Commerzbank AG
5-year stock timeline
Commerzbank (CBK.XETRA) — latest price: 36.13
Major events
2020 brought a governance crisis. The CEO and supervisory board chair both resigned over strategy disputes, and the bank merged with Comdirect as part of a broader restructuring.
Manfred Knof took over as CEO in January 2021 and laid out an aggressive cost programme: roughly 10,000 job cuts and widespread branch closures, aimed at restoring profitability while keeping the bank independent.
The turnaround began to show. 2022 delivered the bank's best result in over a decade, dividends resumed after a four-year gap, and an initial share buyback followed in 2023 as profitability climbed. Commerzbank returned to the DAX.
Control became the story from late 2024 onward. The German state trimmed its stake, selling a 4.5% block to UniCredit among other moves. UniCredit steadily built its position. Bettina Orlopp became CEO in October 2024. In March 2026, UniCredit launched a formal takeover bid.
Investor narrative
Through 2020–2021, the market saw a classic turnaround: a troubled incumbent cutting costs and pushing digital transformation to stop the bleeding and stabilize capital.
By 2022–2023, the mood shifted. Better results, DAX reinclusion, and resumed payouts reframed the story as a value recovery play—higher net interest margins and restructuring momentum working in the bank's favor.
Late 2024 changed the frame entirely. UniCredit's stake building and government share sales made this about control premium, strategic arbitrage, and the politics surrounding a potential foreign takeover.
Technical phases
2020 saw sharp downside pressure and high volatility as governance turmoil and broader market shock created a multi-month corrective reset.
2022–2023 brought a sustained uptrend with range expansion, supported by improving fundamentals and corporate actions. The DAX reinclusion brought fresh buying interest.
From late 2024 through 2026, headline-driven spikes dominated. UniCredit's stake increases and takeover announcement created episodic volatility, multiple breakouts and retests around control-related price levels, and growing separation between news flow and the underlying trend.
Key risks and downside factors
Commerzbank competes in a crowded German and European banking landscape where universal heavyweights like Deutsche Bank, ING, and UniCredit overlap across retail, corporate, and transaction banking.[1][9][2] Its risk profile hinges on exposure to German economic cycles, sensitivity to interest rate movements in net margins, regulatory capital and resolution demands, and pressure from both digital disruptors and international competitors.[6]
- Net interest margin and profitability could both become volatile if market interest rates compress or lending spreads shift unfavorably.
- Exposure to German macro and corporate credit cycles means loan-loss provisions tend to rise when downturns hit.
- Regulatory and resolution requirements may push banks toward higher capital buffers or tighter constraints on dividends and funding decisions.
- Retail customers and fee income are migrating to digital challengers and international banks, which is driving up customer acquisition costs and squeezing margins.
Competitive landscape
Commerzbank operates in a densely competitive landscape across Germany and broader Europe, where established universal banks like Deutsche Bank and ING alongside cooperative banking networks create persistent headwinds. The bank now faces a more immediate strategic question following UniCredit's stake accumulation and acquisition moves, while simultaneously defending ground against digital competitors and pan-European rivals across retail, SME, and corporate banking. The layered risks are tangible: takeover uncertainty hangs overhead, margins face compression against better-capitalized and more digitally advanced competitors, credit quality could deteriorate in a downturn, and the regulatory environment combined with macroeconomic sensitivity poses real threats to capital adequacy and earnings power.
| Company | Ticker |
|---|---|
| Deutsche Bank AG | DBK.XETRA |
Private competitors
- DZ Bank AG
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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 | -0.96% | -1.20% | -4.49% |
| 3M | +5.92% | +8.19% | -1.57% |
| 6M | +13.47% | +7.48% | +1.50% |
| 1Y | +39.39% | +37.56% | +14.21% |
| 3Y | +296.93% | +246.55% | +214.79% |
| 5Y | +497.35% | +438.80% | +408.02% |
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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 | 15.1 | 2.0 | 1.3 | 0.8 |
| 1Y ago | 10.6 | 1.2 | 0.8 | -1.4 |
| 3Y ago | 7.1 | 0.8 | 0.4 | 0.5 |
| 5Y ago | -3.2 | 0.7 | 0.3 | 0.2 |
Frequently Asked Questions
Where is the Commerzbank AG stock traded?
What does Commerzbank AG do?
What are the key metrics for CBK.XETRA?
How has Commerzbank AG's stock price performed?
How is CBK.XETRA valued?
What are the key risks when investing in CBK.XETRA?
- Net interest margin and profitability could both become volatile if market interest rates compress or lending spreads shift unfavorably.
- Exposure to German macro and corporate credit cycles means loan-loss provisions tend to rise when downturns hit.
- Regulatory and resolution requirements may push banks toward higher capital buffers or tighter constraints on dividends and funding decisions.
- Retail customers and fee income are migrating to digital challengers and international banks, which is driving up customer acquisition costs and squeezing margins.
Who are the main competitors of Commerzbank AG?
- Deutsche Bank AG (DBK.XETRA)
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 | — | 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 | 11.13B | 25.25B | 21.71B | 14.26B | 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)
