July 15, 2011
Commerzbank passes EU-wide stress test 2011
● Core Tier 1 ratio in all scenarios clearly exceeds hurdle rates set by EBA
● Strutz: "Commerzbank fulfils the much tougher stress test criteria"
As expected, Commerzbank has passed the stress test of the European Banking Authority (EBA). In both scenarios the bank posted an adequate Core Tier 1 ratio, which was clearly higher than the figure of 5% demanded by the EBA. In the "baseline stress scenario" the Core Tier 1 ratio was 8.9%, and in the "adverse stress scenario" it was 6.4% pursuant to the EBA requirements.
"Commerzbank has fulfilled the much tougher criteria in this year's stress test," said Eric Strutz, CFO of Commerzbank. "This shows that even under difficult economic conditions the bank is well-positioned for the future. Our 'Roadmap' target of attaining an operating profit exceeding EUR 4 billion in 2012, pre regulatory effects and under stable markets, remains in place."
The result of the stress test already takes into account the capital measure completed in June 2011 to redeem to a large extent the silent participations of the Financial Market Stabilisation Fund (SoFFin) and its impact on the capital base of Commerzbank. In the framework of the capital measure, Commerzbank had redeemed a total of approximately EUR 14.3 billion of the silent participations of SoFFin, approximately EUR 3.3 billion thereof from the bank's excess regulatory capital. With the capital measure the bank has strengthened its Equity Tier 1 ratio in a sustainable and long-term way and is well prepared for Basel III. As of March 31, 2011, in accordance with the regular reporting provisions the Core Tier 1 ratio amounted to 9.7% on a pro forma basis, the Equity Tier 1 ratio amounted to 9.0%. This includes the profit from the first quarter of 2011, the SoFFin one-off payment, and the transaction costs of the capital measure.
Additional information referring to the EU-wide Stress Test can be found here PDF, 167 kB
Press contact:
Armin Guhl +49 69 136 42764
Maximilian Bicker +49 69 136 28696
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About Commerzbank
Commerzbank is a leading bank for private and corporate customers in Germany. With the segments Private Customers, Mittelstandsbank, Corporates & Markets, Central & Eastern Europe as well as Asset Based Finance, the Bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented SME sector in Germany and worldwide. With a future total of some 1,200 branches, Commerzbank has one of the densest networks of branches among German private banks. It has above 60 sites in 50 countries and serves more than 14 million private clients as well as one million business and corporate clients worldwide. In 2010 it posted gross revenues of EUR 12.7 billion with some 59,100 employees.
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Disclaimer
This release contains statements concerning the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of the company as well as expected future net income per share, restructuring costs and other financial developments and information. These forward-looking statements are based on management's current 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. Commerzbank has no obligation to periodically 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.
