View Future GrowthCommerzbank 과거 순이익 실적과거 기준 점검 2/6Commerzbank은 연평균 47.6%의 비율로 수입이 증가해 온 반면, Banks 산업은 수입이 14.7% 증가했습니다. 매출은 연평균 9.4%의 비율로 증가했습니다. Commerzbank의 자기자본이익률은 8.3%이고 순이익률은 20.7%입니다.핵심 정보47.64%순이익 성장률45.86%주당순이익(EPS) 성장률Banks 산업 성장률10.63%매출 성장률9.36%자기자본이익률8.31%순이익률20.65%다음 순이익 업데이트06 Aug 2026최근 과거 실적 업데이트Reported Earnings • May 11First quarter 2026 earnings: EPS exceeds analyst expectationsFirst quarter 2026 results: EPS: €0.84 (up from €0.73 in 1Q 2025). Revenue: €3.08b (up 4.3% from 1Q 2025). Net income: €913.0m (up 9.5% from 1Q 2025). Profit margin: 30% (up from 28% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.6%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • Mar 26Full year 2025 earnings: Revenues in line with analyst expectationsFull year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 54.8% (down from 56.2% in FY 2024). Non-performing loans: 1.99% (up from 1.94% in FY 2024). Revenue was in line with analyst estimates. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in Europe.Reported Earnings • Feb 13Full year 2025 earnings: Revenues in line with analyst expectationsFull year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 57.0% (up from 56.2% in FY 2024). Revenue was in line with analyst estimates. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in Europe.공시 • Dec 10Commerzbank AG to Report Fiscal Year 2025 Final Results on Mar 25, 2026Commerzbank AG announced that they will report fiscal year 2025 final results on Mar 25, 2026Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: €0.51 (vs €0.53 in 3Q 2024)Third quarter 2025 results: EPS: €0.51. Revenue: €2.66b (up 9.6% from 3Q 2024). Net income: €846.0m (up 1.2% from 3Q 2024). Profit margin: 32% (down from 34% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Banks industry in Europe.공시 • Aug 08+ 3 more updatesCommerzbank AG to Report Q1, 2026 Results on May 08, 2026Commerzbank AG announced that they will report Q1, 2026 results on May 08, 2026모든 업데이트 보기Recent updates속보 • May 19Commerzbank Rebuffs UniCredit’s €39b Bid as German Government Steps InCommerzbank has formally rejected UniCredit's €39b hostile takeover offer, arguing the bid undervalues the company and lacks a credible plan for the combined business. UniCredit CEO Andrea Orcel has built a 38.8% stake in Commerzbank to push for a merger despite resistance from Commerzbank’s board. The German government is opposing the takeover, turning the situation into a broader political dispute over control of Germany’s industrial banking system. The core issue is that Commerzbank is now at the center of a high-profile takeover battle that mixes financial and geopolitical interests, which can influence sentiment and corporate decision-making. A prolonged stand-off between UniCredit, Commerzbank’s leadership and the German government could add uncertainty around governance, future ownership structure and potential changes to the bank’s business priorities.내러티브 업데이트 • May 12CBK: Fair Value View Will Weigh UniCredit Bid Against Standalone Return ProfileThe analyst price target for Commerzbank has been raised from about €37.75 to €39.40, with analysts pointing to updated assumptions on revenue growth, profit margins and P/E, together with a recent series of target hikes and upgrades across the Street. Analyst Commentary Recent Street research on Commerzbank shows a cluster of target changes and rating moves, giving you a clearer picture of how professional investors are thinking about the stock today.Reported Earnings • May 11First quarter 2026 earnings: EPS exceeds analyst expectationsFirst quarter 2026 results: EPS: €0.84 (up from €0.73 in 1Q 2025). Revenue: €3.08b (up 4.3% from 1Q 2025). Net income: €913.0m (up 9.5% from 1Q 2025). Profit margin: 30% (up from 28% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.6%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth.Declared Dividend • May 06Dividend increased to €1.10Dividend of €1.10 is 69% higher than last year. Ex-date: 21st May 2026 Payment date: 26th May 2026 Dividend yield will be 3.0%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (53% payout ratio) and is expected to be covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover.내러티브 업데이트 • Apr 26CBK: Repriced Earnings Expectations Will Limit Upside After Withdrawn Takeover ProposalCommerzbank's analyst fair value estimate has been adjusted from about €29.85 to about €30.64. Analysts attribute the change to updated assumptions on revenue growth, profit margins and future P/E following a recent series of target price increases and rating changes across major banks.내러티브 업데이트 • Apr 11CBK: Updated Fair Value And Dividend Framework Will Shape Balanced Return OutlookCommerzbank's updated analyst price target has moved from about €35.21 to €37.75, supported by recent Street research that raised targets into a €36 to €39 range. The new target reflects analyst adjustments to fair value assumptions, discount rate, revenue growth, profit margin and future P/E expectations.공시 • Apr 11Commerzbank AG, Annual General Meeting, May 20, 2026Commerzbank AG, Annual General Meeting, May 20, 2026, at 10:00 W. Europe Standard Time.공시 • Apr 09UniCredit S.p.A. (BIT:UCG) cancelled the acquisition of remaining 73.98% stake in Commerzbank AG (XTRA:CBK).UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion on March 16, 2026. Subject to the offer conditions in the offer document, the Bidder intends to offer the minimum consideration prescribed under German law, which will finally be determined by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) and which the Bidder expects to be 0.485 new ordinary shares in UniCredit (UniCredit Offer Shares) for each tendered Commerzbank Share. The consummation of the Offer will be subject to certain closing conditions to be further detailed in the offer document. These will include merger control, foreign investment control, and EU foreign subsidies clearances, regulatory clearances (including, but not limited to, clearance by the European Central Bank and German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany) as well as other customary offer conditions. The Offer is expected to be formally launched at the beginning of May with an offer period of 4 weeks. Subject to the fulfilment or waiver by UniCredit of the conditions to the Offer, settlement is expected to be completed by the first half of 2027 after having obtained all necessary regulatory clearances, as will be further detailed in the offer document. As of April 7, 2026, Commerzbank currently sees no basis for a mutually agreed value-accretive transaction after interactions with UniCredit which did not demonstrated sufficient value upside potential for its shareholders beyond the current standalone strategy. UniCredit has also shown no willingness to offer Commerzbank shareholders a necessary adequate premium. Commerzbank will continue to focus on the successful implementation of its standalone strategy. Commerzbank remains open to discussions and proposals that create concrete value for its shareholders and stakeholders. UniCredit S.p.A. (BIT:UCG) cancelled the acquisition of remaining 73.98% stake in Commerzbank AG (XTRA:CBK) on April 7, 2026.내러티브 업데이트 • Mar 28CBK: Takeover Proposal And Repriced Earnings Outlook Will Shape Medium Term OutcomeNarrative Update on Commerzbank The analyst price target for Commerzbank has been revised higher from €23.55 to €29.85. Analysts attribute this change to updated assumptions for revenue growth, profit margins, and future P/E, as well as a series of recent target increases from major banks.Reported Earnings • Mar 26Full year 2025 earnings: Revenues in line with analyst expectationsFull year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 54.8% (down from 56.2% in FY 2024). Non-performing loans: 1.99% (up from 1.94% in FY 2024). Revenue was in line with analyst estimates. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in Europe.공시 • Mar 16UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion.UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion on March 16, 2026. Subject to the offer conditions in the offer document, the Bidder intends to offer the minimum consideration prescribed under German law, which will finally be determined by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) and which the Bidder expects to be 0.485 new ordinary shares in UniCredit (UniCredit Offer Shares) for each tendered Commerzbank Share. The consummation of the Offer will be subject to certain closing conditions to be further detailed in the offer document. These will include merger control, foreign investment control, and EU foreign subsidies clearances, regulatory clearances (including, but not limited to, clearance by the European Central Bank and German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany) as well as other customary offer conditions. The Offer is expected to be formally launched at the beginning of May with an offer period of 4 weeks. Subject to the fulfilment or waiver by UniCredit of the conditions to the Offer, settlement is expected to be completed by the first half of 2027 after having obtained all necessary regulatory clearances, as will be further detailed in the offer document.Reported Earnings • Feb 13Full year 2025 earnings: Revenues in line with analyst expectationsFull year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 57.0% (up from 56.2% in FY 2024). Revenue was in line with analyst estimates. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in Europe.Declared Dividend • Feb 12Dividend increased to €1.10Dividend of €1.10 is 69% higher than last year. Ex-date: 21st May 2026 Payment date: 25th May 2026 Dividend yield will be 3.2%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (31% payout ratio) and is expected to be well covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.공시 • Feb 12Commerzbank Ag Announces Resignation of Bernd Spalt as Chief Risk OfficerCommerzbank AG announced that Bernd Spalt, Chief Risk Officer will fulfil his current contract running until the end of 2026, but has decided, for personal reasons, not to seek an extension. He has informed the Supervisory Board about his decision in the meeting on 10 February. Bernd Spalt joined Commerzbank on 1 January 2024. He has established the risk function as a reliable partner supporting Commerzbank's strategic goals.공시 • Feb 11Commerzbank AG announces Annual dividend, payable on May 25, 2026Commerzbank AG announced Annual dividend of EUR 1.1000 per share payable on May 25, 2026, ex-date on May 21, 2026 and record date on May 22, 2026.내러티브 업데이트 • Feb 03CBK: Net Interest Income Guidance And Q3 Upside Will Steer Fairly Balanced OutlookAnalysts have nudged our Commerzbank fair value estimate higher to €35.21 from €34.59, as recent price target hikes and rating changes highlight revised views on net interest income potential and future P/E assumptions. Analyst Commentary Bullish and cautious voices are both active around Commerzbank, and recent price target moves give you a quick snapshot of how expectations are shifting on earnings power, especially net interest income, and on what valuation investors might be willing to pay.내러티브 업데이트 • Jan 20CBK: Net Interest Income Guidance And Q3 Upside Will Shape Balanced OutlookAnalysts have nudged their price expectations for Commerzbank higher, with the updated fair value estimate moving from €33.87 to €34.59. This change is supported by refreshed Street targets that reflect views on net interest income trends and profitability.내러티브 업데이트 • Jan 06CBK: Earnings Guidance And Net Interest Income Will Shape A Measured OutlookCommerzbank's analyst price target nudged higher by about €0.35 to roughly €33.87, as analysts point to updated assumptions for net interest income, profit margins and future P/E multiples following recent target moves and rating changes from the Street. Analyst Commentary Recent research updates around Commerzbank focus on how quickly earnings can track management guidance, and how much of that is already reflected in the current share price.내러티브 업데이트 • Dec 21CBK: Net Interest Income Turnaround Will Support Earnings And Capital ReturnsWe raise our Commerzbank price target to EUR 39.50 from EUR 36.10, reflecting analysts' growing conviction that net interest income has bottomed and will accelerate alongside improving profitability and a higher justified earnings multiple. Analyst Commentary Bullish analysts have become incrementally more constructive on Commerzbank, pointing to a clearer inflection in net interest income and a more supportive earnings trajectory.공시 • Dec 10Commerzbank AG to Report Fiscal Year 2025 Final Results on Mar 25, 2026Commerzbank AG announced that they will report fiscal year 2025 final results on Mar 25, 2026내러티브 업데이트 • Dec 06CBK: Earnings Momentum And Buyback Will Shape A Measured Outlook AheadCommerzbank's analyst price target has inched higher by EUR 0.50 to reflect analysts' expectations for stronger net interest income momentum and modestly faster revenue growth, partially offset by a slightly lower margin and a higher valuation multiple. Analyst Commentary Analyst views on Commerzbank remain mixed, with recent moves in both directions on ratings and price targets reflecting differing convictions on the sustainability of earnings momentum and the current valuation.내러티브 업데이트 • Nov 22CBK: Upgraded Profit Guidance And Share Buyback Will Shape Outlook AheadCommerzbank's analyst price target has been increased to €33.02 from €32.25. Analysts cite improved profit margins and resilient net interest income as key drivers behind the upward revision.Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: €0.51 (vs €0.53 in 3Q 2024)Third quarter 2025 results: EPS: €0.51. Revenue: €2.66b (up 9.6% from 3Q 2024). Net income: €846.0m (up 1.2% from 3Q 2024). Profit margin: 32% (down from 34% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Banks industry in Europe.내러티브 업데이트 • Nov 06CBK: Recent Downgrades And Premium Shares Will Influence Investor Sentiment AheadCommerzbank's analyst price target has been modestly raised, increasing from €31.92 to €32.25. Analysts cite ongoing revenue growth and improved profit margins, though gains are tempered by concerns over stretched valuations and limited upside potential at current share levels.공시 • Oct 01Commerzbank AG (XTRA:CBK) commences an Equity Buyback Plan for 67,011,368 shares, representing 5.66% of its issued share capital, under the authorization approved on May 15, 2025.Commerzbank AG (XTRA:CBK) commences share repurchases on September 25, 2025, under the program mandated by the shareholders in the Annual General Meeting held on May 15, 2025. As per the mandate, the company is authorized to repurchase up to 67,011,368 shares, representing 5.66% of its issued share capital, such that the company’s holding in treasury does not exceed 10% of its issued share capital. The highest price at which the company may buy its own shares may not be more than 10% higher than the average value for the share price (closing auction prices or similar successor prices for the share in XETRA trading or a similar successor system to the XETRA system on the Frankfurt Stock Exchange) on the last three trading days prior to the purchase. The lowest price at which the company may buy its shares may not be more than 20% lower than the average value for the share price (closing auction prices or similar successor prices for the share in XETRA trading or a similar successor system to the XETRA system on the Frankfurt Stock Exchange) on the last three trading days prior to the purchase. The repurchased shares can be resold; can be used as consideration for the purpose of acquiring companies, parts of companies or participations in companies as well as other assets; used for a grant of a subscription right for holders of conversion rights or warrants issued or still be issued by the company or companies in which the company directly or indirectly holds a majority stake, which such holders would have after exercising the conversion right or the warrant or after fulfilling a corresponding duty to convert or exercise the warrant; or can be used as employee shares issued to employees of the company and companies in which the company directly or indirectly holds a majority stake; or can be used as a component in the compensation by granting shares to members of the Board of Managing Directors, members of senior management of employees of the above-mentioned companies; or will be cancelled. The authority will be valid till May 14, 2030. As of April 4, 2025, the company had 1,184,669,009 shares outstanding and 57,172,814 shares in treasury. On September 24, 2025, the company announces a share repurchase program. Under the program, the company will repurchase up to €1,000 million worth of its shares. The repurchased shares will be redeemed. The program has been approved by the European Central Bank (ECB) and the German Finance Agency. The program will begin on September 25, 2025, and will be conducted for a period until February 10, 2026. On the same day, the company also announced that it will repurchase up to €15.5 million worth of its shares. The purpose of the program is to use the repurchased shares for the planned employee share program.공시 • Sep 05Commerzbank CEO Reportedly Rules Out UniCredit S.p.A. TakeoverCommerzbank AG's (XTRA:CBK) CEO Bettina Orlopp has confirmed that Italy’s UniCredit SpA (BIT:UCG) will not acquire the German lender, emphasizing that any potential deal rests with shareholders, Reuters reported on September 3, 2025. Speaking at a banking conference, Orlopp stressed Commerzbank’s independence, noting that any transaction would only proceed if it creates clear value, the media said. "Our shareholders will decide, and that's where the decision belongs," she was cited as saying. UniCredit has built a 26% stake in Commerzbank over the past year and has been pushing for a complete merger. It recently confirmed it does not plan to seek board representation and that it will closely monitor the German bank’s efforts to strengthen its business and generate shareholder value. Commerzbank and the German government, holding around 12% of the local bank, have consistently resisted the bid.내러티브 업데이트 • Aug 22Digital Transformation And Sustainable Finance Will Secure Lasting SuccessCommerzbank's consensus analyst price target has been raised to €31.13, reflecting stronger-than-expected profitability, upward earnings revisions, and sustained net interest income growth, with analysts also citing improved cost discipline but some cautioning on valuation after the recent share rally. Analyst Commentary Bullish analysts cited stronger-than-expected profitability and upward revisions to earnings estimates as key drivers for raising price targets.Price Target Changed • Aug 14Price target increased by 7.3% to €30.59Up from €28.50, the current price target is an average from 13 analysts. New target price is 18% below last closing price of €37.52. Stock is up 196% over the past year. The company is forecast to post earnings per share of €2.06 for next year compared to €2.08 last year.Valuation Update With 7 Day Price Move • Aug 13Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €36.84, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Banks industry in Europe. Total returns to shareholders of 465% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €57.09 per share.Price Target Changed • Aug 11Price target increased by 7.3% to €29.78Up from €27.74, the current price target is an average from 13 analysts. New target price is 17% below last closing price of €35.81. Stock is up 188% over the past year. The company is forecast to post earnings per share of €2.04 for next year compared to €2.08 last year.공시 • Aug 08+ 3 more updatesCommerzbank AG to Report Q1, 2026 Results on May 08, 2026Commerzbank AG announced that they will report Q1, 2026 results on May 08, 2026내러티브 업데이트 • Aug 07Digital Transformation And Sustainable Finance Will Secure Lasting SuccessCommerzbank's future P/E has risen significantly from 14.05x to 16.76x, indicating a higher valuation relative to expected earnings, though the consensus analyst price target remains unchanged at €29.35. What's in the News Commerzbank is planning a significant risk transfer (SRT) on a €2 billion corporate loan portfolio to free up capital amid potential takeover interest from UniCredit.Reported Earnings • Aug 06Second quarter 2025 earnings released: EPS: €0.33 (vs €0.29 in 2Q 2024)Second quarter 2025 results: EPS: €0.33 (up from €0.29 in 2Q 2024). Revenue: €2.84b (up 13% from 2Q 2024). Net income: €462.0m (up 35% from 2Q 2024). Profit margin: 16% (up from 14% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth.분석 기사 • Jul 20Is Now The Time To Put Commerzbank (ETR:CBK) On Your Watchlist?It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...공시 • May 17+ 1 more updateCommerzbank AG Approves Dividend for the 2024 Financial YearCommerzbank AG at its AGM held on 15 May 2025 approved the dividend for the 2024 financial year in the amount of 65 cents per share. The total dividend payment therefore amounts to €733 million.Price Target Changed • May 14Price target increased by 7.8% to €26.35Up from €24.44, the current price target is an average from 14 analysts. New target price is approximately in line with last closing price of €26.23. Stock is up 74% over the past year. The company is forecast to post earnings per share of €1.89 for next year compared to €2.08 last year.Reported Earnings • May 10Full year 2024 earnings released: EPS: €2.08 (vs €1.63 in FY 2023)Full year 2024 results: EPS: €2.08 (up from €1.63 in FY 2023). Revenue: €10.4b (up 5.1% from FY 2023). Net income: €2.47b (up 21% from FY 2023). Profit margin: 24% (up from 21% in FY 2023). Cost-to-income ratio: 56.2% (down from 57.4% in FY 2023). Non-performing loans: 1.94% (up from 1.76% in FY 2023). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth.Upcoming Dividend • May 09Upcoming dividend of €0.65 per shareEligible shareholders must have bought the stock before 16 May 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (5.7%).공시 • Apr 07+ 1 more updateCommerzbank AG, Annual General Meeting, May 15, 2025Commerzbank AG, Annual General Meeting, May 15, 2025, at 10:00 W. Europe Standard Time.Reported Earnings • Mar 28Full year 2024 earnings: EPS exceeds analyst expectationsFull year 2024 results: EPS: €2.08 (up from €1.63 in FY 2023). Revenue: €10.4b (up 5.1% from FY 2023). Net income: €2.47b (up 21% from FY 2023). Profit margin: 24% (up from 21% in FY 2023). Cost-to-income ratio: 56.2% (down from 57.4% in FY 2023). Non-performing loans: 1.94% (up from 1.76% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.2%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year and the company’s share price has also increased by 45% per year.Price Target Changed • Mar 12Price target increased by 8.2% to €22.95Up from €21.21, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of €22.99. Stock is up 98% over the past year.공시 • Feb 26German Regulator Reportedly Assesses UniCredit Bid for Stake in CommerzbankItalian lender UniCredit S.p.A. (BIT:UCG) has reported its planned acquisition of a 29.99% minority stake in Germany's Commerzbank AG (XTRA:CBK) to the German Cartel Office for assessment, a spokesperson for the regulator said. The application, dated February 24, 2025, appears on a list of current merger control proceedings on the office's website. The German authority has up to one month to decide whether the purchase is problematic in a first-phase assessment procedure. UniCredit announced an initial 9% stake in Commerzbank in September, angering the Berlin government and the German lender, which has described the move as hostile and unilateral. The Italian bank has not backed down, however, and it is also awaiting European Central Bank approval for the stake it has built, largely using derivatives. UniCredit CEO Andrea Orcel has said he wanted to wait until a new government was in place in Berlin after Sunday's election before making an offer for the rest of Commerzbank. The planned stake reported to the German regulator sits just below the 30% threshold that would trigger a mandatory takeover offer under German rules. Orcel said this month that a decision on what to do with the Commerzbank stake would be taken in three to five quarters.Price Target Changed • Feb 23Price target increased by 7.5% to €20.94Up from €19.47, the current price target is an average from 13 analysts. New target price is 7.2% above last closing price of €19.53. Stock is up 82% over the past year.Reported Earnings • Feb 14Full year 2024 earnings releasedFull year 2024 results: Revenue: €10.4b (up 4.5% from FY 2023). Net income: €2.68b (up 32% from FY 2023). Profit margin: 26% (up from 21% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Banks industry in Europe.공시 • Feb 01Commerzbank AG Plans to Propose A DividendBased on the strong results, Commerzbank AG plans to propose a dividend of €0.65 per share (previous year: €0.35) to the Annual General Meeting.공시 • Dec 13Commerzbank AG to Report Fiscal Year 2024 Results on Mar 26, 2025Commerzbank AG announced that they will report fiscal year 2024 results on Mar 26, 2025공시 • Nov 22Commerzbank AG Announces Chief Financial Officer ChangesCommerzbank AG announced on that it has appointed Carsten Schmitt as chief financial officer to succeed Bettina Orlopp. Orlopp has been serving as CFO, since March 2020 and has additionally held the role of CEO since October 1. The handover is planned to be completed by spring 2025 at the latest. Schmitt joins Commerzbank from Danske Bank, where he had been the Executive Vice President of Group Strategy and M&A.새로운 내러티브 • Nov 07Strategy 2027 Aims To Propel Revenue Growth And Enhance Shareholder Value Strategic execution aims to boost revenue and efficiency, enhancing margins and return on tangible equity. Reported Earnings • Nov 07Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: €0.53. Revenue: €2.43b (down 7.2% from 3Q 2023). Net income: €836.0m (down 4.8% from 3Q 2023). Profit margin: 34% (in line with 3Q 2023). Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Europe.Price Target Changed • Oct 21Price target increased by 7.4% to €18.25Up from €16.99, the current price target is an average from 12 analysts. New target price is 12% above last closing price of €16.31. Stock is up 60% over the past year. The company is forecast to post earnings per share of €1.86 for next year compared to €1.63 last year.Price Target Changed • Oct 13Price target increased by 10.0% to €17.87Up from €16.25, the current price target is an average from 13 analysts. New target price is 7.5% above last closing price of €16.62. Stock is up 65% over the past year. The company is forecast to post earnings per share of €1.87 for next year compared to €1.63 last year.공시 • Sep 26+ 1 more updateCommerzbank AG Appoints Michael Kotzbauer as Deputy Chief Executive OfficerCommerzbank AG announced Michael Kotzbauer (56), member of the board of managing directors responsible for Corporate Clients, has been appointed as Deputy chief executive officer. He will receive a contract for 5 years, when entering their new position. The Supervisory Board aims for a transition in the near future.공시 • Sep 25Commerzbank Appoints Bettina Orlopp as CEOCommerzbank has appointed a new CEO. The firm has appointed Bettina Orlopp to the position. She is to assume the position soon and her appointment comes at a time when the bank is battling a hostile takeover move.공시 • Sep 14Commerzbank Reportedly Open to Tie-Up Talks with UniCreditCommerzbank AG (XTRA:CBK) is open to talks about a potential tie-up with UniCredit S.p.A. (BIT:UCG), according to people familiar with the discussions, after the Italian bank built a 9% stake in its German rival and announced it was taking regulatory steps to increase its stake further. UniCredit forked out up to EUR 1.4 billion to become the second- largest Commerzbank shareholder after the German government, acquiring a 4.5% stake from the Finance Agency on Tuesday night and a similar amount of shares on the open market. The move by UniCredit s chief executive Andrea Orcel, the highest profile dealmaker in European banking, could open the door to long-awaited banking consolidation on the continent. Berlin last week said it was planning to sell down its 16.5% stake in Commerzbank, which it has held since rescuing the lender during the financial crisis in 2009. UniCredit said 11 September 2024 it would submit regulatory filings for authorisation to potentially increase its stake in Commerzbank to more than 9.9% if and when necessary . The German government, whose stake has now fallen to 12%, has committed to a lock-up period of 90 days before selling any more Commerzbank shares. Future decisions would depend on the investment meeting UniCredit's strict financial parameters which have been clearly and consistently communicated to the market, UniCredit said. People familiar with Commerzbank's internal discussions told the Financial Times that the German lender had not previously been contacted by UniCredit and learnt about the transaction on 11 September 2024 morning via regulatory statements. But the people added that Commerzbank would assess UniCredit s plans with an open mind. In a brief statement at midday 11 September 2024, the German lender said it had taken note of UniCredit's announcement on 12 September 2024, and the move was testament to the progress made and the position of Commerzbank. The bank said its boards would continue to act in the best interest of all our shareholders and our key stakeholders such as employees and clients but declined to comment further. UniCredit said on 11 September 2024 morning that it would engage with Commerzbank AG to explore value-creating opportunities for all stakeholders in both banks. Shares in the German lender shot up 16% in early trading in Frankfurt on 11 September 2024, trading at the highest level since July with a market capitalisation of EUR 17.3 billion. UniCredit shares rose by as much as 1.95% in Milan, giving it a market value of close to EUR 60 billion.Valuation Update With 7 Day Price Move • Sep 11Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €14.69, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 187% over the past three years.공시 • Sep 11Commerzbank AG Announces Manfred Knof, CEO Not to Seek Extension of His ContractCommerzbank AG announced Manfred Knof, CEO of Commerzbank AG, has on 10 September 2024 informed Jens Weidmann, Chairman of the Supervisory Board, that he will fulfil his contract, which runs until the end of December 2025, but won’t be at the disposal of Commerzbank beyond that date. The Supervisory Board of Commerzbank AG will commence an orderly search process for the successor to the role of CEO immediately.Reported Earnings • Aug 08Second quarter 2024 earnings: Revenues exceed analyst expectationsSecond quarter 2024 results: Revenue: €2.47b (flat on 2Q 2023). Net income: €538.0m (up 45% from 2Q 2023). Profit margin: 22% (up from 15% in 2Q 2023). Revenue exceeded analyst estimates by 13%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Europe.Valuation Update With 7 Day Price Move • Aug 07Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to €12.69, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 143% over the past three years.공시 • Aug 06+ 3 more updatesCommerzbank AG to Report Q4, 2024 Results on Feb 13, 2025Commerzbank AG announced that they will report Q4, 2024 results on Feb 13, 2025Price Target Changed • May 28Price target increased by 7.6% to €15.62Up from €14.52, the current price target is an average from 17 analysts. New target price is approximately in line with last closing price of €15.59. Stock is up 62% over the past year. The company is forecast to post earnings per share of €1.98 for next year compared to €1.63 last year.Reported Earnings • May 16First quarter 2024 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2024 results: EPS: €0.62 (up from €0.46 in 1Q 2023). Revenue: €2.67b (up 2.8% from 1Q 2023). Net income: €747.0m (up 29% from 1Q 2023). Profit margin: 28% (up from 22% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Apr 25Upcoming dividend of €0.35 per shareEligible shareholders must have bought the stock before 02 May 2024. Payment date: 06 May 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.4%).공시 • Mar 22Commerzbank AG (XTRA:CBK) acquired 18% stake in Nixdorf Kapital AG.Commerzbank AG (XTRA:CBK) acquired an 18% stake in Nixdorf Kapital AG on March 21, 2024. Tim Oliver Brandi, Fabian Pfuhl, Kerstin Neighbour, Heiko Gemmel and Christine Borries of Hogan Lovells acted as legal advisor for Commerzbank.Commerzbank AG (XTRA:CBK) completed the acquisition of an 18% stake in Nixdorf Kapital AG on March 21, 2024.Reported Earnings • Mar 21Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: EPS: €1.63 (up from €0.99 in FY 2022). Revenue: €9.92b (up 14% from FY 2022). Net income: €2.03b (up 63% from FY 2022). Profit margin: 21% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Cost-to-income ratio: 57.4% (down from 61.8% in FY 2022). Non-performing loans: 1.76% (down from 2.09% in FY 2022). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 3.0%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth.Reported Earnings • Feb 18Full year 2023 earnings: Revenues miss analyst expectationsFull year 2023 results: Revenue: €9.84b (up 14% from FY 2022). Net income: €2.22b (up 79% from FY 2022). Profit margin: 23% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Cost-to-income ratio: 57.4% (down from 61.8% in FY 2022). Revenue missed analyst estimates by 1.9%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Banks industry in Europe.공시 • Jan 20Deutsche Bank Dismisses Merger RumoursGerman bank, Deutsche Bank Aktiengesellschaft (XTRA:DBK) has rejected rumours of its merger with Commerzbank AG (XTRA:CBK). Deutsche Bank CEO Christian Sewing rejected rumours of a Commerzbank merger. Reuters had reported earlier that the firms had resumed talks to merge. The firms had previously called off a merger proposal five years ago.공시 • Jan 18Commerzbank AG (XTRA:CBK) agreed to acquire 74.9% stake in Aquila Capital Investmentgesellschaft mbH from Aquila Capital.Commerzbank AG (XTRA:CBK) agreed to acquire 74.9% stake in Aquila Capital Investmentgesellschaft mbH from Aquila Capital on January 18, 2024. The remaining 25.1% are to remain with the current parent company Aquila Capital. The transaction is subject to regulatory approvals and is expected to close in the second quarter of 2024.공시 • Dec 08Commerzbank AG to Report Fiscal Year 2023 Results on Mar 19, 2024Commerzbank AG announced that they will report fiscal year 2023 results on Mar 19, 2024Reported Earnings • Nov 09Third quarter 2023 earnings: EPS and revenues exceed analyst expectationsThird quarter 2023 results: EPS: €0.52 (up from €0.18 in 3Q 2022). Revenue: €2.62b (up 51% from 3Q 2022). Net income: €878.0m (up 128% from 3Q 2022). Profit margin: 34% (up from 22% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth.공시 • Sep 28+ 4 more updatesCommerzbank AG to Report Q4, 2023 Results on Feb 15, 2024Commerzbank AG announced that they will report Q4, 2023 results on Feb 15, 2024공시 • Sep 12Supervisory Board Appoints Bernd Spalt as New Chief Risk Officer of Commerzbank AGAt its meeting on September 11, 2023, the Supervisory Board of Commerzbank has appointed Bernd Spalt as the new Chief Risk Officer to the Board of Management Directors, with effect from 1 January 2024. Spalt will succeed Marcus Chromik, who will - in line with his plans for his personal life - leave Commerzbank at the end of this year, as already announced in July 2022. The appointment of Bernd Spalt is still subject to the usual approval by the regulatory authority. Bernd Spalt, as a former member of the Board of Directors of Erste Group and Erste Bank Austria, has many years of experience in all areas of risk management. From 2020 to 2022, Spalt furthermore was Chief Executive Officer (CEO) of Erste Group Bank AG.Reported Earnings • Aug 06Second quarter 2023 earnings: Revenues exceed analyst expectationsSecond quarter 2023 results: Revenue: €2.42b (up 1.3% from 2Q 2022). Net income: €565.0m (up 102% from 2Q 2022). Profit margin: 23% (up from 12% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 14%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Banks industry in Europe.Reported Earnings • Aug 06Second quarter 2023 earnings: Revenues exceed analyst expectationsSecond quarter 2023 results: Revenue: €2.42b (up 1.3% from 2Q 2022). Net income: €565.0m (up 102% from 2Q 2022). Profit margin: 23% (up from 12% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 14%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Banks industry in Europe.공시 • Jun 01+ 1 more updateCommerzbank Ag Announces Executive ChangesCommerzbank AG announce that Jens Weidmann is the new Chairman of the Supervisory Board of Commerzbank. Following today’s Annual General Meeting (AGM), the Supervisory Board unanimously elected the former President of Deutsche Bundesbank as successor to Helmut Gottschalk. Previously, the shareholders had elected Weidmann to the committee by a large majority. In addition to Jens Weidmann, Harald Christ has also been newly elected to the Supervisory Board as a shareholder representative. Robin J. Stalker, like Helmut Gottschalk, did not run for election again and left the committee at the end of the AGM. The term of office of the members of the Supervisory Board is four years and ends with the AGM which resolves the ratification of actions for the 2026 financial year.Upcoming Dividend • May 25Upcoming dividend of €0.20 per share at 2.1% yieldEligible shareholders must have bought the stock before 01 June 2023. Payment date: 05 June 2023. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.3%).공시 • May 19Commerzbank AG (XTRA:CBK) announces an Equity Buyback for €122 million worth of its shares.Commerzbank AG (XTRA:CBK) announces a share repurchase program. Under the program, the company will repurchase up to €122 million worth of its shares.Valuation Update With 7 Day Price Move • Mar 13Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to €9.96, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 232% over the past three years.Price Target Changed • Feb 20Price target increased by 7.5% to €11.42Up from €10.62, the current price target is an average from 18 analysts. New target price is approximately in line with last closing price of €10.98. Stock is up 20% over the past year. The company is forecast to post earnings per share of €0.99 for next year compared to €0.23 last year.공시 • Feb 17Commerzbank AG Provides Earnings Guidance for the Year 2023Commerzbank AG provided earnings guidance for the year 2023. The company expects another demanding year in view of the challenging environment. It remains however optimistic that it will continue its strong business performance and thus make further progress towards its medium-term goals. The Bank anticipates a further increase in net interest income to well above €6.5 billion with clear additional upside potential. Net commission income is expected to remain stable. The Bank is aiming for a further reduction in total costs to €6.3 billion, even though the cost-income ratio is the key steering metric. On the assumption of using TLA, the Bank expects a risk result of less than minus €900 million.매출 및 비용 세부 내역Commerzbank가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.순이익 및 매출 추이XTRA:CBK 매출, 비용 및 순이익 (EUR Millions)날짜매출순이익일반관리비연구개발비31 Mar 2611,5972,395490031 Dec 2511,4712,316490030 Sep 2511,3202,427136030 Jun 2511,0862,417347031 Mar 2510,7012,533-1,103031 Dec 2410,4232,446393030 Sep 249,8492,127123030 Jun 2410,0402,1693,138031 Mar 249,9882,1971,619031 Dec 239,9152,030123030 Sep 239,9052,111392030 Jun 239,0221,618-2,477031 Mar 238,9381,527392031 Dec 228,6681,245392030 Sep 228,3551,244371030 Jun 228,5081,4023,107031 Mar 228,001455371031 Dec 218,003290371030 Sep 217,567-2,731386030 Jun 217,340-3,277379031 Mar 217,372-2,480386031 Dec 206,561-2,948386030 Sep 207,071-277116030 Jun 207,47926298031 Mar 207,601133303031 Dec 198,185603391030 Sep 198,123806900030 Jun 198,062734900031 Mar 198,156776457031 Dec 188,253872718030 Sep 188,0187171,426030 Jun 188,3469561,426031 Mar 188,149373,198001 Jan 188,196325,900030 Sep 178,6302365,436030 Jun 178,456-5195,436031 Mar 178,6783365,714031 Dec 168,6642796,317030 Sep 168,7252896,421030 Jun 168,7348126,421031 Mar 168,7909156,379031 Dec 159,2351,0846,471030 Sep 158,6336326,667030 Jun 158,5276226,6670양질의 수익: CBK는 고품질 수익을 보유하고 있습니다.이익 마진 증가: CBK의 현재 순 이익률 (20.7%)은 지난해 (23.7%)보다 낮습니다.잉여현금흐름 대비 순이익 분석과거 순이익 성장 분석수익추이: CBK는 지난 5년 동안 흑자전환하며 연평균 47.6%의 수익 성장을 기록했습니다.성장 가속화: CBK은 지난 1년 동안 수익이 감소하여 5년 평균과 비교할 수 없습니다.수익 대 산업: CBK은 지난 1년 동안 수익이 감소(-5.4%)하여 Banks 업계 평균(0.8%)과 비교하기 어렵습니다.자기자본이익률높은 ROE: CBK의 자본 수익률(8.3%)은 낮음으로 평가됩니다.총자산이익률투하자본수익률우수한 과거 실적 기업을 찾아보세요7D1Y7D1Y7D1YBanks 산업에서 과거 실적이 우수한 기업.View Financial Health기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/22 02:16종가2026/05/22 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Commerzbank AG는 32명의 분석가가 다루고 있습니다. 이 중 12명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Tomasz GrzelakBaader Helvea Equity ResearchChristian WeizBaader Helvea Equity ResearchJesús Gómez DominguezBanco Santander29명의 분석가 더 보기
Reported Earnings • May 11First quarter 2026 earnings: EPS exceeds analyst expectationsFirst quarter 2026 results: EPS: €0.84 (up from €0.73 in 1Q 2025). Revenue: €3.08b (up 4.3% from 1Q 2025). Net income: €913.0m (up 9.5% from 1Q 2025). Profit margin: 30% (up from 28% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.6%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • Mar 26Full year 2025 earnings: Revenues in line with analyst expectationsFull year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 54.8% (down from 56.2% in FY 2024). Non-performing loans: 1.99% (up from 1.94% in FY 2024). Revenue was in line with analyst estimates. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in Europe.
Reported Earnings • Feb 13Full year 2025 earnings: Revenues in line with analyst expectationsFull year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 57.0% (up from 56.2% in FY 2024). Revenue was in line with analyst estimates. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in Europe.
공시 • Dec 10Commerzbank AG to Report Fiscal Year 2025 Final Results on Mar 25, 2026Commerzbank AG announced that they will report fiscal year 2025 final results on Mar 25, 2026
Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: €0.51 (vs €0.53 in 3Q 2024)Third quarter 2025 results: EPS: €0.51. Revenue: €2.66b (up 9.6% from 3Q 2024). Net income: €846.0m (up 1.2% from 3Q 2024). Profit margin: 32% (down from 34% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Banks industry in Europe.
공시 • Aug 08+ 3 more updatesCommerzbank AG to Report Q1, 2026 Results on May 08, 2026Commerzbank AG announced that they will report Q1, 2026 results on May 08, 2026
속보 • May 19Commerzbank Rebuffs UniCredit’s €39b Bid as German Government Steps InCommerzbank has formally rejected UniCredit's €39b hostile takeover offer, arguing the bid undervalues the company and lacks a credible plan for the combined business. UniCredit CEO Andrea Orcel has built a 38.8% stake in Commerzbank to push for a merger despite resistance from Commerzbank’s board. The German government is opposing the takeover, turning the situation into a broader political dispute over control of Germany’s industrial banking system. The core issue is that Commerzbank is now at the center of a high-profile takeover battle that mixes financial and geopolitical interests, which can influence sentiment and corporate decision-making. A prolonged stand-off between UniCredit, Commerzbank’s leadership and the German government could add uncertainty around governance, future ownership structure and potential changes to the bank’s business priorities.
내러티브 업데이트 • May 12CBK: Fair Value View Will Weigh UniCredit Bid Against Standalone Return ProfileThe analyst price target for Commerzbank has been raised from about €37.75 to €39.40, with analysts pointing to updated assumptions on revenue growth, profit margins and P/E, together with a recent series of target hikes and upgrades across the Street. Analyst Commentary Recent Street research on Commerzbank shows a cluster of target changes and rating moves, giving you a clearer picture of how professional investors are thinking about the stock today.
Reported Earnings • May 11First quarter 2026 earnings: EPS exceeds analyst expectationsFirst quarter 2026 results: EPS: €0.84 (up from €0.73 in 1Q 2025). Revenue: €3.08b (up 4.3% from 1Q 2025). Net income: €913.0m (up 9.5% from 1Q 2025). Profit margin: 30% (up from 28% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.6%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth.
Declared Dividend • May 06Dividend increased to €1.10Dividend of €1.10 is 69% higher than last year. Ex-date: 21st May 2026 Payment date: 26th May 2026 Dividend yield will be 3.0%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (53% payout ratio) and is expected to be covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
내러티브 업데이트 • Apr 26CBK: Repriced Earnings Expectations Will Limit Upside After Withdrawn Takeover ProposalCommerzbank's analyst fair value estimate has been adjusted from about €29.85 to about €30.64. Analysts attribute the change to updated assumptions on revenue growth, profit margins and future P/E following a recent series of target price increases and rating changes across major banks.
내러티브 업데이트 • Apr 11CBK: Updated Fair Value And Dividend Framework Will Shape Balanced Return OutlookCommerzbank's updated analyst price target has moved from about €35.21 to €37.75, supported by recent Street research that raised targets into a €36 to €39 range. The new target reflects analyst adjustments to fair value assumptions, discount rate, revenue growth, profit margin and future P/E expectations.
공시 • Apr 11Commerzbank AG, Annual General Meeting, May 20, 2026Commerzbank AG, Annual General Meeting, May 20, 2026, at 10:00 W. Europe Standard Time.
공시 • Apr 09UniCredit S.p.A. (BIT:UCG) cancelled the acquisition of remaining 73.98% stake in Commerzbank AG (XTRA:CBK).UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion on March 16, 2026. Subject to the offer conditions in the offer document, the Bidder intends to offer the minimum consideration prescribed under German law, which will finally be determined by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) and which the Bidder expects to be 0.485 new ordinary shares in UniCredit (UniCredit Offer Shares) for each tendered Commerzbank Share. The consummation of the Offer will be subject to certain closing conditions to be further detailed in the offer document. These will include merger control, foreign investment control, and EU foreign subsidies clearances, regulatory clearances (including, but not limited to, clearance by the European Central Bank and German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany) as well as other customary offer conditions. The Offer is expected to be formally launched at the beginning of May with an offer period of 4 weeks. Subject to the fulfilment or waiver by UniCredit of the conditions to the Offer, settlement is expected to be completed by the first half of 2027 after having obtained all necessary regulatory clearances, as will be further detailed in the offer document. As of April 7, 2026, Commerzbank currently sees no basis for a mutually agreed value-accretive transaction after interactions with UniCredit which did not demonstrated sufficient value upside potential for its shareholders beyond the current standalone strategy. UniCredit has also shown no willingness to offer Commerzbank shareholders a necessary adequate premium. Commerzbank will continue to focus on the successful implementation of its standalone strategy. Commerzbank remains open to discussions and proposals that create concrete value for its shareholders and stakeholders. UniCredit S.p.A. (BIT:UCG) cancelled the acquisition of remaining 73.98% stake in Commerzbank AG (XTRA:CBK) on April 7, 2026.
내러티브 업데이트 • Mar 28CBK: Takeover Proposal And Repriced Earnings Outlook Will Shape Medium Term OutcomeNarrative Update on Commerzbank The analyst price target for Commerzbank has been revised higher from €23.55 to €29.85. Analysts attribute this change to updated assumptions for revenue growth, profit margins, and future P/E, as well as a series of recent target increases from major banks.
Reported Earnings • Mar 26Full year 2025 earnings: Revenues in line with analyst expectationsFull year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 54.8% (down from 56.2% in FY 2024). Non-performing loans: 1.99% (up from 1.94% in FY 2024). Revenue was in line with analyst estimates. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in Europe.
공시 • Mar 16UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion.UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion on March 16, 2026. Subject to the offer conditions in the offer document, the Bidder intends to offer the minimum consideration prescribed under German law, which will finally be determined by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) and which the Bidder expects to be 0.485 new ordinary shares in UniCredit (UniCredit Offer Shares) for each tendered Commerzbank Share. The consummation of the Offer will be subject to certain closing conditions to be further detailed in the offer document. These will include merger control, foreign investment control, and EU foreign subsidies clearances, regulatory clearances (including, but not limited to, clearance by the European Central Bank and German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany) as well as other customary offer conditions. The Offer is expected to be formally launched at the beginning of May with an offer period of 4 weeks. Subject to the fulfilment or waiver by UniCredit of the conditions to the Offer, settlement is expected to be completed by the first half of 2027 after having obtained all necessary regulatory clearances, as will be further detailed in the offer document.
Reported Earnings • Feb 13Full year 2025 earnings: Revenues in line with analyst expectationsFull year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 57.0% (up from 56.2% in FY 2024). Revenue was in line with analyst estimates. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in Europe.
Declared Dividend • Feb 12Dividend increased to €1.10Dividend of €1.10 is 69% higher than last year. Ex-date: 21st May 2026 Payment date: 25th May 2026 Dividend yield will be 3.2%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (31% payout ratio) and is expected to be well covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
공시 • Feb 12Commerzbank Ag Announces Resignation of Bernd Spalt as Chief Risk OfficerCommerzbank AG announced that Bernd Spalt, Chief Risk Officer will fulfil his current contract running until the end of 2026, but has decided, for personal reasons, not to seek an extension. He has informed the Supervisory Board about his decision in the meeting on 10 February. Bernd Spalt joined Commerzbank on 1 January 2024. He has established the risk function as a reliable partner supporting Commerzbank's strategic goals.
공시 • Feb 11Commerzbank AG announces Annual dividend, payable on May 25, 2026Commerzbank AG announced Annual dividend of EUR 1.1000 per share payable on May 25, 2026, ex-date on May 21, 2026 and record date on May 22, 2026.
내러티브 업데이트 • Feb 03CBK: Net Interest Income Guidance And Q3 Upside Will Steer Fairly Balanced OutlookAnalysts have nudged our Commerzbank fair value estimate higher to €35.21 from €34.59, as recent price target hikes and rating changes highlight revised views on net interest income potential and future P/E assumptions. Analyst Commentary Bullish and cautious voices are both active around Commerzbank, and recent price target moves give you a quick snapshot of how expectations are shifting on earnings power, especially net interest income, and on what valuation investors might be willing to pay.
내러티브 업데이트 • Jan 20CBK: Net Interest Income Guidance And Q3 Upside Will Shape Balanced OutlookAnalysts have nudged their price expectations for Commerzbank higher, with the updated fair value estimate moving from €33.87 to €34.59. This change is supported by refreshed Street targets that reflect views on net interest income trends and profitability.
내러티브 업데이트 • Jan 06CBK: Earnings Guidance And Net Interest Income Will Shape A Measured OutlookCommerzbank's analyst price target nudged higher by about €0.35 to roughly €33.87, as analysts point to updated assumptions for net interest income, profit margins and future P/E multiples following recent target moves and rating changes from the Street. Analyst Commentary Recent research updates around Commerzbank focus on how quickly earnings can track management guidance, and how much of that is already reflected in the current share price.
내러티브 업데이트 • Dec 21CBK: Net Interest Income Turnaround Will Support Earnings And Capital ReturnsWe raise our Commerzbank price target to EUR 39.50 from EUR 36.10, reflecting analysts' growing conviction that net interest income has bottomed and will accelerate alongside improving profitability and a higher justified earnings multiple. Analyst Commentary Bullish analysts have become incrementally more constructive on Commerzbank, pointing to a clearer inflection in net interest income and a more supportive earnings trajectory.
공시 • Dec 10Commerzbank AG to Report Fiscal Year 2025 Final Results on Mar 25, 2026Commerzbank AG announced that they will report fiscal year 2025 final results on Mar 25, 2026
내러티브 업데이트 • Dec 06CBK: Earnings Momentum And Buyback Will Shape A Measured Outlook AheadCommerzbank's analyst price target has inched higher by EUR 0.50 to reflect analysts' expectations for stronger net interest income momentum and modestly faster revenue growth, partially offset by a slightly lower margin and a higher valuation multiple. Analyst Commentary Analyst views on Commerzbank remain mixed, with recent moves in both directions on ratings and price targets reflecting differing convictions on the sustainability of earnings momentum and the current valuation.
내러티브 업데이트 • Nov 22CBK: Upgraded Profit Guidance And Share Buyback Will Shape Outlook AheadCommerzbank's analyst price target has been increased to €33.02 from €32.25. Analysts cite improved profit margins and resilient net interest income as key drivers behind the upward revision.
Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: €0.51 (vs €0.53 in 3Q 2024)Third quarter 2025 results: EPS: €0.51. Revenue: €2.66b (up 9.6% from 3Q 2024). Net income: €846.0m (up 1.2% from 3Q 2024). Profit margin: 32% (down from 34% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Banks industry in Europe.
내러티브 업데이트 • Nov 06CBK: Recent Downgrades And Premium Shares Will Influence Investor Sentiment AheadCommerzbank's analyst price target has been modestly raised, increasing from €31.92 to €32.25. Analysts cite ongoing revenue growth and improved profit margins, though gains are tempered by concerns over stretched valuations and limited upside potential at current share levels.
공시 • Oct 01Commerzbank AG (XTRA:CBK) commences an Equity Buyback Plan for 67,011,368 shares, representing 5.66% of its issued share capital, under the authorization approved on May 15, 2025.Commerzbank AG (XTRA:CBK) commences share repurchases on September 25, 2025, under the program mandated by the shareholders in the Annual General Meeting held on May 15, 2025. As per the mandate, the company is authorized to repurchase up to 67,011,368 shares, representing 5.66% of its issued share capital, such that the company’s holding in treasury does not exceed 10% of its issued share capital. The highest price at which the company may buy its own shares may not be more than 10% higher than the average value for the share price (closing auction prices or similar successor prices for the share in XETRA trading or a similar successor system to the XETRA system on the Frankfurt Stock Exchange) on the last three trading days prior to the purchase. The lowest price at which the company may buy its shares may not be more than 20% lower than the average value for the share price (closing auction prices or similar successor prices for the share in XETRA trading or a similar successor system to the XETRA system on the Frankfurt Stock Exchange) on the last three trading days prior to the purchase. The repurchased shares can be resold; can be used as consideration for the purpose of acquiring companies, parts of companies or participations in companies as well as other assets; used for a grant of a subscription right for holders of conversion rights or warrants issued or still be issued by the company or companies in which the company directly or indirectly holds a majority stake, which such holders would have after exercising the conversion right or the warrant or after fulfilling a corresponding duty to convert or exercise the warrant; or can be used as employee shares issued to employees of the company and companies in which the company directly or indirectly holds a majority stake; or can be used as a component in the compensation by granting shares to members of the Board of Managing Directors, members of senior management of employees of the above-mentioned companies; or will be cancelled. The authority will be valid till May 14, 2030. As of April 4, 2025, the company had 1,184,669,009 shares outstanding and 57,172,814 shares in treasury. On September 24, 2025, the company announces a share repurchase program. Under the program, the company will repurchase up to €1,000 million worth of its shares. The repurchased shares will be redeemed. The program has been approved by the European Central Bank (ECB) and the German Finance Agency. The program will begin on September 25, 2025, and will be conducted for a period until February 10, 2026. On the same day, the company also announced that it will repurchase up to €15.5 million worth of its shares. The purpose of the program is to use the repurchased shares for the planned employee share program.
공시 • Sep 05Commerzbank CEO Reportedly Rules Out UniCredit S.p.A. TakeoverCommerzbank AG's (XTRA:CBK) CEO Bettina Orlopp has confirmed that Italy’s UniCredit SpA (BIT:UCG) will not acquire the German lender, emphasizing that any potential deal rests with shareholders, Reuters reported on September 3, 2025. Speaking at a banking conference, Orlopp stressed Commerzbank’s independence, noting that any transaction would only proceed if it creates clear value, the media said. "Our shareholders will decide, and that's where the decision belongs," she was cited as saying. UniCredit has built a 26% stake in Commerzbank over the past year and has been pushing for a complete merger. It recently confirmed it does not plan to seek board representation and that it will closely monitor the German bank’s efforts to strengthen its business and generate shareholder value. Commerzbank and the German government, holding around 12% of the local bank, have consistently resisted the bid.
내러티브 업데이트 • Aug 22Digital Transformation And Sustainable Finance Will Secure Lasting SuccessCommerzbank's consensus analyst price target has been raised to €31.13, reflecting stronger-than-expected profitability, upward earnings revisions, and sustained net interest income growth, with analysts also citing improved cost discipline but some cautioning on valuation after the recent share rally. Analyst Commentary Bullish analysts cited stronger-than-expected profitability and upward revisions to earnings estimates as key drivers for raising price targets.
Price Target Changed • Aug 14Price target increased by 7.3% to €30.59Up from €28.50, the current price target is an average from 13 analysts. New target price is 18% below last closing price of €37.52. Stock is up 196% over the past year. The company is forecast to post earnings per share of €2.06 for next year compared to €2.08 last year.
Valuation Update With 7 Day Price Move • Aug 13Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €36.84, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Banks industry in Europe. Total returns to shareholders of 465% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €57.09 per share.
Price Target Changed • Aug 11Price target increased by 7.3% to €29.78Up from €27.74, the current price target is an average from 13 analysts. New target price is 17% below last closing price of €35.81. Stock is up 188% over the past year. The company is forecast to post earnings per share of €2.04 for next year compared to €2.08 last year.
공시 • Aug 08+ 3 more updatesCommerzbank AG to Report Q1, 2026 Results on May 08, 2026Commerzbank AG announced that they will report Q1, 2026 results on May 08, 2026
내러티브 업데이트 • Aug 07Digital Transformation And Sustainable Finance Will Secure Lasting SuccessCommerzbank's future P/E has risen significantly from 14.05x to 16.76x, indicating a higher valuation relative to expected earnings, though the consensus analyst price target remains unchanged at €29.35. What's in the News Commerzbank is planning a significant risk transfer (SRT) on a €2 billion corporate loan portfolio to free up capital amid potential takeover interest from UniCredit.
Reported Earnings • Aug 06Second quarter 2025 earnings released: EPS: €0.33 (vs €0.29 in 2Q 2024)Second quarter 2025 results: EPS: €0.33 (up from €0.29 in 2Q 2024). Revenue: €2.84b (up 13% from 2Q 2024). Net income: €462.0m (up 35% from 2Q 2024). Profit margin: 16% (up from 14% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth.
분석 기사 • Jul 20Is Now The Time To Put Commerzbank (ETR:CBK) On Your Watchlist?It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
공시 • May 17+ 1 more updateCommerzbank AG Approves Dividend for the 2024 Financial YearCommerzbank AG at its AGM held on 15 May 2025 approved the dividend for the 2024 financial year in the amount of 65 cents per share. The total dividend payment therefore amounts to €733 million.
Price Target Changed • May 14Price target increased by 7.8% to €26.35Up from €24.44, the current price target is an average from 14 analysts. New target price is approximately in line with last closing price of €26.23. Stock is up 74% over the past year. The company is forecast to post earnings per share of €1.89 for next year compared to €2.08 last year.
Reported Earnings • May 10Full year 2024 earnings released: EPS: €2.08 (vs €1.63 in FY 2023)Full year 2024 results: EPS: €2.08 (up from €1.63 in FY 2023). Revenue: €10.4b (up 5.1% from FY 2023). Net income: €2.47b (up 21% from FY 2023). Profit margin: 24% (up from 21% in FY 2023). Cost-to-income ratio: 56.2% (down from 57.4% in FY 2023). Non-performing loans: 1.94% (up from 1.76% in FY 2023). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth.
Upcoming Dividend • May 09Upcoming dividend of €0.65 per shareEligible shareholders must have bought the stock before 16 May 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (5.7%).
공시 • Apr 07+ 1 more updateCommerzbank AG, Annual General Meeting, May 15, 2025Commerzbank AG, Annual General Meeting, May 15, 2025, at 10:00 W. Europe Standard Time.
Reported Earnings • Mar 28Full year 2024 earnings: EPS exceeds analyst expectationsFull year 2024 results: EPS: €2.08 (up from €1.63 in FY 2023). Revenue: €10.4b (up 5.1% from FY 2023). Net income: €2.47b (up 21% from FY 2023). Profit margin: 24% (up from 21% in FY 2023). Cost-to-income ratio: 56.2% (down from 57.4% in FY 2023). Non-performing loans: 1.94% (up from 1.76% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.2%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year and the company’s share price has also increased by 45% per year.
Price Target Changed • Mar 12Price target increased by 8.2% to €22.95Up from €21.21, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of €22.99. Stock is up 98% over the past year.
공시 • Feb 26German Regulator Reportedly Assesses UniCredit Bid for Stake in CommerzbankItalian lender UniCredit S.p.A. (BIT:UCG) has reported its planned acquisition of a 29.99% minority stake in Germany's Commerzbank AG (XTRA:CBK) to the German Cartel Office for assessment, a spokesperson for the regulator said. The application, dated February 24, 2025, appears on a list of current merger control proceedings on the office's website. The German authority has up to one month to decide whether the purchase is problematic in a first-phase assessment procedure. UniCredit announced an initial 9% stake in Commerzbank in September, angering the Berlin government and the German lender, which has described the move as hostile and unilateral. The Italian bank has not backed down, however, and it is also awaiting European Central Bank approval for the stake it has built, largely using derivatives. UniCredit CEO Andrea Orcel has said he wanted to wait until a new government was in place in Berlin after Sunday's election before making an offer for the rest of Commerzbank. The planned stake reported to the German regulator sits just below the 30% threshold that would trigger a mandatory takeover offer under German rules. Orcel said this month that a decision on what to do with the Commerzbank stake would be taken in three to five quarters.
Price Target Changed • Feb 23Price target increased by 7.5% to €20.94Up from €19.47, the current price target is an average from 13 analysts. New target price is 7.2% above last closing price of €19.53. Stock is up 82% over the past year.
Reported Earnings • Feb 14Full year 2024 earnings releasedFull year 2024 results: Revenue: €10.4b (up 4.5% from FY 2023). Net income: €2.68b (up 32% from FY 2023). Profit margin: 26% (up from 21% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Banks industry in Europe.
공시 • Feb 01Commerzbank AG Plans to Propose A DividendBased on the strong results, Commerzbank AG plans to propose a dividend of €0.65 per share (previous year: €0.35) to the Annual General Meeting.
공시 • Dec 13Commerzbank AG to Report Fiscal Year 2024 Results on Mar 26, 2025Commerzbank AG announced that they will report fiscal year 2024 results on Mar 26, 2025
공시 • Nov 22Commerzbank AG Announces Chief Financial Officer ChangesCommerzbank AG announced on that it has appointed Carsten Schmitt as chief financial officer to succeed Bettina Orlopp. Orlopp has been serving as CFO, since March 2020 and has additionally held the role of CEO since October 1. The handover is planned to be completed by spring 2025 at the latest. Schmitt joins Commerzbank from Danske Bank, where he had been the Executive Vice President of Group Strategy and M&A.
새로운 내러티브 • Nov 07Strategy 2027 Aims To Propel Revenue Growth And Enhance Shareholder Value Strategic execution aims to boost revenue and efficiency, enhancing margins and return on tangible equity.
Reported Earnings • Nov 07Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: €0.53. Revenue: €2.43b (down 7.2% from 3Q 2023). Net income: €836.0m (down 4.8% from 3Q 2023). Profit margin: 34% (in line with 3Q 2023). Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Europe.
Price Target Changed • Oct 21Price target increased by 7.4% to €18.25Up from €16.99, the current price target is an average from 12 analysts. New target price is 12% above last closing price of €16.31. Stock is up 60% over the past year. The company is forecast to post earnings per share of €1.86 for next year compared to €1.63 last year.
Price Target Changed • Oct 13Price target increased by 10.0% to €17.87Up from €16.25, the current price target is an average from 13 analysts. New target price is 7.5% above last closing price of €16.62. Stock is up 65% over the past year. The company is forecast to post earnings per share of €1.87 for next year compared to €1.63 last year.
공시 • Sep 26+ 1 more updateCommerzbank AG Appoints Michael Kotzbauer as Deputy Chief Executive OfficerCommerzbank AG announced Michael Kotzbauer (56), member of the board of managing directors responsible for Corporate Clients, has been appointed as Deputy chief executive officer. He will receive a contract for 5 years, when entering their new position. The Supervisory Board aims for a transition in the near future.
공시 • Sep 25Commerzbank Appoints Bettina Orlopp as CEOCommerzbank has appointed a new CEO. The firm has appointed Bettina Orlopp to the position. She is to assume the position soon and her appointment comes at a time when the bank is battling a hostile takeover move.
공시 • Sep 14Commerzbank Reportedly Open to Tie-Up Talks with UniCreditCommerzbank AG (XTRA:CBK) is open to talks about a potential tie-up with UniCredit S.p.A. (BIT:UCG), according to people familiar with the discussions, after the Italian bank built a 9% stake in its German rival and announced it was taking regulatory steps to increase its stake further. UniCredit forked out up to EUR 1.4 billion to become the second- largest Commerzbank shareholder after the German government, acquiring a 4.5% stake from the Finance Agency on Tuesday night and a similar amount of shares on the open market. The move by UniCredit s chief executive Andrea Orcel, the highest profile dealmaker in European banking, could open the door to long-awaited banking consolidation on the continent. Berlin last week said it was planning to sell down its 16.5% stake in Commerzbank, which it has held since rescuing the lender during the financial crisis in 2009. UniCredit said 11 September 2024 it would submit regulatory filings for authorisation to potentially increase its stake in Commerzbank to more than 9.9% if and when necessary . The German government, whose stake has now fallen to 12%, has committed to a lock-up period of 90 days before selling any more Commerzbank shares. Future decisions would depend on the investment meeting UniCredit's strict financial parameters which have been clearly and consistently communicated to the market, UniCredit said. People familiar with Commerzbank's internal discussions told the Financial Times that the German lender had not previously been contacted by UniCredit and learnt about the transaction on 11 September 2024 morning via regulatory statements. But the people added that Commerzbank would assess UniCredit s plans with an open mind. In a brief statement at midday 11 September 2024, the German lender said it had taken note of UniCredit's announcement on 12 September 2024, and the move was testament to the progress made and the position of Commerzbank. The bank said its boards would continue to act in the best interest of all our shareholders and our key stakeholders such as employees and clients but declined to comment further. UniCredit said on 11 September 2024 morning that it would engage with Commerzbank AG to explore value-creating opportunities for all stakeholders in both banks. Shares in the German lender shot up 16% in early trading in Frankfurt on 11 September 2024, trading at the highest level since July with a market capitalisation of EUR 17.3 billion. UniCredit shares rose by as much as 1.95% in Milan, giving it a market value of close to EUR 60 billion.
Valuation Update With 7 Day Price Move • Sep 11Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €14.69, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 187% over the past three years.
공시 • Sep 11Commerzbank AG Announces Manfred Knof, CEO Not to Seek Extension of His ContractCommerzbank AG announced Manfred Knof, CEO of Commerzbank AG, has on 10 September 2024 informed Jens Weidmann, Chairman of the Supervisory Board, that he will fulfil his contract, which runs until the end of December 2025, but won’t be at the disposal of Commerzbank beyond that date. The Supervisory Board of Commerzbank AG will commence an orderly search process for the successor to the role of CEO immediately.
Reported Earnings • Aug 08Second quarter 2024 earnings: Revenues exceed analyst expectationsSecond quarter 2024 results: Revenue: €2.47b (flat on 2Q 2023). Net income: €538.0m (up 45% from 2Q 2023). Profit margin: 22% (up from 15% in 2Q 2023). Revenue exceeded analyst estimates by 13%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Europe.
Valuation Update With 7 Day Price Move • Aug 07Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to €12.69, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 143% over the past three years.
공시 • Aug 06+ 3 more updatesCommerzbank AG to Report Q4, 2024 Results on Feb 13, 2025Commerzbank AG announced that they will report Q4, 2024 results on Feb 13, 2025
Price Target Changed • May 28Price target increased by 7.6% to €15.62Up from €14.52, the current price target is an average from 17 analysts. New target price is approximately in line with last closing price of €15.59. Stock is up 62% over the past year. The company is forecast to post earnings per share of €1.98 for next year compared to €1.63 last year.
Reported Earnings • May 16First quarter 2024 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2024 results: EPS: €0.62 (up from €0.46 in 1Q 2023). Revenue: €2.67b (up 2.8% from 1Q 2023). Net income: €747.0m (up 29% from 1Q 2023). Profit margin: 28% (up from 22% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Apr 25Upcoming dividend of €0.35 per shareEligible shareholders must have bought the stock before 02 May 2024. Payment date: 06 May 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.4%).
공시 • Mar 22Commerzbank AG (XTRA:CBK) acquired 18% stake in Nixdorf Kapital AG.Commerzbank AG (XTRA:CBK) acquired an 18% stake in Nixdorf Kapital AG on March 21, 2024. Tim Oliver Brandi, Fabian Pfuhl, Kerstin Neighbour, Heiko Gemmel and Christine Borries of Hogan Lovells acted as legal advisor for Commerzbank.Commerzbank AG (XTRA:CBK) completed the acquisition of an 18% stake in Nixdorf Kapital AG on March 21, 2024.
Reported Earnings • Mar 21Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: EPS: €1.63 (up from €0.99 in FY 2022). Revenue: €9.92b (up 14% from FY 2022). Net income: €2.03b (up 63% from FY 2022). Profit margin: 21% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Cost-to-income ratio: 57.4% (down from 61.8% in FY 2022). Non-performing loans: 1.76% (down from 2.09% in FY 2022). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 3.0%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Feb 18Full year 2023 earnings: Revenues miss analyst expectationsFull year 2023 results: Revenue: €9.84b (up 14% from FY 2022). Net income: €2.22b (up 79% from FY 2022). Profit margin: 23% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Cost-to-income ratio: 57.4% (down from 61.8% in FY 2022). Revenue missed analyst estimates by 1.9%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Banks industry in Europe.
공시 • Jan 20Deutsche Bank Dismisses Merger RumoursGerman bank, Deutsche Bank Aktiengesellschaft (XTRA:DBK) has rejected rumours of its merger with Commerzbank AG (XTRA:CBK). Deutsche Bank CEO Christian Sewing rejected rumours of a Commerzbank merger. Reuters had reported earlier that the firms had resumed talks to merge. The firms had previously called off a merger proposal five years ago.
공시 • Jan 18Commerzbank AG (XTRA:CBK) agreed to acquire 74.9% stake in Aquila Capital Investmentgesellschaft mbH from Aquila Capital.Commerzbank AG (XTRA:CBK) agreed to acquire 74.9% stake in Aquila Capital Investmentgesellschaft mbH from Aquila Capital on January 18, 2024. The remaining 25.1% are to remain with the current parent company Aquila Capital. The transaction is subject to regulatory approvals and is expected to close in the second quarter of 2024.
공시 • Dec 08Commerzbank AG to Report Fiscal Year 2023 Results on Mar 19, 2024Commerzbank AG announced that they will report fiscal year 2023 results on Mar 19, 2024
Reported Earnings • Nov 09Third quarter 2023 earnings: EPS and revenues exceed analyst expectationsThird quarter 2023 results: EPS: €0.52 (up from €0.18 in 3Q 2022). Revenue: €2.62b (up 51% from 3Q 2022). Net income: €878.0m (up 128% from 3Q 2022). Profit margin: 34% (up from 22% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth.
공시 • Sep 28+ 4 more updatesCommerzbank AG to Report Q4, 2023 Results on Feb 15, 2024Commerzbank AG announced that they will report Q4, 2023 results on Feb 15, 2024
공시 • Sep 12Supervisory Board Appoints Bernd Spalt as New Chief Risk Officer of Commerzbank AGAt its meeting on September 11, 2023, the Supervisory Board of Commerzbank has appointed Bernd Spalt as the new Chief Risk Officer to the Board of Management Directors, with effect from 1 January 2024. Spalt will succeed Marcus Chromik, who will - in line with his plans for his personal life - leave Commerzbank at the end of this year, as already announced in July 2022. The appointment of Bernd Spalt is still subject to the usual approval by the regulatory authority. Bernd Spalt, as a former member of the Board of Directors of Erste Group and Erste Bank Austria, has many years of experience in all areas of risk management. From 2020 to 2022, Spalt furthermore was Chief Executive Officer (CEO) of Erste Group Bank AG.
Reported Earnings • Aug 06Second quarter 2023 earnings: Revenues exceed analyst expectationsSecond quarter 2023 results: Revenue: €2.42b (up 1.3% from 2Q 2022). Net income: €565.0m (up 102% from 2Q 2022). Profit margin: 23% (up from 12% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 14%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Banks industry in Europe.
Reported Earnings • Aug 06Second quarter 2023 earnings: Revenues exceed analyst expectationsSecond quarter 2023 results: Revenue: €2.42b (up 1.3% from 2Q 2022). Net income: €565.0m (up 102% from 2Q 2022). Profit margin: 23% (up from 12% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 14%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Banks industry in Europe.
공시 • Jun 01+ 1 more updateCommerzbank Ag Announces Executive ChangesCommerzbank AG announce that Jens Weidmann is the new Chairman of the Supervisory Board of Commerzbank. Following today’s Annual General Meeting (AGM), the Supervisory Board unanimously elected the former President of Deutsche Bundesbank as successor to Helmut Gottschalk. Previously, the shareholders had elected Weidmann to the committee by a large majority. In addition to Jens Weidmann, Harald Christ has also been newly elected to the Supervisory Board as a shareholder representative. Robin J. Stalker, like Helmut Gottschalk, did not run for election again and left the committee at the end of the AGM. The term of office of the members of the Supervisory Board is four years and ends with the AGM which resolves the ratification of actions for the 2026 financial year.
Upcoming Dividend • May 25Upcoming dividend of €0.20 per share at 2.1% yieldEligible shareholders must have bought the stock before 01 June 2023. Payment date: 05 June 2023. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.3%).
공시 • May 19Commerzbank AG (XTRA:CBK) announces an Equity Buyback for €122 million worth of its shares.Commerzbank AG (XTRA:CBK) announces a share repurchase program. Under the program, the company will repurchase up to €122 million worth of its shares.
Valuation Update With 7 Day Price Move • Mar 13Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to €9.96, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 232% over the past three years.
Price Target Changed • Feb 20Price target increased by 7.5% to €11.42Up from €10.62, the current price target is an average from 18 analysts. New target price is approximately in line with last closing price of €10.98. Stock is up 20% over the past year. The company is forecast to post earnings per share of €0.99 for next year compared to €0.23 last year.
공시 • Feb 17Commerzbank AG Provides Earnings Guidance for the Year 2023Commerzbank AG provided earnings guidance for the year 2023. The company expects another demanding year in view of the challenging environment. It remains however optimistic that it will continue its strong business performance and thus make further progress towards its medium-term goals. The Bank anticipates a further increase in net interest income to well above €6.5 billion with clear additional upside potential. Net commission income is expected to remain stable. The Bank is aiming for a further reduction in total costs to €6.3 billion, even though the cost-income ratio is the key steering metric. On the assumption of using TLA, the Bank expects a risk result of less than minus €900 million.
