DJ Growth target for 2025 exceeded: Commerzbank achieves record operating result
Commerzbank Aktiengesellschaft (CZB)
Growth target for 2025 exceeded: Commerzbank achieves record operating result
11-Feb-2026 / 07:03 CET/CEST
The issuer is solely responsible for the content of this announcement.
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-- Operating result for 2025 financial year increased by 18% to EUR4.5bn
-- Net result at EUR2.6bn despite restructuring expenses of EUR562m
-- Revenues increased by 10% to EUR12.2bn - corporate loan portfolio increased by 10%
-- Net commission income grew significantly by 7% to EUR4bn, as targeted
-- Net interest income almost stable at EUR8.2bn despite lower benchmark interest rates
-- Cost-income ratio improved by 2 percentage points, reaching the target of 57% for the financial year
-- Stable risk result of minus EUR722m - NPE ratio unchanged at 1.1%
-- Net return on tangible equity (Net RoTE) of 8.7% well above target - before restructuring expenses at 10.0%
-- Capital return for 2025 increased by nearly EUR1bn to EUR2.7bn - significantly increased dividend of EUR1.10 per share
planned (2024: EUR0.65 per share)
-- Outlook for 2026: Net result expected above original target of EUR3.2bn
Commerzbank achieved the best operating result in its history in the 2025 financial year. Compared to the previous year
it increased by 18% to EUR4.5bn. The net result amounted to EUR2.6bn, exceeding the target of EUR2.5bn - despite
restructuring expenses for the Bank's transformation totalling EUR562m. Adjusted for these restructuring expenses, the
net result rose by around 13% to a record EUR3bn. The strong performance was primarily driven by a 10% increase in
revenues, significantly supported by the strong development of net commission income and the excellent performance of
our Polish subsidiary mBank. Net interest income remained almost stable at the prior year's level despite significantly
lower benchmark interest rates. The business with private and small-business customers in Germany benefited above all
from an increase by around 11% in the securities business. In the Corporate Clients segment, the loan portfolio grew by
10% compared to the previous year. The risk result, in a still economically challenging environment, remained at last
year's level, amounting to minus EUR722m. The Bank further improved its cost-income ratio by 2 percentage points to 57%.
"We have not only achieved our ambitious growth targets for 2025 but exceeded them in many areas. Additionally, our
share price has more than doubled. This demonstrates that Commerzbank is operating in a different league today," said
Commerzbank CEO Bettina Orlopp. "We are convinced that we can realise significant additional potential in the coming
years."
In the first year of implementing the "Momentum" strategy, important steps were taken in the Bank's transformation. The
Bank's business model is being further aligned to the needs of its customers in order to create even more value for
them. In October 2025, the Private and Small-Business Customers segment in Germany set the foundation for further
growth with its enhanced service model. This realignment allows the Bank to dedicate more time to personalised customer
advisory services while also strengthening its branches.
The Bank has significantly expanded the use of applications based on artificial intelligence (AI). This has not only
led to initial productivity gains but also improves both customer experience and provides support for employees.
Commerzbank is currently introducing a new digital, AI-based assistant in its customer and advisory centre, which
enhances the efficiency and quality of advisory services. The "Agent Assist" relieves advisors from administrative
tasks by summarising conversations with customers in real time while providing tailored solutions based on knowledge
databases. Additionally, the chatbot "cobaGPT" is available to more than 30,000 employees of Commerzbank domestically
and internationally. It simplifies everyday work and increases productivity.
The Bank's in-house tool "Fraud AI" helps to automatically detect fraudulent activities and to quickly respond,
effectively reducing losses for the Bank. At the same time, the tool contributes to compliance with regulatory
requirements. In the area of customer due diligence for money laundering prevention ("Know Your Customer", KYC),
Commerzbank is also optimising and automating its processes. This ensures the efficient implementation of new
regulations while minimising costs.
Since April of last year, users of the Commerzbank banking app have also been able to utilise AI functions for their
banking needs. With the virtual assistant "Ava", Commerzbank has become one of the first banks to introduce a customer
application that combines generative AI with avatar technology. Ava assists with service enquiries and account
management and can respond to questions on Commerzbank products.
The Bank plans to further expand these AI applications during the current financial year. Additionally, new generative
AI use cases, such as legal contract generation, are expected to be introduced. Furthermore, the piloting of agentic AI
is going ahead in collaboration with strategic partners.
Workforce: High participation rate in employee share programme
The Bank successfully launched its employee share programme in Commerzbank AG Germany and its international locations
in the fourth quarter of 2025. Approximately 90% of eligible employees took part in the programme. The Bank plans to
continue the programme in the second quarter of 2026, aiming to further participate its workforce in the Bank's
success.
Commerzbank continues to make strong progress regarding the staff related aspects of "Momentum". For job reductions,
the Bank relies on established social plan instruments, particularly partial retirement and early retirement
programmes. A voluntary early partial retirement programme with an additional premium has already received positive
feedback. Other social plan instruments are also seeing high demand.
Business performance: Net commission income achieves growth target of 7%
Commerzbank increased its revenues in the 2025 financial year by around 10%, reaching EUR12,171m (2024: EUR11,106m). With
growth of 7% to EUR4,029m, net commission income made a significant contribution to this (2024: EUR3,762m). Despite lower
benchmark interest rates, the Bank managed to keep its net interest income almost stable at EUR8,226m (2024: EUR8,331m).
Moreover, the substantially reduced provisions for legal risks related to foreign currency loans in Poland positively
influenced revenue growth.
The Bank's total costs in the 2025 financial year amounted to EUR6,940m (2024: EUR6,526m), reflecting a rise in
administrative expenses by around 7%, reaching EUR6,666m (2024: EUR6,244m). This increase was significantly influenced by
two one-off effects: firstly, the rise in the share price resulted in around EUR90m higher valuation of equity-based
variable compensation compared to the previous year. Secondly, an accelerated depreciation of intangible assets at
Aquila Capital Investmentgesellschaft (ACI) worth EUR117m contributed to the increased expenses. ACI is currently facing
challenging conditions in certain markets, especially in early-stage renewable energy projects, which are experiencing
macroeconomic headwinds. Excluding these one-off expenses, the cost increase compared to the previous year amounted to
around 3%, mainly attributable to general salary adjustments, investments and headcount increases linked to the Bank's
shoring and sourcing activities. Continued growth investments at the Polish subsidiary mBank also led to a rise in
expenses. Active cost management and a slight reduction in compulsory contributions to EUR274m (2024: EUR283m) partially
offset the overall cost increase across the Group. Commerzbank successfully improved its cost-income ratio as targeted,
reducing it by 2 percentage points to 57% for the full year (2024: 59%).
The risk result was minus EUR722m, remaining at the previous year's level despite the still challenging market
environment (2024: minus EUR743m). This includes adjustments to methods and models due to macroeconomic risks as well as
the regular recalibration of selected risk parameters. Following the release of the top-level adjustment (TLA) for
secondary effects in the second quarter of 2025, risk provisions to cover uncertainties stemming from macroeconomic
environment and novel risks, such as climate and environmental risks continue to include overlays of EUR147m. The
non-performing exposure (NPE) ratio stood at 1.1% at year-end, demonstrating the resilience of the Bank's credit
portfolio (2024: 1.1%).
Commerzbank increased its operating result by 18% to a record EUR4,509m (2024: EUR3,837m). The net result after taxes and
minorities amounted to EUR2,625m (2024: EUR2,677m). Restructuring expenses totalling EUR562m were incurred for the Bank's
transformation, with the majority booked in the second quarter. Excluding these one-off expenses, Commerzbank would
have increased its net result by around 13% to EUR3,010m.
The Common Equity Tier 1 (CET 1) ratio was at 14.7% as of 31 December 2025 (Q3 2025: 14.7%; Q4 2024: 15.1%). With a
regulatory minimum requirement (MDA threshold) of around 10.4%, this corresponds to a buffer of 438 basis points. The
Bank's net return on tangible equity (Net RoTE) for the financial year stood at 8.7% (2024: 9.2%). Excluding
restructuring expenses, it was 10.0%. Commerzbank surpassed its profitability target, delivering its highest Net RoTE
since the financial crisis.
Based on its strong results, Commerzbank plans to return around EUR2.7bn - equivalent to 100% of its net result before
restructuring expenses and after deduction of Additional Tier 1 (AT1) coupon payments - to its shareholders for the
2025 financial year. This is almost EUR1bn more than in the previous year. The capital return consists of two share
buybacks and a dividend payment. In addition to the EUR1bn share buyback completed in December 2025, the Board of
Managing Directors has approved another buyback of up to EUR540m. This is set to start after the reporting of the 2025
financial year and is expected to be completed by 26 March 2026. The Board of Managing Directors and the Supervisory
Board intend to propose to the AGM an increased dividend of EUR1.10 per share (2024: EUR0.65). For the years 2022 to 2025,
the Bank will have returned a total of approximately EUR5.8bn to its shareholders.
"The planned increase of the dividend to EUR1.10 per share and our extensive share buybacks demonstrate that we are
creating sustainable value for our investors," said CFO Carsten Schmitt. "In the future, we aim to further increase the
proportion of the dividend within our capital return and establish Commerzbank as an attractive dividend stock in the
market."
Development of the segments: Corporate client loan volume significantly increased
The Corporate Clients segment generated revenues of EUR4,865m in the past financial year (2024: EUR4,973m). Net commission
income rose by around 5% to EUR1,421m (2024: EUR1,355m). The segment benefited from a very strong performance in the loan
and guarantee business, particularly in syndicated loans. The average loan volume in the fourth quarter increased
markedly by 10% to EUR115bn (Q4 2024: EUR104bn). Net interest income rose, by around 8%, to EUR2,498m (2024: EUR2,312m).
However, this increase was partially offset by a decline in the fair value result due to valuation effects on
derivatives. Supported by a lower risk result, the segment's operating profit amounted to EUR2,151m, remaining close to
the high level of the previous year (2024: EUR2,174m).
In the business with private and small-business customers in Germany, the Bank increased its revenues by around 4% to
EUR4,607m in the financial year (2024: EUR4,433m). This growth was largely driven by net commission income, which rose by
7% to EUR2,101m (2024: EUR1,963m). A key driver of this strong performance was the robust securities business, which saw an
increase of around 11%. The brokerage business of comdirect particularly benefited from the volatility in the stock
markets, as its customers engaged in a significant amount of trading. Supported by the positive market development the
securities volume rose to EUR266bn by the end of December (end of 2024: EUR243bn). In the payments business, the new
pricing model for current accounts contributed to revenue growth. In a highly competitive environment, deposits from
private and small-business customers in Germany increased significantly during the fourth quarter, averaging EUR179bn
thanks to attractive special offers (Q4 2024: EUR173bn). The loan portfolio remained stable, averaging EUR125bn (Q4 2024:
EUR125bn), of which EUR96bn are mortgages (Q4 2024: EUR96bn). Net interest income in the business with private and
small-business customers in Germany rose to EUR2,417m, despite lower benchmark interest rates (2024: EUR2,378m). This was
driven by the positive developments in the mortgage business and the rising contributions from the replication
portfolio. The operating result amounted to EUR1,276m, which was below the previous year's figure (2024: EUR1,355m).
Reasons for this include a higher risk result compared to the prior year and the accelerated depreciation on intangible
assets at ACI.
The Polish subsidiary mBank significantly increased its revenues in the past financial year by 37% to EUR2,329m (2024:
EUR1,702m). This was mainly driven by a substantial reduction in provisions for legal risks related to foreign currency
loans, which halved compared to the previous year to EUR483m (2024: EUR1,002m). Another growth driver was the net
commission income, which rose by 13% to EUR536m (2024: EUR472m) due to strong transaction-related activities such as
payments, as well as one-off effects related to partnerships. Due to significantly lower benchmark interest rates, net
interest income declined to EUR2,296m (2024: EUR2,382m). Nevertheless, the deposit and lending business remained robust
thanks to higher volumes. Income from interest rate hedging instruments, reflected in an improved net fair value
result, also had a compensating effect. Overall, the Polish subsidiary contributed EUR1,050m to the Group's operating
profit; 75% more than in the previous year (2024: EUR599m).
Outlook 2026: Net profit expected above original target of EUR3.2bn
In the current financial year, Commerzbank expects to achieve a net result above the original target of the "Momentum"
strategy of EUR3.2bn. The improved profit outlook is based on the adjusted forecast for net interest income, which has
been raised from around EUR8.4bn to around EUR8.5bn. The Bank is again targeting growth of around 7% in net commission
income. Commerzbank will continue its strict cost management in 2026 and, due to the increased revenue expectations, is
aiming for a cost-income ratio of around 54%. This is 2 percentage points below the original target of 56%. The risk
result is anticipated around EUR850m. Following the planned capital return to shareholders, the Bank anticipates a CET 1
ratio of more than 14% at year-end. It aims for a return on tangible equity of more than 11.2%.
The Bank intends to steadily increase the capital return to shareholders. For the 2026 financial year, the Bank targets
to return 100% of the net result after the deduction of AT 1 coupon payments to its shareholders. For the subsequent
years 2027 and 2028, Commerzbank also aims for a corresponding payout ratio of 100% - subject to the successful
implementation of the strategy, the macroeconomic environment, and approval by the European Central Bank and the
Finance Agency for the respective share buybacks.
In addition, Commerzbank confirms its financial targets for 2028 as part of its "Momentum" strategy: a net return on
tangible equity of 15%, a cost-income ratio of 50%, a CET 1 ratio of 13.5%, and a net result of EUR4.2bn.
Financial figures at a glance
2025 Q4 2025
in EURm 2025 2024 vs. Q4 Q4 vs. Q4 Q3
2024 2025 2024 2024 2025
(in %) (in %)
Net interest income 8,226 8,331 - 1.3 2,049 2,080 - 1.5 2,044
Net commission income 4,029 3,762 + 7.1 1,029 976 + 5.4 985
Net fair value result^1 14 - 170 74 47 + 56.1 - 35
Other income - 98 - 817 + 88.0 - 11 - 148 + 92.6 - 55
Total revenues 12,171 11,106 + 9.6 3,141 2,956 + 6.3 2,939
Revenues excl. 12,283 11,160 + 10.1 3,132 2,874 + 9.0 2,940
exceptional items
Risk result - 722 - 743 + 2.9 - 207 - 214 + 3.1 - 215
Operating expenses 6,666 6,244 + 6.8 1,809 1,693 + 6.8 1,624
Compulsory contributions 274 283 - 3.1 59 53 + 11.2 53
Operating result 4,509 3,837 + 17.5 1,067 996 + 7.2 1,047
Restructuring expenses 562 3 9 20
Pre-tax result 3,947 3,833 + 3.0 1,059 996 + 6.3 1,027
Taxes 1,089 989 + 10.1 259 181 + 42.6 375
Minorities 234 168 + 39.2 63 64 - 2.7 61
Consolidated result^2 2,625 2,677 - 1.9 737 750 - 1.7 591
Cost-income ratio in operating business incl. compulsory 57.0 58.8 59.4 59.1 57.1
contributions (%)
Operating RoTE (%) 13.9 12.3 13.4 12.5 13.0
Net RoTE (%) 8.7 9.2 10.1 10.1 7.8
Net RoTE (%) 10.0 9.2
before restructuring expenses
Net RoE (%) 8.3 8.8 9.6 9.7 7.4
CET 1 ratio (%) 14.7 15.1 14.7 15.1 14.7
Leverage ratio 4.3 4.8 4.3 4.8 4.3
Total assets (EURbn) 590 555 590 555 593
^1 Net income from financial assets and liabilities measured at fair value through profit and loss. ^2 Net result attributable to Commerzbank shareholders.
The figures for the year 2025 presented in this press release are preliminary and unaudited.
The events of the day at a glance:
-- 9.00 a.m. CET: Online conference call for analysts on the financial results with Bettina Orlopp and Carsten Schmitt
("listen-only", in English) -- 10.30 a.m. CET: Hybrid annual press conference for journalists on the 2025 financial figures with Bettina Orlopp
and Carsten Schmitt (in German)
Press contact Svea Junge +49 69 9353-45691 Kathrin Jones +49 69 9353-45687
Investors' contact Ansgar Herkert +49 69 9353-47706 Ute Sandner +49 69 9353-47708
About Commerzbank With its two business segments - Corporate Clients and Private and Small-Business Customers -, Commerzbank, as a full-service bank, offers a comprehensive portfolio of financial services. It is the leading bank in the Corporate Clients Business in Germany and for the German Mittelstand and a strong partner for around 24,000 corporate client groups. Commerzbank transacts approximately 30% of Germany's foreign trade financing. The Bank is present internationally in more than 40 countries in the corporate clients' business - wherever its Mittelstand clients, large corporates, and institutional clients need it. In addition, Commerzbank supports its international clients with a business relationship to Germany, Austria, or Switzerland and companies operating in selected future-oriented industries. With more than EUR400bn assets under management, Commerzbank is also one of the leading banks for private and small-business customers in Germany. Under the brand Commerzbank, it offers a wide range of products and services with an omni-channel approach: online and mobile, via phone or video in the remote advisory centre, and personally in its around 400 branches. Under the brand comdirect, it offers all core services as a digital primary bank 24/7 and, as a performance broker, solutions for saving, investing, and securities trading. Its Polish subsidiary mBank S.A. is an innovative digital bank that serves around 5.9 million private and corporate customers, predominantly in Poland, as well as in the Czech Republic and Slovakia.
Disclaimer This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern inter alia the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management's current plans, expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Such factors include, amongst others, the conditions in the financial markets in Germany, in Europe, in the USA and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, especially due to the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives to improve its business model, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.
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ISIN: DE000CBK1001 Category Code: FR TIDM: CZB LEI Code: 851WYGNLUQLFZBSYGB56 Sequence No.: 417754 EQS News ID: 2274542 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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February 11, 2026 01:04 ET (06:04 GMT)
