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What a Banker Needs to Know - 9 March 2022 (Wed)

Commerzbank reported net losses of €527mn ($624mn) in Q2 vs. net profits of €183mn ($217mn) in 2Q2020. For H1, net losses stood at €394mn ($466mn) vs. losses of €107mn ($127mn) during the same period last year. Losses occurred with restructuring costs of €511mn ($605mn) and a write-off for ending an outsourcing project of €200mn ($237mn). The bank’s net interest income fell 8% to €1.17bn ($1.4bn) while its non-interest income rose 7.6% to €852mn ($1bn). Revenues fell 18% YoY to €1.86bn ($2.2bn) during the quarter. The German bank reported operating profits of €570mn ($675mn) in H1 with CFO Bettina Orlopp saying, “We have kept our Common Equity Tier 1 ratio stable despite the high one-time write-off and restructuring expenses…We are targeting definitely an operating profit, I think the whole question is what happens with net income for the year – that’s tougher to predict”. The bank’s CET1 ratio stood at 13.4%, unchanged over the quarter.

Commerzbank’s dollar bonds were stable with its 7% Perp at 109, yielding 4.3%.

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