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FINANCIALS: Commerzbank (CMZB) Results Headlines

FINANCIALS
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Decent set of numbers by Commerzbank, in line with the pre-release from Jan 31st. Which showed higher income driven by a decent bump in fees. Longer term target of 15% RoTE should be reachable. CET1 seen falling to 13.5% in 2028 due to 100% payout ratio - which we think credit investors may tolerate if the bank can demonstrate earnings and balance sheet stability through that period.

On M&A, CMZ management remains against, with UniCredit's CEO recently noting that it will likely be a Q4 2025 decision at the earliest

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Decent set of numbers by Commerzbank, in line with the pre-release from Jan 31st. Which showed higher income driven by a decent bump in fees. Longer term target of 15% RoTE should be reachable. CET1 seen falling to 13.5% in 2028 due to 100% payout ratio - which we think credit investors may tolerate if the bank can demonstrate earnings and balance sheet stability through that period.

On M&A, CMZ management remains against, with UniCredit's CEO recently noting that it will likely be a Q4 2025 decision at the earliest

Keep reading...Show less