View ValuationCommerzbank 향후 성장Future 기준 점검 3/6Commerzbank (는) 각각 연간 13.2% 및 6.9% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 17.2% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 13.8% 로 예상됩니다.핵심 정보13.2%이익 성장률17.16%EPS 성장률Banks 이익 성장5.8%매출 성장률6.9%향후 자기자본이익률13.81%애널리스트 커버리지Good마지막 업데이트06 May 2026최근 향후 성장 업데이트공지 • 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.모든 업데이트 보기Recent updatesDeclared 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 5.8%. 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.공지 • Apr 11Commerzbank AG, Annual General Meeting, May 20, 2026Commerzbank AG, Annual General Meeting, May 20, 2026, at 10:00 W. Europe Standard Time.공지 • 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.Reported Earnings • Mar 26Full year 2025 earnings releasedFull 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 is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Banks industry in Italy.공지 • 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 releasedFull 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 is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Banks industry in Italy.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 5.8%. 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.공지 • 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.공지 • 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.공지 • 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 5.2% growth forecast for the Banks industry in Italy.공지 • 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.공지 • 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.New Risk • Aug 26New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.3% average weekly change).Valuation Update With 7 Day Price Move • Aug 13Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €36.81, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 9x in the Banks industry in Italy. Total returns to shareholders of 465% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €47.53 per share.공지 • 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, 2026Reported 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 2.6% growth forecast for the Banks industry in Italy. 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 66% per year, which means it is tracking significantly ahead of earnings growth.공지 • 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.Reported Earnings • May 10First quarter 2025 earnings released: EPS: €0.73 (vs €0.62 in 1Q 2024)First quarter 2025 results: EPS: €0.73 (up from €0.62 in 1Q 2024). Revenue: €2.95b (up 10% from 1Q 2024). Net income: €834.0m (up 12% from 1Q 2024). Profit margin: 28% (in line with 1Q 2024). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 37% 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: 2.7%. Lower than top quartile of Italian dividend payers (5.6%). Lower than average of industry peers (7.0%).공지 • 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 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 2.1% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 44% per year.공지 • 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.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 1.7% growth forecast for the Banks industry in Italy.공지 • 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.공지 • 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, 2025공지 • 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.Reported Earnings • Nov 07Third quarter 2024 earnings released: EPS: €0.53 (vs €0.52 in 3Q 2023)Third 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 is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Banks industry in Italy.공지 • 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.공지 • 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.공지 • 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 12Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €15.04, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Banks industry in Italy. Total returns to shareholders of 192% over the past three years.공지 • 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 releasedSecond 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 is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Banks industry in Italy.공지 • 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, 2025Reported Earnings • May 16First quarter 2024 earnings released: EPS: €0.62 (vs €0.46 in 1Q 2023)First 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 is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Banks industry in Italy. 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 Italian dividend payers (5.7%). Lower than average of industry peers (6.6%).공지 • 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 released: EPS: €1.63 (vs €0.99 in FY 2022)Full 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 is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Banks industry in Italy. 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 releasedFull 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 is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Banks industry in Italy.공지 • 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.공지 • 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.공지 • 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 released: EPS: €0.52 (vs €0.18 in 3Q 2022)Third 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 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 Italy. 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 31% per year, which means it is significantly lagging earnings growth.공지 • 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, 2024공지 • 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 releasedSecond 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 is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Banks industry in Italy.공지 • 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 Italian dividend payers (5.4%). Lower than average of industry peers (6.2%).공지 • 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.Buying Opportunity • Apr 25Now 22% undervaluedOver the last 90 days, the stock is up 8.8%. The fair value is estimated to be €13.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 44%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings is also forecast to grow by 16% per annum over the same time period.Valuation Update With 7 Day Price Move • Mar 13Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to €10.05, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Banks industry in Italy. Total returns to shareholders of 228% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.32 per share.공지 • 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.공지 • Feb 16Commerzbank AG Plans to Propose Dividend for Financial Year 2022Commerzbank AG plans to propose a dividend of 20 cent per share for the financial year 2022. With the approval of the Supervisory Board, the Board of Managing Directors of Commerzbank AG in addition applied for approval of a share buyback program in line with the capital return policy of Commerzbank which stipulates a 30% pay-out ratio for 2022. The execution of the share buyback program is subject to the regulatory approval by the European Central Bank (ECB) and the German Finance Agency.공지 • Jan 18Commerzbank AG to Report Fiscal Year 2022 Final Results on Mar 27, 2023Commerzbank AG announced that they will report fiscal year 2022 final results on Mar 27, 2023Valuation Update With 7 Day Price Move • Dec 20Investor sentiment improved over the past weekAfter last week's 15% share price gain to €8.98, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Banks industry in Italy. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.44 per share.Valuation Update With 7 Day Price Move • Sep 12Investor sentiment improved over the past weekAfter last week's 17% share price gain to €7.81, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Banks industry in Italy. Total returns to shareholders of 33% over the past three years.Reported Earnings • Aug 04Second quarter 2022 earnings released: EPS: €0.22 (vs €0.52 loss in 2Q 2021)Second quarter 2022 results: EPS: €0.22 (up from €0.52 loss in 2Q 2021). Revenue: €2.32b (up 24% from 2Q 2021). Net income: €470.0m (up €1.14b from 2Q 2021). Profit margin: 20% (up from net loss in 2Q 2021). The move to profitability was primarily driven by lower expenses. Over the next year, revenue is forecast to grow 10%, compared to a 51% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings.공지 • Aug 04+ 3 more updatesCommerzbank AG to Report Q1, 2023 Results on May 17, 2023Commerzbank AG announced that they will report Q1, 2023 results on May 17, 2023Valuation Update With 7 Day Price Move • Jul 21Investor sentiment improved over the past weekAfter last week's 15% share price gain to €6.61, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Banks industry in Italy. Negligible returns to shareholders over past three years.Valuation Update With 7 Day Price Move • Jun 29Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to €7.02, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Banks industry in Italy. Total returns to shareholders of 9.1% over the past three years.Valuation Update With 7 Day Price Move • May 19Investor sentiment improved over the past weekAfter last week's 16% share price gain to €7.08, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Banks industry in Italy. Negligible returns to shareholders over past three years.이익 및 매출 성장 예측BIT:1CBK - 애널리스트 향후 추정치 및 과거 재무 데이터 (EUR Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202814,9954,308N/AN/A1012/31/202714,1353,824N/AN/A1212/31/202613,2323,243N/AN/A1212/31/202511,4712,316-7,874-6,727N/A9/30/202511,3202,427N/AN/AN/A6/30/202511,0862,417-31,031-29,885N/A3/31/202510,7012,552N/AN/AN/A12/31/202410,4232,446-21,442-20,296N/A9/30/20249,8492,127N/AN/AN/A6/30/202410,0402,16920,70521,703N/A3/31/20249,9882,197N/AN/AN/A12/31/20239,9152,03019,28420,282N/A9/30/20239,9052,111N/AN/AN/A6/30/20239,0221,618-19,926-19,251N/A3/31/20238,9381,527N/AN/AN/A12/31/20228,6681,24525,18425,859N/A9/30/20228,3551,244N/AN/AN/A6/30/20228,5081,402-1,418-445N/A3/31/20228,001455N/AN/AN/A12/31/20218,003290-25,234-24,261N/A9/30/20217,567-2,731N/AN/AN/A6/30/20217,340-3,27723,36424,262N/A3/31/20217,372-2,480N/AN/AN/A12/31/20206,561-2,94832,77833,676N/A9/30/20207,071-27729,11229,811N/A6/30/20207,4792616,81617,515N/A3/31/20207,601133-4,659-3,960N/A12/31/20198,185603-11,486-10,787N/A9/30/20198,123806N/A-2,358N/A6/30/20198,062734N/A11,070N/A3/31/20198,156776N/A8,780N/A12/31/20188,253872N/A-402N/A9/30/20188,018717N/A1,934N/A6/30/20188,346956N/A1,341N/A3/31/20188,14937N/A6,526N/A1/1/20188,19632N/A20,397N/A9/30/20178,630236N/A38,217N/A6/30/20178,456-519N/A44,538N/A3/31/20178,678336N/A32,668N/A12/31/20168,664279N/A7,251N/A9/30/20168,725289N/A-9,734N/A6/30/20168,734812N/A-29,459N/A3/31/20168,790915N/A-11,722N/A12/31/20159,2351,084N/A2,822N/A9/30/20158,633632N/A33,203N/A6/30/20158,527622N/A49,019N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 1CBK 의 연간 예상 수익 증가율(13.2%)이 saving rate(3.3%)보다 높습니다.수익 vs 시장: 1CBK 의 연간 수익(13.2%)이 Italian 시장(10.6%)보다 빠르게 성장할 것으로 예상됩니다.고성장 수익: 1CBK 의 수입은 증가할 것으로 예상되지만 상당히 증가하지는 않을 것입니다.수익 대 시장: 1CBK 의 수익(연간 6.9%)이 Italian 시장(연간 5.6%)보다 빠르게 성장할 것으로 예상됩니다.고성장 매출: 1CBK 의 수익(연간 6.9%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 1CBK의 자본 수익률은 3년 후 13.8%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YBanks 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/08 18:13종가2026/05/08 00:00수익2025/12/31연간 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
공지 • 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.
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 5.8%. 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.
공지 • Apr 11Commerzbank AG, Annual General Meeting, May 20, 2026Commerzbank AG, Annual General Meeting, May 20, 2026, at 10:00 W. Europe Standard Time.
공지 • 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.
Reported Earnings • Mar 26Full year 2025 earnings releasedFull 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 is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Banks industry in Italy.
공지 • 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 releasedFull 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 is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Banks industry in Italy.
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 5.8%. 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.
공지 • 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.
공지 • 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.
공지 • 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 5.2% growth forecast for the Banks industry in Italy.
공지 • 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.
공지 • 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.
New Risk • Aug 26New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.3% average weekly change).
Valuation Update With 7 Day Price Move • Aug 13Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €36.81, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 9x in the Banks industry in Italy. Total returns to shareholders of 465% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €47.53 per share.
공지 • 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
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 2.6% growth forecast for the Banks industry in Italy. 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 66% per year, which means it is tracking significantly ahead of earnings growth.
공지 • 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.
Reported Earnings • May 10First quarter 2025 earnings released: EPS: €0.73 (vs €0.62 in 1Q 2024)First quarter 2025 results: EPS: €0.73 (up from €0.62 in 1Q 2024). Revenue: €2.95b (up 10% from 1Q 2024). Net income: €834.0m (up 12% from 1Q 2024). Profit margin: 28% (in line with 1Q 2024). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 37% 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: 2.7%. Lower than top quartile of Italian dividend payers (5.6%). Lower than average of industry peers (7.0%).
공지 • 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 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 2.1% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 44% per year.
공지 • 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.
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 1.7% growth forecast for the Banks industry in Italy.
공지 • 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.
공지 • 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
공지 • 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.
Reported Earnings • Nov 07Third quarter 2024 earnings released: EPS: €0.53 (vs €0.52 in 3Q 2023)Third 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 is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Banks industry in Italy.
공지 • 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.
공지 • 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.
공지 • 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 12Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €15.04, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Banks industry in Italy. Total returns to shareholders of 192% over the past three years.
공지 • 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 releasedSecond 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 is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Banks industry in Italy.
공지 • 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
Reported Earnings • May 16First quarter 2024 earnings released: EPS: €0.62 (vs €0.46 in 1Q 2023)First 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 is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Banks industry in Italy. 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 Italian dividend payers (5.7%). Lower than average of industry peers (6.6%).
공지 • 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 released: EPS: €1.63 (vs €0.99 in FY 2022)Full 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 is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Banks industry in Italy. 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 releasedFull 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 is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Banks industry in Italy.
공지 • 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.
공지 • 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.
공지 • 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 released: EPS: €0.52 (vs €0.18 in 3Q 2022)Third 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 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 Italy. 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 31% per year, which means it is significantly lagging earnings growth.
공지 • 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
공지 • 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 releasedSecond 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 is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Banks industry in Italy.
공지 • 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 Italian dividend payers (5.4%). Lower than average of industry peers (6.2%).
공지 • 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.
Buying Opportunity • Apr 25Now 22% undervaluedOver the last 90 days, the stock is up 8.8%. The fair value is estimated to be €13.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 44%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings is also forecast to grow by 16% per annum over the same time period.
Valuation Update With 7 Day Price Move • Mar 13Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to €10.05, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Banks industry in Italy. Total returns to shareholders of 228% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.32 per share.
공지 • 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.
공지 • Feb 16Commerzbank AG Plans to Propose Dividend for Financial Year 2022Commerzbank AG plans to propose a dividend of 20 cent per share for the financial year 2022. With the approval of the Supervisory Board, the Board of Managing Directors of Commerzbank AG in addition applied for approval of a share buyback program in line with the capital return policy of Commerzbank which stipulates a 30% pay-out ratio for 2022. The execution of the share buyback program is subject to the regulatory approval by the European Central Bank (ECB) and the German Finance Agency.
공지 • Jan 18Commerzbank AG to Report Fiscal Year 2022 Final Results on Mar 27, 2023Commerzbank AG announced that they will report fiscal year 2022 final results on Mar 27, 2023
Valuation Update With 7 Day Price Move • Dec 20Investor sentiment improved over the past weekAfter last week's 15% share price gain to €8.98, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Banks industry in Italy. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.44 per share.
Valuation Update With 7 Day Price Move • Sep 12Investor sentiment improved over the past weekAfter last week's 17% share price gain to €7.81, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Banks industry in Italy. Total returns to shareholders of 33% over the past three years.
Reported Earnings • Aug 04Second quarter 2022 earnings released: EPS: €0.22 (vs €0.52 loss in 2Q 2021)Second quarter 2022 results: EPS: €0.22 (up from €0.52 loss in 2Q 2021). Revenue: €2.32b (up 24% from 2Q 2021). Net income: €470.0m (up €1.14b from 2Q 2021). Profit margin: 20% (up from net loss in 2Q 2021). The move to profitability was primarily driven by lower expenses. Over the next year, revenue is forecast to grow 10%, compared to a 51% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings.
공지 • Aug 04+ 3 more updatesCommerzbank AG to Report Q1, 2023 Results on May 17, 2023Commerzbank AG announced that they will report Q1, 2023 results on May 17, 2023
Valuation Update With 7 Day Price Move • Jul 21Investor sentiment improved over the past weekAfter last week's 15% share price gain to €6.61, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Banks industry in Italy. Negligible returns to shareholders over past three years.
Valuation Update With 7 Day Price Move • Jun 29Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to €7.02, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Banks industry in Italy. Total returns to shareholders of 9.1% over the past three years.
Valuation Update With 7 Day Price Move • May 19Investor sentiment improved over the past weekAfter last week's 16% share price gain to €7.08, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Banks industry in Italy. Negligible returns to shareholders over past three years.