Commerzbank Adjusts Full-Year Outlook with Strong Performance

Commerzbank has revised its 2024 outlook following a robust nine-month performance. Revenues rose to €8.2 billion by September, driven by a strong customer business. The bank noted a 3% increase in its Mittelstand corporate client loan volumes, reaching €62 billion in Q3. Net commission income grew by 4% to €2.7 billion, while net interest income stood at €6.3 billion, maintaining high levels despite rate cuts.

Operating costs were stable at €4.8 billion, resulting in a cost-income ratio of 59%. The operating result slightly decreased but remained at €2.8 billion. The net result improved by 5% to €1.9 billion. Despite economic challenges, the non-performing exposure ratio was low at 0.9%, and the CET1 ratio increased to 14.8%, with an end-year target of 15%.

Commerzbank aims for a 2024 net result of approximately €2.4 billion, surpassing 2023's €2.2 billion. This ambition aligns with its third share buyback, with a first tranche of €600 million approved.