Commerzbank AG
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5-year stock timeline
2021
New CEO Manfred Knof launched an aggressive restructuring programme (approximately €2bn: roughly 10,000 job cuts and hundreds of branch closures) and took heavy restructuring charges. Q2 showed a loss including a ~€200m outsourcing write-off, then Q3 surprised to the upside and management upgraded 2021 guidance into positive net profit territory [10,5,1,4].
The market recast the company from a long underperformer into an execution-heavy turnaround—high operational risk but clear upside if restructuring achieved [10,1]. The stock traded volatile throughout the year driven by the write-off and then the Q3 beat, finishing around €7.07 [15,5,1].
2022
Rising rates materially boosted net interest income. Q1 operating result reached ~€544m and the full year delivered a substantially higher operating result (approximately €2.099bn; net result after tax rose markedly versus 2021) while management maintained a >€1bn profit target despite energy and growth headwinds [8,6,9].
The dominant story shifted to rates beneficiary—earnings leverage to ECB tightening became the frame [6,9]. The stock showed a gradual, constructive uptrend from 2021 levels, with steady higher lows and periodic consolidations as macro risks persisted, closing the year around €8.76 [15,8].
2023
Capital-return programme began in earnest. The bank executed a first buyback (12,134,305 shares, ~€122m in June 2023) as part of returning excess capital while earnings momentum continued [34,12].
The narrative shifted from pure turnaround to value plus capital-return—buybacks and improving profits drew investor attention and reduced valuation discount. The stock cleared prior resistance around €10 and established a multi-month uptrend, closing at approximately €11.29 [15,34].
2024
The German government moved to sell part of its ~16.5% stake (announced September 2024), triggering intense market focus on strategic outcomes. UniCredit began building a sizeable position, sparking takeover and strategic speculation. Commerzbank ran a large buyback tranche (January–March 2024, ~55.55m shares, approximately €600m) as part of capital return and defense measures [44,47,41,34,36,38].
The name traded as both a capital-return compounder and a potential M&A/strategic target [36,44]. The stock accelerated and broke out from the mid-teens, producing a marked trend change as buybacks and M&A talk pushed sentiment higher, closing around €15.87 [15,34].
2025
The company reported record net result for 2024 (approximately €2.68bn), announced and implemented additional capital returns (up to €400m buyback; executed repurchase of 18,335,008 shares at ~€21.81 average in the 2025 tranche), and raised dividend guidance—actions designed to return excess capital and manage strategic pressure [11,7,33,38].
The stock moved from mid-teens into the €20–€30 range and beyond, with major breakouts above €20 and then €30, closing at approximately €33.58 [15,33].
2026 (through 2026-07-08)
The bank exceeded profit targets and announced further buybacks (February 2026). Commerzbank decided to retain its majority stake in Polish mBank and terminated the sales process (June 2026), removing a long-running strategic overhang and clarifying capital and risk profile [42,37].
The stock ran into the high-30s (approximately €37.7–€38.4 in May–June 2026), with prior resistance bands around €10 and €20 acting as long-term support after the multi-stage breakout. The overall pattern from 2021–2026 is a multi-year base followed by sequential breakouts driven by rising earnings and aggressive capital returns [29,25,42,37].
Key risks and downside factors
Commerzbank operates as a universal bank anchored in Germany, with a particularly strong position in Mittelstand corporate banking and substantial retail operations. Its footprint is concentrated in Germany and Poland. The competitive landscape is fragmented—domestic universal banks and large pan-European players on one side, digital challengers and banking-as-a-service providers applying pressure on the other. The bank's earnings structure depends heavily on net interest income and corporate lending, which creates exposure to macroeconomic conditions, capital and regulatory requirements, and operational execution risk.
- Concentrated credit exposure to German corporates and commercial real estate creates elevated default risk in the event of Eurozone or German economic weakness.
- Net interest income sensitivity: profitability hinges on the interest-rate environment and how quickly deposits reprice. ECB rate cuts or unfavorable curve movements can squeeze margins considerably.
- Regulatory and capital risk: Changes to Basel IV, ECB, or BaFin requirements could increase risk-weighted assets or impose new regulatory measures, potentially constraining dividends, forcing capital raises, or limiting growth trajectories.
- Competitive and operational pressures—from large European banks and fintech challengers squeezing margins and fees, alongside cyber incidents or transformation missteps—pose material cost and reputational risks.
Competitive landscape
Commerzbank operates in a crowded arena. It squares off against large universal banks—Deutsche Bank and UniCredit most directly—alongside major European groups like BNP Paribas, Santander, and Société Générale. The real pressure, though, comes from two directions at once: digital challengers (N26, Trade Republic) chipping away at retail and brokerage margins, and the entrenched Sparkassen and cooperative Volksbanken networks that own the local relationship business [Commerzbank investor reports; Marketscreener; Reuters/Bloomberg 2025–2026]. The bank's vulnerabilities cluster around three points. Its credit book leans heavily on Mittelstand exposure—concentrated in a way that matters when the cycle turns. There's the UniCredit bid hanging over strategy, creating real uncertainty about direction. And there's the structural sensitivity to funding and liquidity conditions, compounded by cross-border credit risk through mBank that could force provisions or capital calls higher [Commerzbank reports; Bloomberg/Reuters].
| Company | Ticker |
|---|---|
| Deutsche Bank AG | DBK.XETRA |
| UniCredit S.p.A. | UCG.MI |
| BNP Paribas S.A. | BNP.PA |
| Banco Santander, S.A. | SAN.MC |
| Société Générale S.A. | GLE.PA |
Private competitors
- Sparkassen-Finanzgruppe (German savings banks network)
- Volksbanken Raiffeisenbanken (cooperative banks network)
- N26
- Trade Republic
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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 | +5.16% | +3.45% | +3.75% |
| 3M | +15.65% | +10.48% | +5.39% |
| 6M | +12.74% | +13.62% | +4.44% |
| 1Y | +31.63% | +28.20% | +9.76% |
| 3Y | +303.08% | +242.61% | +226.10% |
| 5Y | +643.43% | +583.83% | +559.74% |
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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 | 16.0 | 2.1 | 1.4 | 0.8 |
| 1Y ago | 12.0 | 1.3 | 1.0 | -1.6 |
| 3Y ago | 7.1 | 0.7 | 0.4 | 0.5 |
| 5Y ago | -2.2 | 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?
- Concentrated credit exposure to German corporates and commercial real estate creates elevated default risk in the event of Eurozone or German economic weakness.
- Net interest income sensitivity: profitability hinges on the interest-rate environment and how quickly deposits reprice. ECB rate cuts or unfavorable curve movements can squeeze margins considerably.
- Regulatory and capital risk: Changes to Basel IV, ECB, or BaFin requirements could increase risk-weighted assets or impose new regulatory measures, potentially constraining dividends, forcing capital raises, or limiting growth trajectories.
- Competitive and operational pressures—from large European banks and fintech challengers squeezing margins and fees, alongside cyber incidents or transformation missteps—pose material cost and reputational risks.
Who are the main competitors of Commerzbank AG?
- Deutsche Bank AG (DBK.XETRA)
- UniCredit S.p.A. (UCG.MI)
- BNP Paribas S.A. (BNP.PA)
- Banco Santander, S.A. (SAN.MC)
- Société Générale S.A. (GLE.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 | 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)
