Commerzbank AG

CBK: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Commerzbank Earnings: Sharpened Focus on Shareholder Distributions Positive

Niklas Kammer

Nov 6, 2024

We maintain our EUR 15.80 per share fair value estimate and for Commerzbank. The no-moat bank reported a third-quarter return on tangible equity of 8.7% with net interest income declining to EUR 2,048 million versus EUR 2,078 million last quarter. The effect of lower European Central Bank rates was only partially offset by loan growth at mBank. Cost of risk did disappoint at EUR 255 million or 25 basis points, including a top-level adjustment release of EUR 94 million.

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Commerzbank AG

Commerzbank Earnings: Sharpened Focus on Shareholder Distributions Positive

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