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FINANCIALS: Commerzbank (CMZB A1/A/NR): Strategy Update

FINANCIALS
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Ambitious targets here, with management seemingly eyeing increased market share without diluting profitability. Increasing shareholder returns.

  • Commerzbank has released a strategy update following the recent interest from UniCredit and appointment of the new CEO.
  • 2027 targets have been increased: €13.3bn in revenue, a 10% upgrade and 10% ahead of consensus; RoTE 12.3% from 11.5% well above 8.6% consensus. CIR is targeted at 54%, a 1% improvement from previously with consensus at 56%. Improvements driven by “additional measures” to expand revenue.
  • NII expectations reconfirmed at €8.4bn.
  • Payout ratio to be increased to >90% from >70% from next year.
  • CET1 ratio targeted at 13.5% from 14.8% expected in 2024.
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Ambitious targets here, with management seemingly eyeing increased market share without diluting profitability. Increasing shareholder returns.

  • Commerzbank has released a strategy update following the recent interest from UniCredit and appointment of the new CEO.
  • 2027 targets have been increased: €13.3bn in revenue, a 10% upgrade and 10% ahead of consensus; RoTE 12.3% from 11.5% well above 8.6% consensus. CIR is targeted at 54%, a 1% improvement from previously with consensus at 56%. Improvements driven by “additional measures” to expand revenue.
  • NII expectations reconfirmed at €8.4bn.
  • Payout ratio to be increased to >90% from >70% from next year.
  • CET1 ratio targeted at 13.5% from 14.8% expected in 2024.