Commerzbank AG Commerzbank AG


October 28, 2019

Commerzbank: Preliminary operating profit for the third quarter 2019 at €448 million and above consensus of €353 million

This Ad-hoc release was published on October 28th 2019 at 16:57.

On the basis of preliminary figures, Commerzbank posted an operating profit of €448 million for the third quarter 2019 (Q2 2019: €298 million, Q3 2018: €346 million). The net profit stood at €294 million (Q2 2019: €271 million, Q3 2018: €218 million). Both exceeded consensus of €353 million for the operating profit and €248 million for the net profit.

The higher than expected operating profit is based on higher revenues, reduced costs and a lower risk result than in Q3 2018, which are all better than consensus.

  • Revenues increased by 2.0% to €2,183 million.
  • Exceptional items contributed net with €13 million to these revenues (Q3 2018: €18 million). They include the sale of ebase which positively contributed to revenues with €103 million while other exceptional items weighed on revenues with €90 million.
  • Revenue increase excluding exceptional items benefitted in particular from a 2.7% increase in net interest income reflecting further growth in customers and assets.
  • Operating expenses and compulsory contributions decreased by 2.5% to €1,621 million.
  • The net decrease in costs is based on prioritized and more efficient investments as well as further cost management, compensating higher compulsory contributions and general cost inflation.
  • The risk result stood at €-114 million (Q3 2018: €-133 million).
  • In the segments, the operating profit of PSBC stood at €315 million (Q3 2018: €186 million), while
  • Corporate Clients reported an operating profit of €146 million (Q3 2018: €175 million).

Figures shown in this release are preliminary. Commerzbank will publish its final figures for the third quarter 2019 on 7 November 2019.



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 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.