Commerzbank AG
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5-year stock timeline
2026 August — UniCredit stake and takeover talks
UniCredit increased its stake in Commerzbank and publicized discussions with German authorities about a potential takeover. Commerzbank opened merger discussions with UniCredit following very strong H1 2026 results. Market attention shifted from a standalone turnaround narrative to an M&A story, with investor perception pivoting toward takeover and strategic-value realization as bidders and regulators became focal points.
Commerzbank reported record H1 2026 net profit of approximately €1.8bn, up 40% from H1 2025. Q2 2026 net profit reached €898m, up 94% year-on-year, with operating profit of €1.37bn in Q2 and record-setting total H1 operating profit [8][15][6].
2026 through September — Strong guidance maintained; record quarterly and year-to-date performance
Management maintained 2026 guidance (net interest income ~€8.6bn, net income ~€3.4bn, cost of risk ~€850m) while reporting record quarterly and first-half results and signalling continued shareholder returns. Investors treated Commerzbank as a high-quality beneficiary of net-interest-income tailwinds and improved operating leverage. Sentiment moved from recovery to a profitability and capital return story, supporting higher multiples and takeover interest.
Q1 2026 operating profit reached €1.4bn with net profit of €913m. Revenues in Q1 2026 were €3,219m. Net RoTE in Q1 2026 was 12.7% with a cost-to-income ratio of approximately 53% (50% excluding compulsory contributions) [10][3].
2026 June — 2025 full-year results and enlarged capital return programme
Commerzbank reported full-year 2025 results showing record operating result and significantly increased shareholder returns through dividend proposal and buybacks. The bank's execution changed investor perception from turnaround-in-progress to a bank delivering sustainable, shareholder-friendly earnings. Management emphasis on capital returns reinforced a value-realization narrative.
The 2025 operating result increased to €4.5bn, up 18%. Net result reached €2.6bn (net result before restructuring expenses approximately €3.0bn). The proposed dividend was €1.10 per share, compared to €0.65 in 2024. Capital return for 2025 totalled around €2.7bn with additional buyback authorisations following a €1bn buyback completed in December 2025 [1][13][12].
2025 December — Completion of €1.0bn share buyback; further buyback approved
Commerzbank completed a €1.0bn buyback in December 2025 and the Board approved an additional buyback of up to €540m. The buybacks were interpreted as evidence of excess capital and management confidence. Investor perception shifted toward total-return focus and validation of the bank's capital generation.
Total capital returned between 2022 and 2025 reached approximately €5.8bn [1][13].
2025 May — AGM; dividend proposal for 2024 results
The Board proposed a materially higher dividend for 2024 to be paid in 2025 of €0.65 per share, reflecting improved 2024 results and capital generation. This reinforced the narrative that Commerzbank's profit recovery was durable and that management would shift policy from retention to shareholder distributions. Investors began to price stronger payout expectations.
The 2024 net result was approximately €2.7bn with operating result of €3.8bn. Capital return for 2024 totalled around €1.73bn [9][2].
2024 full year — Results beat targets and strategy upgrade
Commerzbank announced that 2024 targets had been exceeded and upgraded its strategy, reporting stronger net result and operating result than planned. The bank's progress on restructuring and profitability shifted investor perception from skepticism about execution to cautious optimism. The stock began to be viewed more as a restructuring success than a value trap.
The 2024 net result reached approximately €2.7bn, up 20% year-on-year, with operating result of €3.8bn, up 12% year-on-year. Capital return was planned around €1.73bn with dividend increase intention [9].
2023 February — Dividend proposal for 2022 and stabilising performance
Commerzbank planned to propose a dividend for 2022 of €0.20 per share. After years of restructuring and weakness, the return of any dividend signalled a revival in profitability and capital strength. Investor perception slowly shifted toward earnings stability and eventual normalised distributions [2].
2022 — Ongoing restructuring, cost reductions and risk management
Continued execution of restructuring measures and transformation programme focused on cost base, branch network rationalisation and digitalisation. Markets treated Commerzbank as a long-running turnaround candidate with improving but still legacy-burdened operations. Perception was cautious: turnaround underway but execution to be watched.
2021 — Business restructuring and low profitability background
Commerzbank remained in late stages of multi-year restructuring following merger attempts and persistent low returns after the post-2008 era, with focus on cost cuts and business refocusing. Investor perception was cautious. Commerzbank was widely seen as a value or troubled bank with potential upside if execution succeeded, but carrying meaningful execution and macro risk. The bank reported depressed profitability relative to peers and carried legacy cost and restructuring programs through this period.
Key risks and downside factors
Commerzbank operates as a major German universal bank with exposure across corporate and investment banking, SME lending, retail deposits, and digital banking. Its competitive set includes large German and pan-European institutions such as Deutsche Bank, UniCredit/HypoVereinsbank, and ING Groep, alongside significant domestic networks like Sparkassen, Volksbanken, and DZ Bank. These competitors contest the same ground on deposit funding, corporate relationships, and digital distribution channels. The bank faces material headwinds from credit quality and SME portfolio stress, margin compression driven by low and volatile interest rates, and ongoing pressure from digital-native competitors and fintech players. Regulatory capital requirements and operational risks—spanning IT infrastructure, cybersecurity, and third-party dependencies—represent additional structural constraints on the business.
- Credit risk concentration in SME and corporate loan portfolios amplifies losses when economic conditions deteriorate.
- Net interest margin faces pressure from two directions. Low and volatile interest rates constrain what banks can earn on assets, while intense deposit competition drives up the cost of funding. The combination leaves less room between what a bank pays depositors and what it collects from borrowers.
- Intense competition from large European banks, regional cooperative and savings banks, and digital challengers is eroding both fees and deposits.
- Regulatory and capital requirements, along with operational risks such as IT failures, cyberattacks, and third-party vendor failures, could necessitate remediation costs or constrain business operations [8], [3].
Competitive landscape
Commerzbank AG operates as a major German commercial bank with offerings across retail, SME and corporate banking, transaction banking, and markets services. Its competitive landscape includes large universal banks with substantial corporate and capital-markets capabilities (Deutsche Bank, UniCredit/HypoVereinsbank), major retail-focused and direct banks (ING Germany, Santander Germany, DKB), as well as public-sector savings banks and cooperative institutions (Sparkassen, Volksbanken/DZ Bank) that maintain strong local presences. Digital competitors including neobanks and fintechs (N26, Trade Republic) apply meaningful pressure in digital channels. The bank faces material exposure to credit risk and macroeconomic cycles, along with market and interest-rate volatility. Regulatory and resolution requirements present ongoing compliance demands, while execution risks around digital transformation and cost structure optimization remain substantive challenges.[4][3]
| Company | Ticker |
|---|---|
| UniCredit S.p.A. (HypoVereinsbank in Germany) | UCG.MI |
| ING Groep N.V. (ING Germany competitor) | INGA.AS |
| Santander Consumer Bank (part of Banco Santander S.A.) | SAN.MC |
| BNP Paribas S.A. | BNP.PA |
Private competitors
- Sparkassen-Finanzgruppe (regional savings banks network)
- Volksbanken Raiffeisenbanken (cooperative banks network)
- N26 GmbH
- Trade Republic Bank GmbH
- Various regional Landesbanken (e.g., Helaba, HSH Nordbank in parts) as non-listed competitors
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Start Free TrialPerformance Figures of Commerzbank AG
Relative Performance vs Benchmarks
| Period | Commerzbank AG | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -6.34% | -3.01% | -7.75% |
| 3M | +5.65% | +5.56% | +1.75% |
| 6M | +19.39% | +13.77% | +4.15% |
| 1Y | +31.66% | +28.56% | +13.97% |
| 3Y | +318.97% | +253.89% | +230.89% |
| 5Y | +609.12% | +543.78% | +518.88% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 13.8 | 2.1 | 1.3 | 0.8 |
| 1Y ago | 13.5 | 1.5 | 1.1 | -1.8 |
| 3Y ago | 5.6 | 0.7 | 0.4 | 0.5 |
| 5Y ago | -2.7 | 0.6 | 0.3 | 0.2 |
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- Credit risk concentration in SME and corporate loan portfolios amplifies losses when economic conditions deteriorate.
- Net interest margin faces pressure from two directions. Low and volatile interest rates constrain what banks can earn on assets, while intense deposit competition drives up the cost of funding. The combination leaves less room between what a bank pays depositors and what it collects from borrowers.
- Intense competition from large European banks, regional cooperative and savings banks, and digital challengers is eroding both fees and deposits.
- Regulatory and capital requirements, along with operational risks such as IT failures, cyberattacks, and third-party vendor failures, could necessitate remediation costs or constrain business operations [8, 3, 21].
Who are the main competitors of Commerzbank AG?
- UniCredit S.p.A. (HypoVereinsbank in Germany) (UCG.MI)
- ING Groep N.V. (ING Germany competitor) (INGA.AS)
- Santander Consumer Bank (part of Banco Santander S.A.) (SAN.MC)
- BNP Paribas S.A. (BNP.PA)
When does Commerzbank AG report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 1.10 EUR | 2.96% | 3.04% |
| 2025 | 0.65 EUR | 2.53% | |
| 2024 | 0.35 EUR | 2.51% | |
| 2023 | 0.20 EUR | 2.13% | |
| 2020 | 0.20 EUR | 6.23% | |
| 2019 | 0.20 EUR | 2.81% | |
| 2016 | 0.20 EUR | 2.42% | |
| 2008 | 8.01 EUR | 5.73% | |
| 2007 | 6.01 EUR | 2.77% | |
| 2006 | 4.01 EUR | 2.27% | |
| 2005 | 2.00 EUR | 2.02% | |
| 2003 | 0.80 EUR | 1.37% | |
| 2002 | 3.21 EUR | 2.78% | |
| 2001 | 8.01 EUR | 4.20% | |
| 2000 | 6.41 EUR | 2.80% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 12.93B | 12.36B | 11.81B | 10.39B | 12.06B |
| Operating income (EBIT) | 3.95B | 3.83B | 3.40B | 2.00B | 105.00M |
| Net income | 2.62B | 2.68B | 2.22B | 1.44B | 430.00M |
| Free cash flow | 50.63B | -21.46B | 19.28B | 25.18B | -25.23B |
| Total assets | 603.53B | 554.65B | 517.17B | 477.44B | 467.41B |
| Equity | 33.83B | 34.47B | 31.99B | 30.02B | 28.85B |
| Net debt | 82.28B | -24.24B | 6.54B | -42.88B | -16.36B |
PWP Leeway UG (haftungsbeschränkt)
