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UniCredit Takes 34.4% Stake in Commerzbank as Hostile Bid Faces Government Pushback UniCredit has lifted its direct stake in Commerzbank to 34.4% as part of an ongoing hostile takeover bid.
The Italian bank launched a €35b offer for Commerzbank on 5 May, with the offer period running until 16 June.
Early tender levels are described as strong, while the German government, which holds a 12% stake, has criticized UniCredit’s approach as hostile.
The key tension now is between strong investor interest in the offer and clear political resistance from the German state, which complicates any path to full control.
You should watch how the government signals its next steps and whether any alternative bidders or revised terms emerge before the 16 June deadline. Reported Earnings • May 11
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: €0.84 (up from €0.73 in 1Q 2025). Revenue: €3.08b (up 4.3% from 1Q 2025). Net income: €913.0m (up 9.5% from 1Q 2025). Profit margin: 30% (up from 28% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.6%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 06
Dividend increased to €1.10 Dividend of €1.10 is 69% higher than last year. Ex-date: 21st May 2026 Payment date: 26th May 2026 Dividend yield will be 3.0%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (53% payout ratio) and is expected to be covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 11
Commerzbank AG, Annual General Meeting, May 20, 2026 Commerzbank AG, Annual General Meeting, May 20, 2026, at 10:00 W. Europe Standard Time. Announcement • Apr 09
UniCredit 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 26
Full year 2025 earnings: Revenues in line with analyst expectations Full year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 54.8% (down from 56.2% in FY 2024). Non-performing loans: 1.99% (up from 1.94% in FY 2024). Revenue was in line with analyst estimates. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in Europe. Announcement • Mar 16
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. 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 13
Full year 2025 earnings: Revenues in line with analyst expectations Full year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 57.0% (up from 56.2% in FY 2024). Revenue was in line with analyst estimates. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in Europe. Declared Dividend • Feb 12
Dividend increased to €1.10 Dividend of €1.10 is 69% higher than last year. Ex-date: 21st May 2026 Payment date: 25th May 2026 Dividend yield will be 3.2%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (31% payout ratio) and is expected to be well covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 12
Commerzbank Ag Announces Resignation of Bernd Spalt as Chief Risk Officer Commerzbank 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. Announcement • Feb 11
Commerzbank AG announces Annual dividend, payable on May 25, 2026 Commerzbank 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. Announcement • Dec 10
Commerzbank AG to Report Fiscal Year 2025 Final Results on Mar 25, 2026 Commerzbank AG announced that they will report fiscal year 2025 final results on Mar 25, 2026 Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: €0.51 (vs €0.53 in 3Q 2024) Third quarter 2025 results: EPS: €0.51. Revenue: €2.66b (up 9.6% from 3Q 2024). Net income: €846.0m (up 1.2% from 3Q 2024). Profit margin: 32% (down from 34% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Banks industry in Europe. Announcement • Oct 01
Commerzbank 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. Announcement • Sep 05
Commerzbank CEO Reportedly Rules Out UniCredit S.p.A. Takeover Commerzbank 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. Price Target Changed • Aug 14
Price target increased by 7.3% to €30.59 Up from €28.50, the current price target is an average from 13 analysts. New target price is 18% below last closing price of €37.52. Stock is up 196% over the past year. The company is forecast to post earnings per share of €2.06 for next year compared to €2.08 last year. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €36.84, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Banks industry in Europe. Total returns to shareholders of 465% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €57.09 per share. Price Target Changed • Aug 11
Price target increased by 7.3% to €29.78 Up from €27.74, the current price target is an average from 13 analysts. New target price is 17% below last closing price of €35.81. Stock is up 188% over the past year. The company is forecast to post earnings per share of €2.04 for next year compared to €2.08 last year. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: €0.33 (vs €0.29 in 2Q 2024) Second quarter 2025 results: EPS: €0.33 (up from €0.29 in 2Q 2024). Revenue: €2.84b (up 13% from 2Q 2024). Net income: €462.0m (up 35% from 2Q 2024). Profit margin: 16% (up from 14% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 14
Price target increased by 7.8% to €26.35 Up from €24.44, the current price target is an average from 14 analysts. New target price is approximately in line with last closing price of €26.23. Stock is up 74% over the past year. The company is forecast to post earnings per share of €1.89 for next year compared to €2.08 last year. Reported Earnings • May 10
Full year 2024 earnings released: EPS: €2.08 (vs €1.63 in FY 2023) Full year 2024 results: EPS: €2.08 (up from €1.63 in FY 2023). Revenue: €10.4b (up 5.1% from FY 2023). Net income: €2.47b (up 21% from FY 2023). Profit margin: 24% (up from 21% in FY 2023). Cost-to-income ratio: 56.2% (down from 57.4% in FY 2023). Non-performing loans: 1.94% (up from 1.76% in FY 2023). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 09
Upcoming dividend of €0.65 per share Eligible shareholders must have bought the stock before 16 May 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (5.7%). Reported Earnings • Mar 28
Full year 2024 earnings: EPS exceeds analyst expectations 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 was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.2%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year and the company’s share price has also increased by 45% per year. Price Target Changed • Mar 12
Price target increased by 8.2% to €22.95 Up from €21.21, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of €22.99. Stock is up 98% over the past year. Announcement • Feb 26
German Regulator Reportedly Assesses UniCredit Bid for Stake in Commerzbank Italian lender UniCredit S.p.A. (BIT:UCG) has reported its planned acquisition of a 29.99% minority stake in Germany's Commerzbank AG (XTRA:CBK) to the German Cartel Office for assessment, a spokesperson for the regulator said. The application, dated February 24, 2025, appears on a list of current merger control proceedings on the office's website. The German authority has up to one month to decide whether the purchase is problematic in a first-phase assessment procedure. UniCredit announced an initial 9% stake in Commerzbank in September, angering the Berlin government and the German lender, which has described the move as hostile and unilateral. The Italian bank has not backed down, however, and it is also awaiting European Central Bank approval for the stake it has built, largely using derivatives. UniCredit CEO Andrea Orcel has said he wanted to wait until a new government was in place in Berlin after Sunday's election before making an offer for the rest of Commerzbank. The planned stake reported to the German regulator sits just below the 30% threshold that would trigger a mandatory takeover offer under German rules. Orcel said this month that a decision on what to do with the Commerzbank stake would be taken in three to five quarters. Price Target Changed • Feb 23
Price target increased by 7.5% to €20.94 Up from €19.47, the current price target is an average from 13 analysts. New target price is 7.2% above last closing price of €19.53. Stock is up 82% over the past year. Reported Earnings • Feb 14
Full year 2024 earnings released Full year 2024 results: Revenue: €10.4b (up 4.5% from FY 2023). Net income: €2.68b (up 32% from FY 2023). Profit margin: 26% (up from 21% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Banks industry in Europe. Announcement • Feb 01
Commerzbank AG Plans to Propose A Dividend Based 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. Announcement • Dec 13
Commerzbank AG to Report Fiscal Year 2024 Results on Mar 26, 2025 Commerzbank AG announced that they will report fiscal year 2024 results on Mar 26, 2025 Announcement • Nov 22
Commerzbank AG Announces Chief Financial Officer Changes Commerzbank 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 07
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations 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 exceeded analyst estimates by 9.5%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Europe. Price Target Changed • Oct 21
Price target increased by 7.4% to €18.25 Up from €16.99, the current price target is an average from 12 analysts. New target price is 12% above last closing price of €16.31. Stock is up 60% over the past year. The company is forecast to post earnings per share of €1.86 for next year compared to €1.63 last year. Price Target Changed • Oct 13
Price target increased by 10.0% to €17.87 Up from €16.25, the current price target is an average from 13 analysts. New target price is 7.5% above last closing price of €16.62. Stock is up 65% over the past year. The company is forecast to post earnings per share of €1.87 for next year compared to €1.63 last year. Announcement • Sep 25
Commerzbank Appoints Bettina Orlopp as CEO Commerzbank 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. Announcement • Sep 14
Commerzbank Reportedly Open to Tie-Up Talks with UniCredit Commerzbank 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 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €14.69, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 187% over the past three years. Announcement • Sep 11
Commerzbank AG Announces Manfred Knof, CEO Not to Seek Extension of His Contract Commerzbank 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 08
Second quarter 2024 earnings: Revenues exceed analyst expectations Second quarter 2024 results: Revenue: €2.47b (flat on 2Q 2023). Net income: €538.0m (up 45% from 2Q 2023). Profit margin: 22% (up from 15% in 2Q 2023). Revenue exceeded analyst estimates by 13%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Europe. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €12.69, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 143% over the past three years. Price Target Changed • May 28
Price target increased by 7.6% to €15.62 Up from €14.52, the current price target is an average from 17 analysts. New target price is approximately in line with last closing price of €15.59. Stock is up 62% over the past year. The company is forecast to post earnings per share of €1.98 for next year compared to €1.63 last year. Reported Earnings • May 16
First quarter 2024 earnings: EPS and revenues exceed analyst expectations 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 exceeded analyst estimates by 9.8%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 25
Upcoming dividend of €0.35 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 06 May 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.4%). Announcement • Mar 22
Commerzbank 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 21
Full year 2023 earnings: EPS and revenues miss analyst expectations 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 missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 3.0%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 18
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: €9.84b (up 14% from FY 2022). Net income: €2.22b (up 79% from FY 2022). Profit margin: 23% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Cost-to-income ratio: 57.4% (down from 61.8% in FY 2022). Revenue missed analyst estimates by 1.9%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Banks industry in Europe. Announcement • Jan 20
Deutsche Bank Dismisses Merger Rumours German 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. Announcement • Jan 18
Commerzbank 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. Announcement • Dec 08
Commerzbank AG to Report Fiscal Year 2023 Results on Mar 19, 2024 Commerzbank AG announced that they will report fiscal year 2023 results on Mar 19, 2024 Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations 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 exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Sep 12
Supervisory Board Appoints Bernd Spalt as New Chief Risk Officer of Commerzbank AG At 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 06
Second quarter 2023 earnings: Revenues exceed analyst expectations Second quarter 2023 results: Revenue: €2.42b (up 1.3% from 2Q 2022). Net income: €565.0m (up 102% from 2Q 2022). Profit margin: 23% (up from 12% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 14%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Banks industry in Europe. Reported Earnings • Aug 06
Second quarter 2023 earnings: Revenues exceed analyst expectations Second quarter 2023 results: Revenue: €2.42b (up 1.3% from 2Q 2022). Net income: €565.0m (up 102% from 2Q 2022). Profit margin: 23% (up from 12% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 14%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Banks industry in Europe. Upcoming Dividend • May 25
Upcoming dividend of €0.20 per share at 2.1% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 05 June 2023. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.3%). Announcement • May 19
Commerzbank AG (XTRA:CBK) announces an Equity Buyback for €122 million worth of its shares. Commerzbank AG (XTRA:CBK) announces a share repurchase program. Under the program, the company will repurchase up to €122 million worth of its shares. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €9.96, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 232% over the past three years. Price Target Changed • Feb 20
Price target increased by 7.5% to €11.42 Up from €10.62, the current price target is an average from 18 analysts. New target price is approximately in line with last closing price of €10.98. Stock is up 20% over the past year. The company is forecast to post earnings per share of €0.99 for next year compared to €0.23 last year. Announcement • Feb 17
Commerzbank AG Provides Earnings Guidance for the Year 2023 Commerzbank 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. 
