REG-Commerzbank Aktiengesellschaft Commerzbank continues growth trajectory: Record operating result after nine months
06/11/2025 06:15
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Commerzbank Aktiengesellschaft (CZB)
Commerzbank continues growth trajectory: Record operating result after
nine months
06-Nov-2025 / 07:06 CET/CEST
The issuer is solely responsible for the content of this announcement.
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• Operating result after 9M increased by 21% to €3.4bn – in Q3 up 18% to
€1bn
• 9M profit of €1.9bn despite restructuring expenses of €553m – net
result in Q3 at €591m
• Revenues after 9M up by 11% to €9bn – in Q3 growth of 7% to €2.9bn
• Net commission income after 9M higher by 8% at €3bn – increase in Q3
by 7% to €985m
• Net interest income after 9M at high level of €6.2bn – in Q3 stable at
€2bn
• Cost-income ratio after 9M reduced by around 3 percentage points to
56% – below the full-year target of 57%
• Risk result at minus €515m after 9M – in Q3 at minus €215m – NPE ratio
at 1.0%
• Net return on tangible equity (Net RoTE) before restructuring expenses
after 9M at 10%
• Share buyback of up to €1bn started – further buyback of up to €600m
applied for to ECB and German Finance Agency – solid CET 1 ratio at
14.7%
• Outlook for 2025: profit target confirmed – net interest income
expected higher
Commerzbank remains on its growth path; between January and September, the
Bank increased its operating result by 21% compared to the previous year
to €3.4bn, achieving the best 9-month result in its history. The driver of
this positive development is the increase in revenues by 11% to €9bn. Net
commission income continued its positive trend, growing by 8%, exceeding
the full-year target of around 7%. The net result after nine months stands
at €1.9bn, nearly matching the high level of the previous year despite
restructuring expenses of €553m which were mostly incurred in the second
quarter. The net result before restructuring expenses rose by 18% to a
record €2.3bn. The cost-income ratio improved by around 3 percentage
points to 56%, remaining below the target of 57% for the full year. The
net return on tangible equity (Net RoTE) was double-digit at 10% before
restructuring expenses. Loans in the Corporate Clients segment increased
by a strong 13% compared to the previous year. The Bank’s loan book
continues to demonstrate robustness: the risk result after nine months
stands at a moderate level of minus €515m.
With its ‘Momentum’ strategy, Commerzbank has set ambitious targets for
2028 with a cost-income ratio of 50%, a net return on tangible equity
(Net RoTE) of 15%, and a payout ratio of 100% of the net result. This
year, the Bank makes significant progress towards these targets. The high
revenue growth and continued decline in the cost-income ratio after nine
months support these targets.
The Corporate Clients segment successfully completed a Significant Risk
Transfer (SRT) by the end of September, as outlined in the Bank’s
‘Momentum’ strategy. In the coming years, Commerzbank plans to manage
risk-weighted assets (RWA) through the securitisation of corporate loans.
The aim is to improve the Bank’s RWA efficiency. Further transactions are
planned in the fourth quarter.
The Private and Small-Business Customers segment launched its advanced
advisory model in mid-October, laying the groundwork for further increases
in sales. The new model enhances the bespoke advisory service for our
customers and strengthens staffing of the branches.
Regarding staff structure targets set with ‘Momentum’, Commerzbank
continues to make good progress. Only three months after the negotiations
began, it reached agreements with employee representative committees and
started implementing the personnel changes. For the job reductions, the
Bank is utilising established social plan instruments, particularly
partial retirement and early retirement arrangements. These measures have
been positively received by employees and are showing a high acceptance
rate. The objective is to implement the planned reductions in a socially
responsible manner and within the established framework.
“We have generated significant momentum over the past 12 months,” said
Commerzbank CEO Bettina Orlopp. “The level of return we have achieved now
serves as the new baseline for future growth. For the full year, we aim to
deliver an attractive dividend, and we have also applied for the next
share buyback.”
The share buyback is a component of the capital return for the 2025
financial year. For its capital return to shareholders, the Bank relies on
a combination of share buybacks and dividend payments. The exact
distribution between the instruments will be determined based on the
full-year results. On 25 September 2025 Commerzbank began the first share
buyback of up to €1bn, which is part of the capital return for this
financial year. The second buyback of up to €600m will start after the
Bank has received the approval from the European Central Bank (ECB) and
the German Finance Agency. The separately planned buyback of own shares
for the newly launched employee share programme will be implemented in the
fourth quarter.
Strong customer business: Net commission income increases across all
segments
In the third quarter, Commerzbank increased its revenues by 7% compared to
the same quarter last year to €2,939m (Q3 2024: €2,735m). Net commission
income rose once again across all customer segments. Driven by strong
securities and syndication business, it increased by 7% to €985m (Q3 2024:
€925m). Despite significantly lower benchmark interest rates, net interest
income remained stable at €2,044m compared to the previous year’s quarter
(Q3 2024: €2,048m). The increased demand for loans in the Corporate
Clients segment also contributed to this result. Additionally, the
decrease in provisions for legal risks related to foreign currency loans
in Poland had a positive impact.
Total costs rose by 5% in the third quarter to €1,677m (Q3 2024: €1,594m).
This increase was primarily due to operating expenses rising by 6% to
€1,624m compared to the previous year’s quarter (Q3 2024: €1,530m). This
was driven by higher personnel expenses, mainly due to general salary
increases and valuation effects from equity-based variable compensation
resulting from the increased share price. Investments in business growth
at the Polish subsidiary mBank also had an impact. The Bank’s active cost
management along with lower compulsory contributions, which decreased to
€53m (Q3 2024: €64m), partially offset the higher operating expenses. The
cost-income ratio was at 57%, down from the previous year’s quarter
(Q3 2024: 58%). For the 9-month period, the total costs of the Bank
increased by 6% to €5,073m (9M 2024: €4,780m); the cost-income ratio
improved by around 3 percentage points to 56% (9M 2024: 59%) – and
remained below the target of 57% for the full year.
The risk result in the third quarter stood at minus €215m, lower compared
to the previous year’s quarter (Q3 2024: minus €255m). In-model
adjustments and collective staging for risks stemming from macro-economic
environment and novel risks like climate and environmental risk continue
to be applied in an unchanged manner. After nine months the risk result
was at a moderate level of minus €515m (9M 2024: minus €529m). The Bank’s
loan book remains resilient; the non-performing exposure ratio (NPE ratio)
declined to 1.0% (Q2 2025: 1.1%).
Commerzbank increased its operating result in the third quarter by 18% to
€1,047m (Q3 2024: €886m). For the 9-month period, the increase was even
more pronounced at 21%: the operating result of €3,442m (9M 2024: €2,841m)
sets a record for the 9-month period. The net result after taxes,
minorities, and restructuring expenses amounted to €591m in the third
quarter (Q3 2024: €642m). This was mainly due to the increased tax rate of
36% (Q2 2025: 22%). After nine months, the net result stands at €1,888m,
almost matching the high level of the previous year (9M 2024: €1,926m).
Before restructuring expenses for the transformation of the Bank,
Commerzbank achieved a record 9-month profit of €2,267m.
The Common Equity Tier 1 (CET 1) ratio of Commerzbank was at 14.7% as of
30 September (30 June 2025: 14.6%; 30 September 2024: 14.8%). This
provides the Bank with a comfortable buffer of 438 basis points to the
regulatory minimum requirement (MDA threshold), which currently stands at
around 10.4%. As part of the Supervisory Review and Evaluation Process
(SREP), the ECB reduced Commerzbank’s Pillar 2 capital requirement (P2R)
by 10 basis points to 2.15% for the year 2026.
The net return on tangible equity (Net RoTE) was 7.8% in the third quarter
(Q3 2024: 8.7%); after nine months, it was 8.2% (9M 2024: 8.8%). Before
accounting for restructuring expenses, the net return on tangible equity
for the 9-month period was 10%. For the full year, Commerzbank aims for a
net return on tangible equity of around 9.6% before restructuring
expenses.
“The strong 9-month-result reflects the growth of our revenues, driven by
the expansion of net commission income in both customer segments,” said
CFO Carsten Schmitt. “Based on this, we confirm our profit target for 2025
and are confident to even achieve a slightly higher net interest income.”
Segment development: Corporate Clients with strong loan growth
In the third quarter, the Corporate Clients segment contributed €1,202m to
revenues (Q3 2024: €1,196m). International Corporates showed a very
positive development, underlining the Bank’s growth potential in
international business. The net commission income of the Corporate Clients
segment rose due to strong syndication and guarantee business, as well as
significantly increased loan origination, totalling €352m (Q3 2024:
€339m). The average loan volume increased by 13% across all client groups
compared to the previous year’s quarter, reaching €113bn (Q2 2025: €107bn;
Q3 2024: €100bn). This was also reflected in net interest income, which
climbed 19% year-on-year to €636m (Q3 2024: €537m). The increase in net
interest income was partially offset by a decline in the net fair value
result due to derivatives. Also benefitting from a lower risk result, the
segment’s operating result rose by 15% to €530m in the third quarter
(Q3 2024: €461m). For the 9-month period, the operating result was €1,624m
(9M 2024: €1,712m).
The Private and Small-Business Customers segment in Germany generated
revenues of €1,103m in the third quarter (Q3 2024: €1,060m). Both net
commission income and net interest income developed positively. The
increase in net commission income of 6% compared to the previous year’s
quarter to €499m (Q3 2024: €472m) was primarily driven by a strong
securities business and the successful implementation of the new pricing
model for current accounts. Net interest income rose by 7% to €592m
despite lower benchmark interest rates (Q3 2024: €553m). The segment’s
operating result increased to €276m in the third quarter (Q3 2024: €267m).
After nine months, it amounted to €965m (9M 2024: €981m). Through
attractive offerings, the Private and Small-Business Customers segment
significantly increased deposits in the third quarter to €176bn on average
(Q2 2025: €169bn; Q3 2024: €174bn). The average loan volume remained
almost unchanged at €125bn (Q3 2024: €124bn). The volume of mortgages,
which makes up the largest portion of the portfolio, remained stable at
€96bn (Q3 2024: €96bn); compared to the previous quarter it slightly
decreased due to seasonally higher early repayments (Q2 2025: €97bn). The
residential mortgage new business volume increased to €2.7bn. The
securities volume rose significantly to €259bn at the end of the quarter
(Q3 2024: €238bn) driven by positive developments in the stock markets.
The Polish subsidiary mBank increased its revenues by a quarter compared
to the previous year’s quarter to €607m (Q3 2024: €485m). It once again
benefitted from a significantly reduced provision for legal risks related
to foreign currency loans; the burdens for this halved compared to the
previous year’s quarter to €107m (Q3 2024: €227m). Even when adjusted for
this effect and credit holidays, mBank managed to increase its revenues by
4% compared to the previous year’s quarter. The net commission income rose
significantly by 15% to €139m, mainly driven by strong transaction-related
activities such as payments and by a one-off effect from the credit card
business (Q3 2024: €121m). As a result of lower benchmark interest rates,
net interest income at the Polish subsidiary decreased to €566m (Q3 2024:
€609m). Income from interest rate hedging instruments, reflected in an
improved net fair value result by €48m, provided full offsetting. Overall,
the operating result of mBank climbed by 45% to €294m in the third quarter
(Q3 2024: €203m). From January to September, the result even increased by
85% to €798m (9M 2024: €432m).
Outlook for 2025: net interest income €200m higher expected
Commerzbank confirms its profit target for the full year 2025. It expects
a net result of around €2.9bn before restructuring expenses. After
restructuring expenses, the Bank anticipates a net result of around
€2.5bn. The outlook remains subject to the development in Russia and
burdens related to foreign currency loans at mBank.
The Bank forecasts a higher net interest income for the full year than
anticipated in the summer. It expects a net interest income of around
€8.2bn. Previously, the Bank had expected a net interest income of around
€8.0bn. Commerzbank anticipates an increase in net commission income of
around 7%. The target for the cost-income ratio of around 57% is also
confirmed. The Bank now sees the risk result below €850m for the full
year, having previously anticipated around €850m. The CET 1 ratio is
expected to remain at least 14.5% by year-end, after the planned capital
return and after restructuring expenses. Commerzbank is taking a very
positive view of the financial year 2026 due to higher net interest income
and tailwinds based on the macroeconomic environment.
For the financial year 2025, Commerzbank continues to target to return
100% of the net result before restructuring expenses and after Additional
Tier 1 (AT 1) coupon payments to its shareholders. For the years 2026 to
2028, the Bank plans a payout ratio of 100% of the net result after AT 1
coupon payments – depending on the successful implementation of the
strategy, the macroeconomic environment, and the approval of the ECB and
the German Finance Agency for the respective share buybacks. The Bank
intends to continuously enhance capital return to its shareholders.
Financial figures at a glance
Q3 25 9M 25
in €m Q3 2025 Q3 2024 vs. Q3 Q2 2025 9M 2025 9M vs. 9M
24 2024 24
(in %) (in %)
Net interest income 2,044 2,048 – 0.2 2,062 6,177 6,251 – 1.2
Net commission income 985 925 + 6.5 1,004 3,000 2,786 + 7.7
Net fair value – 35 – 97 + 63.8 – 38 – 60 – 217 + 72.3
result^1
Other income – 55 – 140 + 60.6 – 8 – 87 – 670 + 87.0
Total revenues 2,939 2,735 +7.4 3,019 9,030 8,150 + 10.8
Revenues excl. 2,940 2,753 + 6.8 3,086 9,151 8,286 + 10.4
exceptional items
Risk result – 215 – 255 + 15.7 – 176 – 515 – 529 + 2.8
Operating expenses 1,624 1,530 + 6.2 1,616 4,858 4,550 + 6.8
Compulsory 53 64 – 16.9 58 215 230 – 6.4
contributions
Operating result 1,047 886 + 18.1 1,169 3,442 2,841 + 21.2
Restructuring expenses 20 2 493 553 4
Pre-tax result 1,027 885 + 16.1 676 2,889 2,837 + 1.8
Taxes 375 197 + 90.6 150 830 807 + 2.8
Minorities 61 46 + 31.1 64 171 103 + 65.3
Consolidated result^2 591 642 – 7.9 462 1,888 1,926 – 2.0
Cost-income ratio in
operating business 57.1 58.3 55.4 56.2 58.7
incl. compulsory
contributions (%)
Operating RoTE (%) 13.0 11.3 14.4 14.1 12.2
Net RoTE (%) 7.8 8.7 5.8 8.2 8.8
Net RoE (%) 7.4 8.3 5.5 7.9 8.5
CET 1 ratio (%) 14.7 14.8 14.6 14.7 14.8
Leverage ratio 4.3 4.4 4.3 4.3 4.4
Total assets (€bn) 593 565 582 593 565
^1 Net income from financial assets and liabilities measured at fair value
through profit and loss.
^2 Net result attributable to Commerzbank shareholders.
The events of the day at a glance:
• 9.00 a.m. CET: 1 Online conference call with analysts on the Q3 2025
results with Bettina Orlopp and Carsten Schmitt (“listen-only”, in
English)
• 10.30 a.m. CET: 2 Online conference call for journalists on the Q3
2025 business figures with Bettina Orlopp and Carsten Schmitt (in
German; please register approximately 15 minutes prior to the start)
The documents relating to the Q3 2025 business results will be available
via our 3 website from around 7.00 a.m. CET. Press photos of Bettina
Orlopp and Carsten Schmitt are available in our 4 media centre. The CVs
of the members of the Board of Managing Directors are also accessible on
5 our website.
Press contact
Svea Junge +49 69 9353-45691
Kathrin Jones +49 69 9353-45687
Investors’ contact
Ansgar Herkert +49 69 9353-47706
Ute Sandner +49 69 9353-47708
About Commerzbank
With its two business segments – Corporate Clients and Private and
Small-Business Customers –, Commerzbank, as a full-service bank, offers a
comprehensive portfolio of financial services. It is the leading bank in
the Corporate Clients Business in Germany and for the German Mittelstand
and a strong partner for around 24,000 corporate client groups.
Commerzbank transacts approximately 30% of Germany’s foreign trade
financing. The Bank is present internationally in more than 40 countries
in the corporate clients’ business – wherever its Mittelstand clients,
large corporates, and institutional clients need it. In addition,
Commerzbank supports its international clients with a business
relationship to Germany, Austria, or Switzerland and companies operating
in selected future-oriented industries. With more than €400bn assets under
management, Commerzbank is also one of the leading banks for private and
small-business customers in Germany. Under the brand Commerzbank, it
offers a wide range of products and services with an omni-channel
approach: online and mobile, via phone or video in the remote advisory
centre, and personally in its around 400 branches. Under the brand
comdirect, it offers all core services as a digital primary bank 24/7 and,
as a performance broker, solutions for saving, investing, and securities
trading. Its Polish subsidiary mBank S.A. is an innovative digital bank
that serves almost 5.9 million private and corporate customers,
predominantly in Poland, as well as in the Czech Republic and Slovakia.
Disclaimer
This release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts. In this release,
these statements concern inter alia the expected future business of
Commerzbank, efficiency gains and expected synergies, expected growth
prospects and other opportunities for an increase in value of Commerzbank
as well as expected future financial results, restructuring costs and
other financial developments and information. These forward-looking
statements are based on the management’s current plans, expectations,
estimates and projections. They are subject to a number of assumptions and
involve known and unknown risks, uncertainties and other factors that may
cause actual results and developments to differ materially from any future
results and developments expressed or implied by such forward-looking
statements. Such factors include, amongst others, the conditions in the
financial markets in Germany, in Europe, in the USA and other regions from
which Commerzbank derives a substantial portion of its revenues and in
which Commerzbank holds a substantial portion of its assets, the
development of asset prices and market volatility, especially due to the
ongoing European debt crisis, potential defaults of borrowers or trading
counterparties, the implementation of its strategic initiatives to improve
its business model, the reliability of its risk management policies,
procedures and methods, risks arising as a result of regulatory change and
other risks. Forward-looking statements therefore speak only as of the
date they are made. Commerzbank has no obligation to update or release any
revisions to the forward-looking statements contained in this release to
reflect events or circumstances after the date of this release.
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: DE000CBK1001
Category Code: QRT
TIDM: CZB
LEI Code: 851WYGNLUQLFZBSYGB56
Sequence No.: 407308
EQS News ID: 2224776
End of Announcement EQS News Service
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