Funding & rating Liquidity position / ratios Capital markets funding Pfandbrief cover pools MREL requirements Distance to MDA Rating overview 48 49-50 51-52 53 54 55 Loan and deposit volumes 56
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Overview Commerzbank Group 13 February 2025 Commerzbank, Frankfurt 30 1) As of 31 Jan 2025 Corporate Clients Leading universal bank with nation-wide branch network and 24/7 multi-channel-offer PSBC Germany mBank A leading bank for German trade finance No 1 bank for German Mittelstand First-class advice for Private and Small- Business Customers comdirect as best direct bank in Germany and as best online broker Most efficient digital bank in Poland Innovative mobile banking offer Very attractive customer base Global presence in more than 40 countries 2nd largest listed bank in Germany Member of German DAX 40 index Approximately 37k FTE Market capitalisation €21.7bn1 Total assets €555bn
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Corporate Clients Commerzbank, Frankfurt 3113 February 2025 Institutionals International Clients ● International Large Corporates with connectivity to DACH and selected future- oriented sectors in Europe and worldwide ● International SME in Austria, Switzerland and Czech Republic ● Leading German multinational companies of all relevant sectors based on our sector expertise We are delivering service excellence for our corporate clients - in Germany and globally Leading bank in processing German foreign trade finance with approximately 30% market share Strong regional franchise in Germany, global presence in more than 40 countries worldwide No 1 in financing German Mittelstand based on trustful client relationships and strong expertise Excellence in supporting our clients with their transformation journey based on dedicated ESG advisory teams and tailored structured finance solutions for green infrastructure projects German Corporate Clients Institutional Clients ● Financial Institutions (FIs) in developed and emerging markets ● Selected Non-Bank Financial Institutions (NBFIs) in sectors including insurance, asset management, pension funds and financial sponsors ● Global (Sub-) Sovereigns and larger public entities German Corporate Clients ● Small and medium-sized enterprises (Mittelstand, over €15m turnover) ● Large customers with affinity for capital markets as well as public sector
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Private and Small-Business Customers Germany 13 February 2025 Commerzbank, Frankfurt 32 Self-directed Private Customers comdirect ● Self-directed customers with high digital affinity ● Digital self-service offering in banking and brokerage Small-Business Customers ● Customers with an entrepreneurial background, under €15m turnover ● Our product portfolio is a one- stop shop for private and professional needs Private Customers ● Customers with daily banking needs ● Convenient standard banking products (e.g. current account, consumer finance) Wealth Management & Private Banking ● Customers with higher need for individual and personal advice ● Product focus on lending and asset management solutions Optimising our market reach via two-brand offering €uro Magazin voted Commerzbank best branch based bank and comdirect best direct bank in Germany Strong capabilities across all channels, products and services with focus on scale and efficiency One of the leading banks for Private and Small-Business Customers in Germany with >400 €bn assets under management (deposits and securities) Addressing all individual customer groups in line with their preferences and needs
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mBank | Part of segment Private and Small-Business Customers 13 February 2025 Commerzbank, Frankfurt 33 Private Customers ● Serving private customers across Poland, Czech Republic and Slovakia with state-of-the-art digital banking solutions ● Steady 2% CAGR in private customer base over the last seven years ● Addressing especially highly digital-affine young customers ~1.7k ~2k As an innovative digital bank, mBank is Poland’s fifth largest universal banking group1 Beneficial demographic profile with average age of private customers of approximately 37 years Leading mobile banking offer for individual client needs Serving approximately 5.8m private customers and corporate clients across Poland (4.6m), Czech Republic and Slovakia (1.1m) Attractive mix of around 350 private customer service locations in Poland, Czech Republic and Slovakia and 43 branches for corporate clients in Poland Corporate Clients ● Strong customer base of SME and large corporates ● Continuous CAGR of +7% in number of corporate clients over the last seven years ● Preferred business partner of German corporates in Poland 1) In terms of total assets, net loans and deposits, as of 31 December 2024
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13 February 2025 Commerzbank, Frankfurt 34 Group Total revenues €m €m Q3 2023 Q4 2023 Q4 2024 FY 2023 FY 2024 2,755 2,409 2,956 10,461 11,106 -91 -252 -214 -618 -743 Personnel expenses €m 894 853 936 3,464 3,611 Administrative expenses (excl. depreciation) €m 418 491 544 1,748 1,827 Depreciation €m 193 213 213 794 806 Compulsory contributions €m 45 59 53 415 283 Operating result €m 1,116 542 996 3,421 3,837 Net result €m 684 395 750 2,224 2,677 Cost income ratio (incl. compulsory contributions) % 56.2 67.1 59.1 61.4 58.8 Accrual for potential AT1 coupon distribution current year €m -50 -47 -72 -194 -232 Net RoE % 9.2 5.0 9.7 7.4 8.8 Net RoTE % 9.6 5.2 10.1 7.7 9.2 Total assets €m 509,885 517,166 554,646 517,166 554,646 Deposits (amortised cost) €m 367,763 379,311 395,598 379,311 395,598 Loans and advances (amortised cost) €m 274,594 268,935 278,990 268,935 278,990 RWA €m 173,626 175,114 173,378 175,114 173,378 CET1 €m 25,369 25,720 26,212 25,720 26,212 CET1 ratio % 14.6 14.7 15.1 14.7 15.1 Total capital ratio (with transitional provisions) % 19.2 19.3 20.9 19.3 20.9 Leverage ratio % 4.9 4.9 4.8 4.9 4.8 Liquidity coverage ratio (LCR) % 139.2 145.4 135.7 145.4 135.7 Net stable funding ratio (NSFR)¹ % 127.0 130.2 126.1 130.2 126.1 NPE ratio % 1.0 0.8 1.1 0.8 1.1 Group CoR on Loans (CoRL) (year-to-date) bps 18 23 27 23 27 Risk result Q3 2024 2,735 -255 894 435 201 64 886 642 58.3 -62 8.3 8.7 565,332 393,075 279,972 170,865 25,316 14.8 19.8 4.4 140.3 128.8 0.9 25 Commerzbank financials at a glance Full-time equivalents excl. junior staff (end of period) 36,257 36,559 36,767 36,842 36,559 36,842
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Key figures Commerzbank share Figures per share (€) 13 February 2025 Commerzbank, Frankfurt 35 0.94 1.68 2.75 3.23 0.23 0.99 1.63 2.08 FY 2021 FY 2022 FY 2023 FY2024 Operating result per share EPS YE 2021 YE 2022 YE 2023 YE 2024 Number of shares (m) 1,252.40 1,252.40 1,240.22 1,153.592 Market capitalisation (€bn) 8.4 11.1 13.3 18.63 Net asset value per share (€) 20.50 21.60 23.33 25.962 Low/high Xetra intraday prices (€) 4.70/7.19 5.17/9.51 8.31/12.01 10.15/16.96 Dividend per share (€)4 -- 0.20 0.35 0.654 1) Based on average number of outstanding shares in the period 2) Based on number of outstanding shares - considering SBB until 31 December 2024 3) Based on number of issued shares as of 31 December 2024: 1,184.67m 4) DPS attributable to respective business year – paid out after AGM approval of following year; €0.65 planned to be proposed to AGM in May 2025 1 1 9 10 11 12 13 14 15 16 17 18 19 20 Jan. Febr. März Apr. Mai Juni Juli Aug. Sept. Okt. Nov. Dez. Jan. CBK target price CBK share Euro-Stoxx Banks (indexed) Dec. 24 € March May June Oct.July 25
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1) GDP1 (change vs. previous year | %) German economy to stage only modest recovery 13 February 2025 Commerzbank, Frankfurt 36 Germany Eurozone 3.7 1.4 -0.3 -0.2 0.2 1.0 5.3 3.4 0.4 0.7 0.9 1.0 2021 2022 2023 2024 2025e 2026e -0.55 3.40 3.60 2.00 2021 0.34 2022 2023 2024 2.20 2025e 2026e Inflation1 (%) 3.1 6.9 5.9 2.2 2.5 2.52.6 8.4 5.4 2.4 2.1 2.4 2021 2022 2023 2024 2025e 2026e 100.8 93.2 89.4 2021 2022 2023 2024 2025 90.4 95.8 88.8 88.7 87.5 86.3 85.1 3m-Euribor (avg. p.a. | %) ifo business climate index (index, 2015=100) Latest development Real gross domestic product in Germany fell again by 0.2% in the fourth quarter, after rising slightly in the third quarter. This means that the German economy contracted slightly by 0.2% in 2024 for the second year in a row, and the trend in economic output has been pointing slightly downwards until recently. Due to the weak economy, the number of unemployed has risen in recent months. However, unemployment remains significantly lower than it has been for most of the past 40 years. The recent trend in sentiment indicators at least gives some hope of a turnaround for the better. The purchasing managers' indices recently have rose and the Ifo business climate index also recovered somewhat in January, although without being able to fully make up for the previous month's decline. In view of the fact that these indicators remain at a very low level, a clear signal of an imminent economic upturn is still a long way off. At 2.3%, the inflation rate was back above the ECB target in January after briefly falling below it in the fall. The core inflation rate, excluding the often highly volatile energy and food prices, was even higher at 2.9% despite a decline at the start of the year. Outlook for 2025 In view of the continued weak leading indicators, a sustained economic recovery is not to be expected in the short term. It will obviously take longer for the economy to adjust to the higher interest rates. For example, the adjustment of construction output to the significantly lower demand due to higher financing costs is probably not yet complete. However, a recovery can be expected for the further course of this year. This is because the pressure from interest rates should then gradually ease, especially as the ECB has started to lower interest rates again. In addition, rising real wages should boost private consumption. However, a strong upturn is not to be expected. This is because the numerous structural problems are slowing down the German economy. The same applies to the threat of trade conflicts with the US under its new President Trump. The inflation rate will probably fall again in the coming months but will remain above 2% for the time being. The same applies to the core inflation rate. Despite the weak economy, companies will continue to pass on at least part of the massive increase in their wage costs to their customers. Since June, the ECB has already lowered its most important key interest rate, the deposit rate, by more than one percentage point from 4.0% to 2.75%. It will probably lower it to 2.0% by the middle of the year, particularly because the economy remains weak for the time being.
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Russia net exposure further reduced in Q4 2024 13 February 2025 Commerzbank, Frankfurt 37 Russia exposure We continue to reduce exposures while supporting existing clients in compliance with all sanctions’ regulations 2022 2023 2024 Net exposure (€m) 18 Feb 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 28 Mar 28 Jun 30 Sep 31 Dec Corporates 621 261 217 184 161 148 116 81 51 34 – thereof at Eurasija 392 61 46 37 31 21 11 6 2 0 Banks 528 46 44 15 15 14 13 13 14 14 Sovereign (at Eurasija) 127 87 66 57 45 47 37 54 32 29 Pre-export finance 590 350 318 320 190 135 5 5 5 5 Total 1,866 744 645 576 411 344 171 153 102 82 Group exposure net of ECA and cash held at Commerzbank reduced to €82m Additionally, Eurasija holds domestic RUB deposits of equivalent ~€0.3bn at Russian financial institutions, mainly Central Bank of Russia
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Overall exposure and risk provisions almost unchanged 13 February 2025 Commerzbank, Frankfurt 38 1) Exposure at Default relevant for IFRS 9 accounting (on- and off-balance exposures in the accounting categories AC and FVOCI) 2) Note: TLA is not assigned to stages, hence it is not included in the coverage ratios Stable stage 2 exposure in Q4 after increase in Q3 due to collective staging for climate and environment risks Increase of exposure in stage 3 mainly driven by a large single case This leads to lower stage 3 coverage due to high collateralization Exposure1 (€bn) Overall level of TLA nearly unchanged at €228m TLA increases the effective coverage of our credit portfolio mainly in stage 2 26.2 26.2 41.8 61.4 60.8 4.7 465.6 Q4 23 4.9 490.1 Q1 24 5.4 473.3 Q2 24 5.1 451.2 Q3 24 6.3 441.5 Q4 24 496.6 521.2 520.5 517.7 508.6 Risk provisions (€m) 330 389 355 341 353 834 727 796 898 845 2,255 2,354 2,518 2,275 2,370 453 423 336 Q4 23 Q1 24 Q2 24 242 Q3 24 228 Q4 24 3,872 3,893 4,005 3,756 3,796 TLA Stage 3 Stage 2 Stage 1 Coverage2 Stage 3 47.5% 47.9% 47.0% 44.6% 37.6% Stage 2 3.2% 2.8% 1.9% 1.5% 1.4% Stage 1 0.1% 0.1% 0.1% 0.1% 0.1%
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Overall performing portfolio (stage 1 and 2) Corporates portfolio of ~€141 bn stands for 26% of overall group exposure. Portfolio size nearly unchanged compared to previous quarter Overall still stable portfolio development that is closely monitored Details on selected sectors Automotive: Industry continues to be challenging due to sector specific challenges (e.g. increased competition from Chinese competitors, transformation requirements, inefficient cost structures) but also general issues (e.g. increased geopolitical uncertainty, risk from increased protectionism) Chemicals/Plastics: MNC and large medium-sized corporates are predominantly well diversified and reasonably profitable; business models are sustainable and resilient. SMEs with less financial strength currently suffer from China exports and the related dumping prices Construction/Metals: Sub-portfolio is broadly diversified. Weaker demand in the housing and automotive sectors is increasingly burdening small and medium-sized companies The high risk density (RD) of Consumption and Transport/Tourism/Services is driven by two single exposures Group’s corporates portfolio well diversified Commerzbank, Frankfurt 39 Corporates portfolio by sector 13 February 2025 EaD: Exposure at Default | EL: Expected Loss | RD: Risk density = EL/EaD 22 18 16 14 14 12 11 11 24 Consumption Technology/ Media/Telecom Chemicals/ Plastics Automotive Construction/ Metal Mechanical Engineering Energy/ Environment Transport/ Tourism/Services Others 75 38 33 42 41 25 21 41 69 35 21 21 30 29 22 19 39 29 9 7 6 6 6 4 5 4 10 EaD €141bn EL €387m RWA €55bn (34) (22) (22) (21) (26) (19) (48) (50) (29) RD 28bp (Q3/24 29bp)
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Commercial Real Estate (asset-based) 4013 February 2025 1) City categories according to bulwiengesa. Category A represents the seven most attractive and liquid real estate cities in Germany 2) Until further notice or variable interest rate Portfolio Portfolio amounts to €9.9bn of which €0.3bn is non- performing exposure (2.6% of total portfolio) Sound rating profile with a high share of 79% with investment grade quality EaD share IFRS9-stages: 66% in S1 (68% 09/24), 32% in S2 (31% 09/24) and 2.6% in S3 (1% 09/24). Higher volume in S3 due to two defaults in Q4 Assets focused on most attractive A-cities. Over 99% of financed objects are located in Germany Offices and residential with the highest share of the portfolio (together €6.9bn) Average LTV for performing portfolio is 52% - largest asset class office with 50% LTV 59% of the portfolio are SPVs, thereof 26% with recourse to the sponsor Development risk with about 3.6% share of the portfolio; increased requirements implemented Strategy As a result of the current macroeconomic situation, the business strategy will continue to be cautious. Strong restraint in the non-food retail sector and in developments Group ex mBank (mBank CRE exposure €2.1bn) Commerzbank, Frankfurt A-cities B-cities C-cities D-cities Other Outside Germany 5.5 0.8 0.4 0.5 2.4 0.0 Portfolio development (€bn | EaD) 0.20.9 other 0.1 1.1 < 1 year 0.0 3.6 1-5 years 0.0 3.1 5-10 years 0.0 0.9 >10 years 1.1 1.2 3.6 3.1 0.9 Fixed interest period 12/24 (€bn | EaD) Top 5 asset classes 12/24 (€bn | EaD) Location 12/241 (€bn | EaD Performing) Germany 2 0.3 8.6 12/23 0.3 8.9 03/24 0.3 9.2 06/24 0.1 9.6 09/24 0.3 9.6 12/24 9.0 9.2 9.6 9.8 9.9 Investment grade share (in %) 80% 81% 80% 79% 79% 0.1 Office 0.0 Residential 0.0 Retail 0.1 Logistics / Production 0.0 Hotels / Tourism 3.8 3.2 1.2 0.6 0.3 Performing NPE Investment grade share (in %) 75% 82% 81% 75% 77%
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German residential mortgage business & property prices Residential properties (index values) 13 February 2025 Commerzbank, Frankfurt 41 Quality of residential real estate portfolio remains stable in a still challenging environment Prices of houses and flats, existing stock and newly constructed dwellings, averages 50 100 150 200 2014 2016 2018 2020 2022 2024 Owner occupied housing Single family houses Condominiums Multi family houses Overall mortgage portfolio Mortgage volume slightly rising in Q4/24 – risk quality remained stable so far: Rating profile with a share of 94.0% in investment grade ratings (09/24: 93.7%); poor rating classes 4.x/5.x with 1.5% share only NPE-ratio slightly increasing in Q4/24 reflecting the macro-economic situation in Germany, but thanks to a robust portfolio quality NPE-ratio remains at a low level of 0.5% (coverage 90%) EaD in €bn RD in bps 86.6 95.1 102.0 102.9 100.5 99.7 100.2 8 7 7 7 7 7 6 12/19 12/20 12/21 12/22 12/23 09/24 12/24 New business in Q4/24 with €2.7bn around 41% higher than in previous quarter Repayment rates almost unchanged at 2.41% Portfolio guidelines and observations for PD, LtCV and repayment rates are continuously monitored. Average “Beleihungsauslauf” (BLA) in new business of 84.8% in Q4/24 (81.4% in Q3). German BLA is more conservative than the internationally used LtV definition due to the application of the strict German Pfandbrief law Increased costs of living are adequately taken into account in the application process
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1,229 1,486 1,307 1,260 1,120 963 417 605 690 741 666152 2022 2023 03/24 06/24 09/24 12/24 included in the bank’s liabilities deductions from gross loans 1,381 1,903 1,913 1,950 1,861 1,629 ~69,000 closed or converted into PLN 85,520 16,388 37,395 8,835 22,902 total number of disbursed loans repaid loans final verdict settlements active contracts -80.8% mBank1: FX-related legal risk coverage further strengthened 15,722 17,852 17,856 17,338 15,411 12,547 2,660 2022 3,559 2023 3,916 03/24 4,283 06/24 4,098 09/24 3,449 12/24 repaid contracts active contracts 18,382 21,411 21,772 21,621 19,509 15,996 1,800 13,321 15,166 17,016 19,519 22,902 2022 2023 03/24 06/24 09/24 12/24 4,498 2,696 1,972 1,312 23.6% 2015 11.0% 2020 7.5% 2021 5.0% 2022 1.6% 427 2023 0.5% 156 2024 2,974 2,795 2,541 1,887 1,045 Cumulative value of all FX-related legal risk provisions Q1/18-Q4/24 is €3.7bn Provision amount of €1,629 as of 12/24 includes €1,540m for CHF and €89m for other currencies 13 February 2025 42 Total value of legal provisions createdfor FX loans (€m)Value of CHF mortgage loans to natural persons (€m, net) portfolio deductions due to legal risks Decomposition of CHF loan contracts at mBank (9% in court) Number of CHF loan contracts in court (pending cases) % of total loan portfolio (77% in court) 1) Extract of mBank Investor presentation Q4 2024, PLN converted into EUR by end of quarter FX rates Number of settlements (cumulative) with CHF borrowers Number of new lawsuits in Q4/24 63% lower than in Q4/23 11% 32% 54% 99%Coverage of CHF portfolio 147% Commerzbank, Frankfurt
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ESG Strategy: Updated Framework and new KPIs underlining our holistic sustainability approach 13 February 2025 Commerzbank, Frankfurt 43 Spotlight: Sustainable Loan Ratio – Continuously more than 10% of new loans Tighter definition than previous KPI, only new loans on-balance Tailor-made solutions for our customers, taking into account also transition financing, with contribution to net-zero target Consistently high transparency: detailed methodology in ESG framework Other product areas such as Sustainable Bonds and Asset Management remain highly relevant as well ESG Framework, including KPIs for E, S and G ● Zero tolerance for corruption ● Award-winning culture of integrity G Strategic targets: ESG Framework with new design, title and guiding idea, optimized for user experience. Structure will follow the logic of E, S and G – chapters describe the bank’s commitment in all three dimensions. New Sustainable Finance target with stronger focus on loans business E ● Net Zero Portfolio by 2050 ● 10 % Sustainable Loan Ratio ● Net Zero Banking Operations by 2040 S ● 40 % women in leadership roles ● Continuous Employee satisfaction With beginning of 2025 Commerzbank officially appoints the Head of Sustainability Management as Chief Sustainability Officer
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ESG ratings prove that we are on the right track 13 February 2025 Commerzbank, Frankfurt 44 ESG Risk Rating Commerzbank is at medium risk of experiencing material financial impacts from ESG factors (score of 24.4 / 100 with 0 being the best) Severe NegligibleMedium LowHigh ESG Corporate Rating Rated in the ISS ESG prime segment and within the top 20% of the industry group Excellent ratings especially in the categories staff & suppliers, environmental management, corporate governance and business ethics D- A+C A- AD D+ C- C+ B- B B+ ESG QualityScores Commerzbank assigned with low ESG risks by ISS ESG QualityScores • Social QualityScore 1, • Environmental QualityScore 2, • Governance QualityScore 3, ESG Rating Double A rated in the upper part of the MSCI ESG rating scale Above industry average positions in terms of privacy & data security, human capital development and financing environmental impact CCC AAAB BB BBB AAA 10 189 7 6 5 4 3 2 Disclosure (D-/D) Leadership (A-/A) Management (B-/B) Awareness (C-/C) Corporate Questionnaire Climate Change Rated B in the 2024 CDP rating, which indicates that Commerzbank is taking coordinated action on climate issues Excellent ratings particularly in the categories governance, energy and risk disclosure Forest & Water Security Commerzbank is also rated with a B in the themes forest and water security.
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● Accompanied ESG bond transactions (e.g. green and social bonds)* ● Sustainable investment solutions for corporate clients** ● Asset management, securities advisory and brokerage** ● Commerz Real products** ● Retirement solutions* ● Green mortgages** ● KfW programmes** Advisory products (no balance sheet impact, €bn) ● Green infrastructure finance portfolio** ● Sustainability-linked loans* ● KfW sustainability-linked programmes* Loan products (with balance sheet impact, €bn) Sustainable products (€bn) Corporate Clients Private & Small-Business Customers Germany1,2 6 9 11 13 10 2021 2022 2023 2024 Target 2025 75 117 84 91 81 2021 2022 2023 2024 Target 2025 69 59 77 60 120 2021 2022 2023 2024 Target 2025 45 62 67 73 90 2021 2022 2023 2024 Target 2025 194 247 238 237 300 2021 2022 2023 2024 Target 2025 Development of sustainable products 13 February 2025 Commerzbank, Frankfurt 45 1) 2021 and 2022 numbers based on different method of calculation due to broader scope of included advisory products 2) Aquila Capital not included in figures * Flow value / ** Stock value
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New York Hamburg Singapore 2015 2022 2023 2024 Development of Green Infrastructure Finance portfolio 1) CoC GIF – Center of Competence Green Infrastructure Finance 2) MLA = Mandated Lead Arranger (€bn | eop) 4.0 4.6 5.4 8.0 6.1 9.0 7.8 11.5 0.4 0.7 0.8 1.0 4.4 6.1 6.9 8.8 +150.9% Green Infrastructure Corporates EaD Project finance EaD Total financing commitments 39.9% 12.1% 28.8% 19.1% 0.2% Wind Onshore Wind Offshore Photovoltaic Other Green Infrastructure Corporates €11.5bn our markets CoC GIF1 hubs 13 February 2025 Commerzbank, Frankfurt 46 62.3% 36.8% 0.9% €9.3bn Europa Americas APAC Project financing commitments by region Project financing and Corporates Offshore: Commerzbank is globally active as MLA 2 and lender with offshore projects in Germany, France, Belgium, UK, US and Taiwan Core market Germany: approx. 42% of project finance portfolio in Germany
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Commerzbank AG has 5 green bonds outstanding with a total volume of €2.85bn 13 February 2025 Commerzbank, Frankfurt 1) The Green Funding Framework can be found here 2) Based on allocation reporting as of 06/2024 for which the Green Bond Framework 2018 applies 3) The bonds are callable one year before the maturity date 47 Assigned assets for 3 outstanding Green Bonds2 19% 43% 38% Wind Onshore Wind Offshore PV Issued under Green Bond Framework 2018 | Allocation by country and technology 6 % 54 % 27 % 3 % 8 % <1% 2 % DE000CB0HRQ9 due Mar 20263 7 % 64 % 16 % <1% <1%1 % DE000CZ45W57 due Sep 20273 17 % 55 % 17 % 8 % 2 % DE000CZ439B6 due Mar 20293 €502m €502m €602m Germany USA GB Netherlands Finland Belgium Sweden France Spain Italy €502m 32% 24% 44% €502m 56% 44% €602m New Green Funding Framework from 20241 With the newly published Green Funding Framework, Commerzbank reaffirms its commitment to channel funding for the sustainable transformation of the economy. As such, the new Green Funding Framework includes green buildings, i.e. residential mortgage loans as new additional green asset category. Second Party Opinion received by Sustainalytics in August 2024: “The Commerzbank Green Funding Framework is credible and impactful and aligned with the four core components of the ICMA Green Bond Principles 2021.” 11 % 2 Green Bonds issued under the new Green Funding Framework with the respective allocation of assets being published later in 2025: Inaugural €500m 12.25NC7.25 years Green Tier 2 in November 2024 €750m 7NC6 years Green NPS in January 2025
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13 February 2025 Commerzbank, Frankfurt 48 Comfortable liquidity position Daily calculation of the liquidity gap profile Liquidity reserves are ring-fenced in separate portfolios on the balance sheet (assets and funding respectively) Intraday liquidity reserve portfolio (central bank eligible collateral) serves as cushion for a possible intraday stress Stress liquidity reserve portfolio consists of highly liquid assets and covers potential liquidity outflows according to the liquidity gap profile under stress Liquidity risk management LCR (% | quarterly averages of month-end values) Highly liquid assets (€bn | eop) 134.3 140.6 141.9 137.9 1.6 117.5 Q4 2023 Q1 2024 Q2 2024 Q3 2024 14.8 Q4 2024 133.9 143.5 145.3 146.0 143.4 134.7 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Net stable funding ratio (NSFR) 0 100 200 300 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Total available stable funding | €bn Total required stable funding | €bn 128.8%130.2% 131.5% 130.3% Level 1 Level 2A Level 2B 126.1%
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13 February 2025 49Commerzbank, Frankfurt 1) Based on balance sheet figures 2) USD AT1 together with a public tender offer for outstanding USD AT 1 Capital markets: Funding plan 2024 over-fulfilled Group funding structure1 Group issuance activities 2024 and Highlights (€bn | nominal values) 50% 37% 13% Covered bonds Senior Unsecured debt Subordinated debt €64.7bn 1.0 1.4 1.3 2.3 1.9 5.1 13.0 Pfandbriefe Four benchmark transactions with a total volume of €4.6bn and maturities between 3 and 10 years Preferred senior €500m 3NC2 floating rate note €500m 4NC3 years bond Non-preferred senior €750m 7NC6 years, €750m 8NC7 years €500m 11NC10 years Tier 2 €750m 10NC5.5 years €500m 12.25NC7.25 years Green bond Additional Tier 1 €750m PerpNC 7.8 years USD750m PerpNC 6.5 years 2 mBank funding €500m Green preferred senior bond 6NC5 years and PLN1.5bn Additional Tier 1 capital Successful start in January 2025 - €750m Green NPS 7NC6 years and €1.25bn Pfandbriefe Dec 2029
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Funding volume 2025 around €10bn 13 February 2025 Commerzbank, Frankfurt 50 Group funding activities1 (€bn) Group maturities until 20292 (€bn) 1) Nominal value 2) Based on balance sheet figures, senior unsecured bonds includes preferred and non-preferred senior bonds incl. mBank Continued focus on diversification of funding Well-balanced maturity profile 10.0 2020 2021 2022 2023 2024 Plan 2025 7.0 3.6 8.2 10.1 13.0 mBank Additional Tier 1 Subordinated Non-preferred senior Prefered senior Covered 2025 2026 2027 2028 2029 8.5 9.1 9.3 6.9 4.9 Subordinated debt Senior unsecured Covered bonds
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Mortgage Pfandbrief cover pool 13 February 2025 Commerzbank, Frankfurt 51 74% 20% 3% 3% Up to €300k €300k to €1m €1m to €10m Over €10m €42bn Highlights German mortgages only 98% German residential mortgages, only 2% commercial Over 70% of the mortgages are “owner-occupied” Highly granular cover pool with 74% of the loans €300k or smaller Cover pool details1 Total assets: €43.4bn o/w cover loans: €42.0bn o/w further assets: €1.4bn Fixed rated assets: 98% Weighted avg. LTV ratio: 51% Outstanding Pfandbriefe: €29.2bn Fixed rated Pfandbriefe 83% Cover surplus: €14.2bn (49% nom.) Moody’s rating: Aaa Overview by size Overview by property type 1) Commerzbank disclosures according to §28 Pfandbriefgesetz 30 December 2024 59%29% 10% 2% Single family Flats Multiple family Others €42bn
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13 February 2025 Commerzbank, Frankfurt 52 Public Sector Pfandbrief cover pool 92% 5% 2% 1% Euro USD GBP CHF€19.1bn 1) Commerzbank disclosures according to §28 Pfandbriefgesetz 30 December 2024 82% 4%2% 2% 2% 2% 6% Germany Switzerland U.K. Austria Italy Poland Other Highlights Commerzbank utilises the public sector Pfandbrief to support its German municipal lending and guaranteed export finance business > 80% are assets from Germany Over 90% of the assets are EUR- denominated Cover pool details1 Total assets: €19.1bn o/w municipal loans : €11.3bn o/w export finance loans : €2.6bn Fixed rated assets: 79% Outstanding Pfandbriefe: €8.8bn Fixed rated Pfandbriefe: 60% Cover surplus: €9.4bn (96% nom.) Moody’s rating: Aaa Borrower / guarantor & country breakdown €19.1bn Currency breakdown
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Page will be updated retrospectively mid of February Comfortable fulfilment of RWA and LRE MREL requirements 13 February 2025 Commerzbank, Frankfurt 53 1) In May 2024, Commerzbank AG received its current MREL requirement calibrated based on data as of 31 December 2022. 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 (subordination) requirement is defined as a percentage of risk-weighted assets (RWA) and leverage ratio exposure (LRE) 2) Includes amortized amount (regulatory) of Tier 2 instruments with maturity > 1 year 3) According to §46f KWG or non-preferred senior by contract MREL Requirements and M-MDA Based on data as of 30 September 2024, Commerzbank fulfils its current MREL RWA requirement for resolution group A1 of 28.05% RWA with an MREL ratio of 33.5% RWA and the MREL subordination requirement of 22.68% RWA with a ratio of 29.6% RWA, both including the combined buffer requirement (CBR) Both, the MREL LRE ratio of 8.8% and MREL subordination LRE ratio of 7.8% comfortably meet the requirement of 6.78% The issuance strategy is consistent with all RWA and LRE based MREL requirements MREL RWA ratio (%) MREL LRE ratio (%) 5.9 1.9 1.0 09/2024 Preferred senior unsecured >1 year Non-preferred senior >1 year3 Own funds instruments 2 MREL requirement and subordination requirement 6.78% LRE 8.8 22.5 7.1 3.9 09/2024 Preferred senior unsecured >1 year Non-preferred senior >1 year3 Own funds instruments 2 M-MDA level 28.05% RWA M-MDA subordination level 22.68% RWA 33.5
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13 February 2025 Commerzbank, Frankfurt 54 1) Based on RWAs of €173.4bn as of Q4 2024. AT1 requirement of 1.922% and Tier 2 requirement of 2.563% Commerzbank’s MDA Distance to MDA (%) 1 485bp distance to MDA based on Q4 2024 CET1 ratio of 15.12% and unchanged 2024 SREP requirements MDA decreased by 4bp compared to Q3 2024 due to the dissolution of the AT1 shortfall as anticipated AT1 layer will continue to be managed to maintain appropriate distance to MDA Tier 2 layer will continue to be steered above 2.56% with moderate maturities and issuance needs in 2025 15.12 4.50 1.27 2.50 1.25 Q4 2024 CET1 ratio 0.66 0.10 Q4 2024 MDA CET1 Min. P2R CCB O-SII CCyB sSyRB10.27 485bp 1
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Rating overview Commerzbank 13 February 2025 Commerzbank, Frankfurt 55 1) Includes parts of client business (i.e. counterparty for derivatives) 2) Includes corporate and institutional deposits • S&P has raised Commerzbank's issuer credit rating by 1 notch to "A" in August 2024, the outlook is stable • Moody´s has raised the outlook of Commerzbank's issuer credit rating and deposit rating to positive in April 2024 Product ratings (secured issuances) Mortgage Pfandbriefe - Aaa Public Sector Pfandbriefe - Aaa Bank ratings S&P Moody’s Counterparty rating/assessment1 A+ A1/ A1 (cr) Deposit rating2 A stable A1 positive Issuer credit rating (long-term debt) A stable A2 positive Stand-alone rating (financial strength) bbb+ baa2 Short-term debt A-1 P-1 Product ratings (unsecured issuances) Preferred senior unsecured debt A stable A2 positive Non-preferred senior unsecured debt BBB Baa2 Subordinated debt (Tier 2) BBB- Baa3 Additional Tier 1 (AT1) BB Ba2 Last rating eventsAs of 13 February 2025
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24 45 24 45 124 174 125 173 PSBC Germany mBank 149 219 149 218 100 96 104 100 Loan and deposit development 13 February 2025 Commerzbank, Frankfurt 56 Corporate Clients Private and Small-Business Customers (€bn | quarterly average) In CC, further increase of loan volumes in all client groups – particularly in International Corporates Deposit volumes grew with corporates increasing liquidity in call money over year-end Only slight decrease in call deposit volume at PSBC Germany due to lower rates offered In PSBC Germany >95% of deposits are insured (>65% statutory and almost 30% private insurance) In CC > 60% of deposits are insured (<5% statutory and >58% private insurance) Performing loan volume Deposit volume Q3 24 Q4 24 Q3 24 Q4 24
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IAS 19: Development of pension obligations 13 February 2025 Commerzbank, Frankfurt 57 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 German pension obligations (represents 97% of Group pension obligations) Cumulated actuarial gains and losses (€m) Cumulated OCI effect1 Pension obligations (gross) Discount rate in %2 -820 -881 -728 -930 -935 -842 -852 -847 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 -6,295 -6,452 -5,983 -6,786 -6,766 -6,514 -6,684 -6,576 In the course of 2024, market yields went slightly up, moving the IAS19 discount rate to 3.8% in Q4 versus 3.7% at year-start. In addition, market inflation rates went down, allowing for a lower actuarial pension increase rate (2.3% vs 2.5%). Both effects induced a decrease of present-valued pension obligations (DBO), producing a comfortable YtD liability gain in OCI On the same market movement, pension assets produced a moderate YtD asset loss in OCI, with losses on LDI-hedges being partly compensated by equity gains Together, pension obligations and pension assets produced a YtD net OCI gain of +€83m (after tax) on Group level The discount rate is derived from an AA-rated government bond basket, re-calibrated on corporate bond level, with an average duration of roughly 13 years The funding ratio (plan assets vs. pension obligations) is 111% across all Group plans 4.0 3.9 4.5 3.7 3.7 4.0 3.8 3.8
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FX impact on CET1 ratio QoQ change in FX capital position 13 February 2025 Commerzbank, Frankfurt 58 Credit risk RWA2 (∆ QoQ | €m) Currency translation reserve (∆ QoQ | €m) 18.6 15.9 5.4 5.4 0.5 95.9 Credit RWA (Q4 2024 |€bn) 141.7 Other RUB GBP PLN USD EUR +1,395 -1-64 +40+13 +1,383 +176 +1 -19 +4+3 165 1) Based on current CET1 ratio 2) Change in credit risk RWA solely based on FX not on possible volume effects since 09/24 3) FX rates of main currencies only FX rates3 09/24 12/24 EUR / GBP 0.835 0.829 EUR / PLN 4.279 4.275 EUR / USD 1.120 1.039 EUR / RUB 103.585 118.057 Only marginal impact on CET1 ratio1 since increasing effect of currency translation reserve largely compensates higher FX driven credit risk RWA Increase in credit risk RWA from FX effects mainly due to stronger USD (+€1,395m), GBP (+€40m) and PLN (+€13m), slightly offset by weaker RUB (-€64m) Higher currency translation reserve mainly due to increase from USD (+€176m), GBP (+€4m) and PLN (+€3m), partly offset by RUB (-€19m)
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à FY 2024 Group equity composition 13 February 2025 Commerzbank, Frankfurt 59 1) P&L reduced by payout accrual and accrual for potential (fully discretionary) AT1 coupons Capital | €bn Common equity tier 1 capital 1 Q3 2024 EoP Q4 2024 EoP Q4 2024 Average P&L | €m Operating Result DTA Minority interests Defined Benefit pension fund assets Other regulatory adjustments Tangible equity 1 Operating Result Goodwill and other intangible assets (net of tax) Capital reserve Retained earnings t/o consolidated P&L IFRS capital attributable to Commerzbank shareholders 1 Consolidated P&L adjusted for RoE/RoTE Additional equity components ./. accrual for potential AT1 coupon distribution current year Currency translation reserve Cash flow hedges 25.3 26.2 25.6 0.2 0.1 0.6 0.5 0.6 0.7 0.4 0.2 31.5 32.8 31.9 1.4 1.4 1.4 10.14 10.14 16.81 17.50 1.93 2.68 -0.26 -0.10 -0.03 -0.02 27.8 28.5 28.0 3.9 4.4 4.1 Q4 2024 Ratios Q4 2024 996 Op. RoCET 15.6% Prudent Valuation 0.5 0.5 Instruments that are given recognition in AT1 Capital 3.9 4.4 996 Op. RoTE 12.5% IFRS capital 1 32.9 34.2 33.3 Subscribed capital 1.18 1.15 t/o accrual for pay-out and potential AT1 coupons -1.93 -1.50 Revaluation reserve -0.02 -0.13 Consolidated P&L 750 -72 678 Net RoE 9.7% Tangible equity attributable to Commerzbank shareholders 1 26.4 27.1 26.7 Net RoTE 10.1% Non-controlling interests 1.2 1.2 1.2 1 1 1 1 1 3,837 3,837 2,677 -232 2,445 FY 2024 15.0% 12.3% 8.8% 9.2%
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Commerzbank Group 13 February 2025 Commerzbank, Frankfurt 60 €m Q1 2023 Total underlying revenues 2,655 Exceptional items 13 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 2,621 2,727 2,434 10,438 2,719 2,815 2,753 9 27 -25 23 28 -147 -18 Total revenues 2,668 2,629 2,755 2,409 10,461 2,747 2,668 2,735 o/w Net interest income 1,947 2,130 2,166 2,126 8,368 2,126 2,078 2,048 o/w Net commission income 915 841 831 798 3,386 920 879 894 o/w Net fair value result -72 -17 -67 -202 -359 -53 -4 -67 o/w Other income -122 -324 -175 -313 -933 -246 -284 -140 o/w Dividend income - 0 4 9 14 26 8 5 15 o/w Net income from hedge accounting -3 10 -8 40 39 -12 -13 43 o/w Other financial result 3 15 60 -25 52 45 -6 49 o/w At equity result 1 3 - 0 1 4 - 0 2 -1 o/w Other net income -123 -355 -235 -342 -1,055 -287 -272 -246 Risk result -68 -208 -91 -252 -618 -76 -199 -255 Operating expenses 1,464 1,481 1,504 1,557 6,006 1,496 1,524 1,530 Compulsory contributions 260 52 45 59 415 91 75 64 Operating result 875 888 1,116 542 3,421 1,084 870 886 Restructuring expenses 4 4 6 4 18 1 1 2 Total Assets / Total Liabilities 497,357 501,603 509,885 517,166 517,166 551,977 560,087 565,332 RWA operational risk (end of period) 21,074 20,849 20,797 22,790 22,790 22,576 22,576 22,576 Cost income ratio (incl. compulsory contributions) (%) 64.6% 58.3% 56.2% 67.1% 61.4% 57.8% 59.9% 58.3% Operating return on CET1 (RoCET) (%) 14.6% 14.4% 17.6% 8.5% 13.7% 16.9% 13.5% 13.9% Operating return on tangible equity (%) 11.8% 11.8% 14.6% 7.0% 11.3% 14.1% 11.3% 11.3% Return on equity of net result (%) 8.0% 7.6% 9.2% 5.0% 7.4% 10.1% 7.1% 8.3% Net return on tangible equity (%) 8.3% 7.9% 9.6% 5.2% 7.7% 10.5% 7.3% 8.7% 53 - 0 24,093 Consolidated Result attributable to Commerzbank shareholders and investors in additional equity components 747 Q4 2024 2,874 82 2,956 2,080 945 79 -148 15 7 37 - 0 -206 -214 1,693 996 554,646 59.1% 15.6% 12.5% 9.7% 10.1% FY 2024 11,160 -54 11,106 8,331 3,638 -46 -817 44 25 125 1 -1,011 -743 6,244 283 3,837 3 2,677 554,646 24,093 58.8% 15.0% 12.3% 8.8% 9.2% Pre-tax result Commerzbank Group 871 885 1,109 537 3,403 1,083 869 885 996 3,833 Taxes on income 279 338 405 166 1,188 322 289 197 181 989 Minority Interests 12 -19 20 -24 -10 14 42 46 64 168 750 Average capital employed 24,048 24,729 25,365 25,642 24,945 25,694 25,730 25,428 25,596 25,630 RWA credit risk (end of period) 142,866 144,802 144,128 144,044 144,044 142,739 142,682 141,257 141,708 141,708 RWA market risk (end of period) 7,588 8,326 8,701 8,280 8,280 7,766 7,629 7,032 7,577 7,577 580 565 684 395 2,224 538 642 RWA (end of period) 171,528 173,977 173,626 175,114 175,114 173,081 172,887 170,865 173,378 173,378
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€m Corporate Clients 13 February 2025 Commerzbank, Frankfurt 61 Q1 2023 Total underlying revenues 1,062 Exceptional items 18 Q2 2023 Q4 2023 FY 2023 Q1 2024 1,126 1,118 4,473 1,213 1 -11 13 8 Total revenues 1,080 1,127 1,107 4,486 1,221 o/w Net interest income 627 696 741 2,782 711 o/w Net commission income 335 321 300 1,284 360 o/w Net fair value result 132 128 75 463 152 o/w Other income -15 -18 -9 -44 -1 o/w Dividend income - 0 2 2 4 - 0 o/w Net income from hedge accounting - 0 -1 1 - 0 - 0 o/w Other financial result -2 -1 -1 -2 - 0 o/w At equity result 1 3 - 0 5 - 0 o/w Other net income -14 -21 -12 -50 -2 Risk result 54 -169 -36 -155 -54 Operating expenses 514 514 561 2,112 507 Compulsory contributions 78 -6 - 0 73 - 0 Cost income ratio (incl. compulsory contributions) (%) 54.8% 45.1% 50.7% 48.7% 41.6% Operating return on CET1 (RoCET) (%) 20.8% 17.1% 19.4% 20.5% 25.4% 659 80,626 Operating result 541 450 510 2,147 Total Assets 135,005 135,282 134,480 134,480 134,439 Total Liabilities 161,908 163,589 168,997 168,997 174,701 Average capital employed 10,393 10,512 10,521 10,481 10,378 RWA credit risk (end of period) 72,741 73,457 72,594 72,594 70,586 RWA market risk (end of period) 4,767 5,000 5,118 5,118 4,753 RWA operational risk (end of period) 4,474 4,271 5,122 5,122 5,287 Q2 2024 Q3 2024 1,203 1,120 -3 1 1,200 1,121 678 630 331 345 171 148 20 -1 2 - 0 - 0 - 0 2 2 3 - 0 13 -4 -121 -188 526 521 1 1 553 412 139,530 143,105 171,691 174,378 10,273 10,025 71,653 69,267 4,456 3,655 5,258 5,817 43.9% 46.5% 21.5% 16.4% Q3 2023 1,167 5 1,172 718 327 129 -2 - 0 -1 2 1 -3 -4 522 - 0 646 139,461 170,815 10,508 73,687 5,398 4,168 44.6% 24.6% Q4 2024 1,188 -6 1,182 651 343 167 20 1 - 0 9 - 0 9 -201 543 - 0 437 150,785 181,374 10,035 69,611 3,304 7,165 46.0% 17.4% RWA (end of period) FY 2024 4,723 - 0 4,724 2,670 1,379 637 37 4 1 13 3 17 -564 2,097 2 2,060 150,785 181,374 10,175 69,611 3,304 7,165 80,079 44.5% 20.2% 80,079 81,983 82,727 83,252 82,834 82,834 81,367 78,739 Operating return on tangible equity (%) 19.1% 15.7% 22.8% 17.9% 18.9% 23.5% 20.0% 15.3% 16.3% 18.8%
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€m Q1 2023 Total underlying revenues 1,494 Exceptional items 7 Q2 2023 Q4 2023 FY 2023 Q1 2024 1,283 1,181 5,356 1,507 -7 20 13 1 Total revenues 1,502 1,275 1,201 5,369 1,508 o/w Net interest income 1,091 1,118 1,018 4,384 1,244 o/w Net commission income 592 530 509 2,147 574 o/w Net fair value result -34 -45 -29 -173 -13 o/w Other income -147 -328 -296 -988 -296 o/w Dividend income - 0 1 7 18 10 o/w Net income from hedge accounting - 0 -2 -5 -3 1 o/w Other financial result -12 -5 29 14 2 o/w At equity result - 0 - 0 - 0 -1 -1 o/w Other net income -134 -321 -328 -1,016 -309 Risk result -128 -49 -201 -472 -26 Operating expenses 846 880 983 3,575 886 505 Cost income ratio (incl. compulsory contributions) (%) 65.6% 73.9% 86.6% 72.2% 64.7% Operating return on CET1 (RoCET) (%) 22.8% 16.7% -2.4% 15.1% 29.3% 91 54,952 Compulsory contributions 140 62 57 303 Total Assets 172,230 173,963 179,698 179,698 178,399 Total Liabilities 208,599 211,592 228,338 228,338 236,511 Average capital employed 6,804 6,817 6,681 6,769 6,891 RWA credit risk (end of period) 39,857 40,042 39,703 39,703 41,845 RWA market risk (end of period) 598 683 777 777 700 RWA operational risk (end of period) 13,289 12,738 13,336 13,336 12,406 Operating return on tangible equity (%) 21.8% 16.0% -2.3% 14.5% 28.5% Provisions for legal risks of FX loans of mBank -173 -347 -340 -1,094 -318 Q2 2024 Q3 2024 1,538 1,504 -60 24 1,478 1,528 1,177 1,145 561 562 -23 9 -236 -189 2 16 2 -3 -54 25 -1 -1 -186 -225 -49 -76 898 935 74 63 181,355 184,386 242,863 241,890 6,950 6,998 41,566 42,343 823 995 12,318 12,062 65.7% 65.3% 26.3% 25.9% 25.8% 25.8% -240 -227 Q3 2023 1,398 -6 1,391 1,157 516 -64 -218 10 4 1 -1 -232 -94 866 45 176,152 215,700 6,742 39,300 691 11,729 65.4% 22.9% 22.1% -234 Private and Small-Business Customers 13 February 2025 Commerzbank, Frankfurt 62 Q4 2024 1,623 4 1,627 1,200 616 -1 -187 9 9 4 - 0 -208 -14 1,017 52 188,928 242,721 7,166 42,935 1,150 12,740 65.7% 30.4% 30.3% -218 FY 2024 6,173 -31 6,142 4,765 2,313 -28 -908 37 10 -23 -3 -928 -166 3,735 281 1,960 188,928 242,721 7,004 42,935 1,150 12,740 56,825 65.4% 28.0% 27.6% -1,002 544 56,825 Operating result 388 285 386 -40 1,019 457 454 RWA (end of period) 53,744 53,463 51,720 53,816 53,816 54,707 55,401 Operating result ex legal provisions on FX loans 561 632 621 300 2,114 823 697 680 762 2,962
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Total underlying revenues 1,153 Exceptional items -7 1,055 877 4,135 1,167 -6 17 -2 - 0 Total revenues 1,146 1,049 894 4,134 1,167 o/w Net interest income 602 571 438 2,208 660 o/w Net commission income 511 450 437 1,833 489 o/w Net fair value result 8 2 -28 -26 4 o/w Other income 24 26 47 119 13 o/w Dividend income - 0 - 0 6 16 9 o/w Net income from hedge accounting - 0 - 0 - 0 - 0 - 0 o/w Other financial result - 0 - 0 25 26 - 0 o/w At equity result - 0 - 0 - 0 -1 -1 o/w Other net income 25 26 15 78 5 Risk result -91 -9 -92 -231 -15 Operating expenses 702 723 800 2,930 714 423 Cost income ratio (incl. compulsory contributions) (%) 66.9% 70.7% 91.1% 73.3% 62.4% Operating return on CET1 (RoCET) (%) 28.0% 29.2% -1.2% 21.7% 42.1% 15 32,086 Compulsory contributions 64 18 15 100 Total Assets 126,025 126,286 127,630 127,630 126,711 Total Liabilities 162,810 164,297 176,725 176,725 185,172 Average capital employed 4,118 4,089 3,927 4,032 4,025 RWA credit risk (end of period) 23,522 23,359 23,078 23,078 24,364 RWA market risk (end of period) 247 311 326 326 330 RWA operational risk (end of period) 8,676 8,125 8,115 8,115 7,392 1,066 1,043 - 0 - 0 1,066 1,043 581 537 474 472 2 21 9 14 1 14 - 0 - 0 2 - 0 -1 -1 7 1 -10 -32 715 742 31 19 310 128,131 129,047 190,089 186,923 3,985 3,949 23,444 23,328 405 551 7,304 7,048 31,153 70.0% 73.0% 31.2% 25.4% 1,050 -5 1,045 596 435 -8 21 10 - 0 - 0 -1 12 -39 705 4 127,621 167,908 3,988 23,261 281 7,294 67.8% 29.9% PSBC Germany | Part of segment Private and Small-Business Customers 13 February 2025 Commerzbank, Frankfurt 63 €m Q1 2023 Q2 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q3 2023 Q4 2024 FY 2024 1,160 4,436 4 4 1,164 4,440 606 2,384 529 1,964 7 33 22 59 9 33 1 1 -7 -5 - 0 -3 20 32 26 -30 805 2,976 7 72 1,362 131,638 131,638 186,361 186,361 3,893 3,957 22,512 22,512 548 548 6,966 6,966 30,025 69.8% 68.6% 38.8% 34.4% 378 30,025 Operating result 288 299 298 -12 873 250 RWA (end of period) 32,445 31,795 30,837 31,520 31,520 30,927 Operating return on tangible equity (%) 27.7% 28.7% 29.2% -1.2% 21.2% 41.1% 30.9% 25.8% 39.6% 34.4%
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€m Q1 2023 Q2 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Total underlying revenues 342 228 304 1,221 341 473 461 Exceptional items 14 -1 3 15 1 -60 24 Total revenues 356 226 307 1,235 341 413 485 o/w Net interest income 488 547 580 2,176 583 596 609 o/w Net commission income 81 80 72 313 84 87 91 o/w Net fair value result -42 -47 -2 -147 -17 -25 -11 o/w Other income -171 -354 -343 -1,107 -309 -244 -203 o/w Dividend income - 0 1 1 2 1 1 1 o/w Net income from hedge accounting - 0 -2 -5 -3 1 2 -3 o/w Other financial result -12 -5 4 -12 2 -56 25 o/w Other net income -159 -347 -343 -1,094 -314 -193 -226 Risk result -37 -39 -109 -241 -11 -40 -45 Operating expenses 143 157 184 645 172 184 193 Compulsory contributions 76 45 Operating result 82 147 Total Assets 46,204 47,677 52,068 52,068 51,688 53,224 55,339 Total Liabilities 45,790 47,294 51,613 51,613 51,339 52,775 54,967 Average capital employed 2,686 2,729 2,754 2,737 2,866 2,965 3,049 RWA credit risk (end of period) 16,334 16,683 16,625 16,625 17,481 18,121 19,016 RWA market risk (end of period) 351 372 451 451 371 418 444 5,014 5,014 Cost income ratio (incl. compulsory contributions) (%) 61.6% 88.7% 73.7% 68.7% 72.7% 54.9% 48.9% Operating return on CET1 (RoCET) (%) 14.9% -2.0% -4.1% 5.4% 11.5% 19.8% 26.7% mBank | Part of segment Private and Small-Business Customers 13 February 2025 Commerzbank, Frankfurt 64 43 5,014 Q3 2023 347 -1 346 561 80 -56 -239 - 0 4 1 -245 -55 161 48,531 47,792 2,754 16,039 410 58.4% 12.9% Q4 2024 463 - 0 463 594 87 -8 -209 - 0 8 11 -228 -40 211 76 44 41 43 203 45 57,289 56,360 3,273 20,423 602 RWA operational risk (end of period) 4,613 4,613 4,435 5,220 5,220 5,774 55.4% 20.3% Operating return on tangible equity (%) 13.5% -1.9% 12.2% -3.9% 5.0% 11.1% 19.1% 25.9% 19.7% FY 2024 1,737 -35 1,702 2,382 348 -62 -966 3 9 -18 -960 -136 759 209 599 57,289 56,360 3,047 20,423 602 5,774 56.9% 19.6% 19.0% 166 100 -14 89 -28 146 203 RWA (end of period) 21,299 21,668 20,883 22,296 22,296 22,865 23,553 24,474 26,799 26,799
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Others & Consolidation 13 February 2025 Commerzbank, Frankfurt 65 €m Q1 2023 Total underlying revenues 99 Exceptional items Q2 2023 Q4 2023 FY 2023 Q1 2024 212 135 609 -1 Total revenues o/w Net interest income o/w Net commission income o/w Net fair value result o/w Other income o/w Dividend income o/w Net income from hedge accounting o/w Other financial result o/w At equity result o/w Other net income Risk result Operating expenses Compulsory contributions Operating result Pre-tax result Total Liabilities Restructuring expenses Total Assets Average capital employed RWA credit risk (end of period) RWA market risk (end of period) RWA operational risk (end of period) RWA (end of period) Q2 2024 Q3 2024 74 128 Q3 2023 163 Q4 2024 63 -13 15 -34 -2 19 86 227 101 606 18 229 315 367 1,202 171 -11 -10 -11 -45 -14 -170 -100 -248 -650 -192 39 22 -7 99 52 -1 5 4 -2 -2 13 44 43 -13 16 21 -53 41 43 - 0 - 0 - 0 - 0 - 0 26 -12 -3 11 24 6 9 -15 8 5 104 87 13 319 103 42 -4 1 40 - 0 -54 153 72 255 -81 -59 150 68 237 -81 4 4 4 18 1 190,122 192,359 202,988 202,988 239,138 140,765 6,851 7,400 8,439 7,695 8,424 30,308 2,223 2,643 2,386 2,386 2,313 3,311 3,840 4,331 4,331 4,883 35,802 37,787 38,464 38,464 37,503 126,849 126,422 119,831 119,831 30,268 31,303 31,747 31,747 -84 -43 -10 86 223 273 -13 -13 -151 -224 -69 50 - 0 - 0 -15 45 46 22 - 0 - 0 -99 -17 -29 9 101 73 - 0 - 0 -139 21 1 2 -140 19 239,202 237,841 145,533 149,063 8,507 8,405 29,463 29,646 2,350 2,382 5,000 4,697 36,813 36,725 29 192 291 -12 -132 45 -11 57 - 0 - 0 7 116 - 0 84 6 77 194,272 123,370 8,115 31,141 2,612 4,900 38,653 84 147 229 -15 -87 20 5 -2 24 - 0 -7 2 134 - 0 15 - 0 15 214,933 130,551 8,395 29,162 3,123 4,188 36,474 -1 - 0 FY 2024 264 -24 240 896 -54 -654 53 3 15 135 - 0 -100 -14 411 - 0 -184 3 -187 214,933 130,551 8,450 29,162 3,123 4,188 36,474
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€m Exceptional Revenue Items Net interest income Q1 2023 Q2 2023 Q4 2023 FY 2023 13 9 -25 23 -7 -6 -5 -23 Net fair value result 9 17 -45 13 o/w Hedging & valuation adjustments¹ 9 17 -45 13 Other income -2 o/w PPA Consumer Finance Net interest income -7 -6 -5 -23 -23 Other income - 0 - 0 21 21 o/w Prov. re judgement on pricing of accounts -7 -6 -5 Q1 2024 28 - 0 28 28 - 0 PSBC Germany -7 -6 17 - 0 - 0 - 0 - 0 Q2 2024 Q3 2024 -147 -18 - 0 - 0 9 -43 9 -43 11 -2 25 34 -155 25 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 21 21 - 0 - 0 - 0 mBank 14 -1 3 15 1 -60 24 Net fair value result 3 1 -1 3 1 - 0 -2 o/w Hedging & valuation adjustments¹ 3 1 -1 3 1 - 0 -2 Other income 11 -2 4 12 - 0 -60 26 o/w Credit holidays in Poland 11 -2 4 12 - 0 -60 26 CC 18 1 -11 13 8 -3 1 Net fair value result 18 1 -11 13 8 -3 1 o/w Hedging & valuation adjustments¹ 18 1 -11 13 8 -3 1 O&C -13 15 -34 -2 19 -84 -43 Net fair value result -13 15 -34 -2 19 11 -42 o/w Hedging & valuation adjustments¹ -13 15 -34 -2 19 11 -42 Other income - 0 - 0 - 0 - 0 - 0 -95 -1 o/w Provision for Russian court case (O&C) - 0 - 0 - 0 - 0 - 0 -95 -1 Exceptional Revenue Items Commerzbank Group 13 February 2025 Commerzbank, Frankfurt 66 ¹ FVA, CVA / DVA; in O&C incl AT1 FX effect Q3 2023 27 -5 33 33 - 0 -5 -5 -5 - 0 - 0 -1 -1 -1 - 0 - 0 5 5 5 29 29 29 - 0 - 0 Q4 2024 82 - 0 78 78 4 4 - 0 - 0 4 4 - 0 - 0 - 0 - 0 - 0 -6 -6 -6 84 84 84 - 0 -6 FY 2024 -54 - 0 72 72 -126 4 - 0 - 0 4 4 -35 - 0 - 0 -35 -34 - 0 - 0 - 0 -24 72 72 -96 -102
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Balance sheet 13 February 2025 Commerzbank, Frankfurt 67 31 December 2024 (31 December 2023) €bn 73 (93) 57(40) 68(48) 37(29) 9(8) Assets Cash reserve / sight deposits (Banks & Central Banks) FA Amortised cost FA Fair Value OCI (mainly Debt Securities) FA Mandatory Fair Value P&L (mainly Repos) FA Held for Trading Other Assets 555 (517) 23 (19)4 (4) 5(5) 36 (33) Liabilities FL Amortised Cost FL Fair Value Option FL Held for TradingProvisions Tax/Other liabilities Equity incl. AT1 555 (517) 271 (261) 32 (30) 8(8) Loans and advances Debt Securities Repos, Other 343 (327) 33 (31) 45 (40) 20 (21) 38 (31) 8 (6) Deposits MM Debt Securities Issued Other financial liabilities Repos/Other Debt Securities 441 (420)311 (299) 47(37)
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Glossary – Key ratios 13 February 2025 Commerzbank, Frankfurt 68 Key Ratio Abbreviation Calculated for Numerator Denominator Group Private and Small Business Customers and Corporate Clients Others & Consolidation 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 12.7% ² of the average RWAs (YTD: PSBC Germany €31,2bn, mBank €24bn, CC €80,1bn) 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 intangible assets ¹ 12.7% ² of the average RWAs plus average regulatory capital deductions (excluding intangible assets) (YTD: PSBC Germany €0bn, mBank €0,1bn, CC €0,8bn) 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 pay-out accrual (if applicable) and after deduction of potential (fully discretionary) AT1 coupon Average IFRS capital without non- controlling interests and without additional equity components ¹ 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 pay-out accrual (if applicable) and after deduction of potential (fully discretionary) AT1 coupon Average IFRS capital without non- controlling interests and without additional equity components after deduction of 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 on Loans (bps) CoRL (bps) Group Risk Result Loans and Advances [annual report note (25)] n/a n/a Key Parameter Calculated for Calculation Deposit beta Group ex mBank Interest pass-through rate across interest bearing and non-interest bearing deposit products 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 pay-out accrual and potential (fully discretionary) AT1 coupon 2) Charge rate reflects current regulatory and market standard
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Investors and Financial Analysts Rating Agencies For more information, please contact our IR team 13 February 2025 Commerzbank, Frankfurt 69 mail: ir@commerzbank.com / internet: investor-relations.commerzbank.com Christoph Wortig Head of Investor Relations +49 69 9353 47710 @ christoph.wortig@ commerzbank.com Ansgar Herkert Head of IR Communications +49 69 9353 47706 @ ansgar.herkert@ commerzbank.com Patricia Novak +49 69 9353 47704 @ patricia.novak@ commerzbank.com Jutta Madjlessi +49 69 9353 47707 @ jutta.madjlessi@ commerzbank.com Ute Sandner +49 69 9353 47708 @ ute.sandner@ commerzbank.com Michael H. Klein +49 69 9353 47703 @ michael.klein@ commerzbank.com Financial calendar 2025 9 May 2025 6 August 2025 Q1 2025 results Q2 2025 results 15 May 2025 AGM 6 November 2025 Q3 2025 results
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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 Quarterly Results – Commerzbank AG 13 February 2025 Commerzbank, Frankfurt 70