Commerzbank AG
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5-year stock timeline
08 Jan 2021
Commerzbank announced a €1.5bn goodwill write-off and a negative risk result of at least €1.7bn for FY2020. The bank stated the goodwill write-down would not affect regulatory capital (CET1 guidance ~13%). [34]
The market saw this as a balance-sheet clean-up that crystallised pandemic and market impairments. It raised investor concern about near-term earnings and execution risk while clarifying the starting point for restructuring. Share price experienced an immediate drawdown as markets re-priced one-offs and execution risk.
Feb 2021 (03–11 Feb 2021)
The Board rolled out "Strategy 2024" — a large transformation targeting cost savings of ~€1.4bn by 2024, a RoTE target of approximately 7%, broad digitalisation, integration of comdirect, ~10,000 gross headcount reductions (net ~7,500) and large branch closures. [25], [22], [24], [28]
This shifted sentiment from restructuring announcement into an explicit turnaround plan. Investors welcomed clarity but analysts warned revenue preservation was critical for success. [31] Markets assessed implementability with volatility and range-bound trading while catalyst risk was priced in.
May–Nov 2021
Commerzbank and employee representatives concluded framework agreements to implement Strategy 2024. The bank also stopped outsourcing a securities-settlement project and booked an exceptional write-off of ~€200m. [28], [32]
Agreement with the works council materially reduced industrial-relations execution risk. The securities-settlement reversal highlighted IT and implementation risk but kept the strategic programme intact. Short relief rallies followed labour agreements; an isolated drawdown occurred on the project write-off before consolidation resumed.
12 Nov 2021
Management announced successful close of negotiations with the Central Works Council on implementing Strategy 2024, confirming the implementation pathway for announced cuts. [27]
Market perception improved as execution risk lowered and cost savings became credible. Share price moved from range-bound trading into a mild breakout as uncertainty about implementation receded.
17 Dec 2021
The bank sold its Hungarian subsidiary to Erste Bank as part of portfolio simplification and de-risking. [5]
This was viewed as further focus on core markets with modest positive impact on strategic clarity. Technical action remained neutral to mildly positive within consolidation.
Jan–Sep 2022
Recurring provisioning and headline hits emerged from mBank's Polish FX and foreign-currency loan issues. Additional provisions were disclosed (e.g., ~€436m in Jan 2022), guidance for revenue burdens from "credit holidays" in Poland (mid-2022), and further CHF-loan provisions were reported (e.g., ~€490m in Sep 2022). Despite this, Commerzbank reiterated it expected a positive full-year net result for 2022. [5], [29]
Investor focus split between the core German franchise and rising net interest income versus volatility from mBank legacy exposures. Sentiment oscillated between skepticism and guarded optimism about Strategy 2024 delivery. Prolonged volatility and drawdown pressure dominated through mid- and late-2022 as risk headlines dominated.
2022 → 2023
Operational performance improved with Q1 and Q2 2022 revenue beats. Targets for 2024 were reconfirmed and raised as customer revenues and net interest income strengthened. 2023 marked a clear earnings recovery with materially higher net profit and resilience in regulatory tests (EBA stress test). [5], [29]
Market narrative shifted from "value trap / restructuring risk" to "turnaround / earnings recovery" as rising interest rates lifted net interest income and cost measures took hold. Share price transitioned from range-bound trading and drawdown into a breakout and sustained uptrend through 2023 as evidence of earnings delivery accumulated.
31 May – Jun 2023
Jens Weidmann became Chairman of the Supervisory Board. Commerzbank completed its first share buy-back and reported strong H1 results with net profit and revenue momentum. The bank disclosed additional smaller provisions for mBank but reiterated higher-than-prior profit ambitions for 2023. [5]
Governance refresh combined with capital return execution materially improved investor confidence. Buybacks signalled management's confidence in capital position and earnings quality. Share price entered a rally and momentum phase.
28 Sep – 20 Dec 2023
A new Capital Return Policy was decided to increase shareholder participation. Regulatory approval was received for a share buyback programme of up to €600m (announced Dec 2023). [5]
This was seen as a watershed moment: strategy was delivering cash generation and management was committing to return capital. Perception moved solidly to "profitable, shareholder-returning bank." Share price continued its uptrend with multiple expansion on improved outlook and capital returns.
Jan–Mar 2024
Commerzbank expanded non-banking growth avenues by acquiring a majority stake in Aquila Capital investment firm and announcing a joint venture with Global Payments. The bank confirmed strong FY-2023 results with net profit increased to ~€2.2bn. The authorized €600m buyback was completed in March 2024. [5]
Higher recurring earnings combined with strategic M&A in asset management and payments, plus completed buybacks, reinforced a "quality & returns" story. Investor perception improved markedly versus 2021. Share price rallied strongly, continuing the 2023 uptrend with momentum peaking around results and buyback completion.
May–Aug 2024
The bank reported "best quarterly net result in >10 years" and "best half-year in ~15 years" with outlook confirmed. [5]
This reinforced the narrative of a structurally improved earnings profile. The bank had moved from restructuring to capital-return and growth execution in investors' framing. Share price extended its uptrend with occasional profit-taking windows.
Sep–Oct 2024
CEO Manfred Knof announced he would not seek an extension of his contract (10 Sep 2024). The Supervisory Board appointed Dr. Bettina Orlopp as Chairwoman and CEO (announced 24 Sep 2024; she took over immediately thereafter). On her first day as CEO she signalled a desire for the bank to remain independent. [12], [10], [14], [20], [16], [17]
Leadership change introduced short-term volatility and takeover speculation, but Orlopp's rapid appointment and independence message limited panic and supported continuity expectations. Share price experienced short sharp volatility around the announcement, then consolidated as investors absorbed the governance change.
Nov–Dec 2024
Management started a new third share buyback programme (Nov 2024) and improved full-year outlook as nine-month results outperformed. A new CFO (Carsten Schmitt) was appointed. Regulators kept SREP and P2R requirements unchanged for 2025, maintaining comfortable distance to the MDA. [5]
Continued capital returns combined with stable regulatory capital reinforced investor conviction in the earnings and capital story and reduced tail-risk perceptions. Share price renewed its rally and resumed the uptrend on combined earnings, buybacks and stable capital backdrop.
11 Jul 2026
By mid-2026 the investment case is dominated by demonstrated earnings recovery (2023–24), repeatable capital returns (completed and ongoing buybacks), successful execution of selected growth moves (asset management and payments), and a settled leadership team. Investors broadly view Commerzbank as a re-rated, return-focused European commercial bank. Share price is trading at 38.64, having sustained an uptrend from 2023 into 2024 and 2025 that consolidates into a higher trading range at present.
Key risks and downside factors
Commerzbank operates as a universal bank with deep roots in Germany, where it competes directly with Deutsche Bank and the cooperative Sparkassen/Volksbanken network. On the international stage, it faces competition from major European universal banks. The most comparable listed peers are Deutsche Bank (DBK.XETRA, DE0005140008), UniCredit (UCG.MI, IT0005239360), ING Groep (INGA.AS, NL0011821202), BNP Paribas (BNPP.PA, FR0000131104), Société Générale (GLE.PA, FR0000130809) and Banco Santander (SAN.MC, ES0113900J37). The bank's risk profile hinges on its exposure to corporate and SME credit, sensitivity to funding and market conditions, pressure from digital disruption and competitive forces, and the weight of regulatory and compliance demands.
- Credit concentration risk stems from substantial exposure to German corporate and SME lending, which could amplify loan losses during a domestic or broader eurozone downturn.
- Funding and market risk: shifts in wholesale funding costs, deposit retention dynamics, and mark-to-market losses on bond portfolios could meaningfully increase funding costs or strain liquidity positions.
- Competitive pressure from large European banks, the Sparkassen and Volksbanken network, and fintech challengers like N26 and Revolut creates margin compression and demands sustained investment in technology.
- Regulatory, compliance, and operational risk stem from ECB supervision, elevated capital and resolution requirements, AML/CFT enforcement actions, and potential litigation or cyber incidents—each capable of triggering material fines, unexpected capital calls, or meaningful constraints on strategic flexibility.
Competitive landscape
Commerzbank operates in Germany's densely competitive universal banking landscape, squeezed between large pan-European institutions, the entrenched domestic savings and cooperative bank network, and an expanding cohort of digital-native competitors. Its direct listed rivals—Deutsche Bank, UniCredit through HypoVereinsbank, ING, and Santander—compete across the same terrain: corporate banking, transaction services, retail deposits, and wealth management. The bank's risk surface is defined by persistent margin compression, concentrated exposure to SMEs and commercial real estate, structural dependencies on regulatory and government positioning, and the operational friction that compliance demands.
| Company | Ticker |
|---|---|
| ING Groep N.V. | INGA.AMS |
Private competitors
- N26
- Trade Republic
- Revolut
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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 | +4.77% | +4.75% | +3.91% |
| 3M | +8.68% | +7.82% | +2.12% |
| 6M | +12.13% | +13.64% | +2.42% |
| 1Y | +38.48% | +34.71% | +16.22% |
| 3Y | +270.42% | +215.36% | +196.63% |
| 5Y | +668.89% | +608.56% | +581.65% |
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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 | 15.9 | 2.1 | 1.3 | 0.8 |
| 1Y ago | 11.8 | 1.3 | 0.9 | -1.6 |
| 3Y ago | 7.6 | 0.8 | 0.4 | 0.5 |
| 5Y ago | -2.1 | 0.6 | 0.2 | 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?
Does CBK.XETRA pay dividends?
What are the key risks when investing in CBK.XETRA?
- Credit concentration risk stems from substantial exposure to German corporate and SME lending, which could amplify loan losses during a domestic or broader eurozone downturn.
- Funding and market risk: shifts in wholesale funding costs, deposit retention dynamics, and mark-to-market losses on bond portfolios could meaningfully increase funding costs or strain liquidity positions.
- Competitive pressure from large European banks, the Sparkassen and Volksbanken network, and fintech challengers like N26 and Revolut creates margin compression and demands sustained investment in technology.
- Regulatory, compliance, and operational risk stem from ECB supervision, elevated capital and resolution requirements, AML/CFT enforcement actions, and potential litigation or cyber incidents—each capable of triggering material fines, unexpected capital calls, or meaningful constraints on strategic flexibility.
Who are the main competitors of Commerzbank AG?
- ING Groep N.V. (INGA.AMS)
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 | 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)
