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Commerzbank (CBK) investor relations material
Commerzbank JP Morgan European Financials Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.JP Morgan European Financials Conference summary21 Nov, 2025
Strategic direction and economic outlook
Management is unified in executing a growth and transformation strategy targeting 2028, with a focus on the German economy and customer-centric growth.
The German stimulus package is expected to drive 1.2% GDP growth in 2025, with 0.8% attributed to the stimulus, positively impacting business.
Loan growth, especially in the corporate segment, is strong and expected to continue, supported by public sector demand and stimulus effects.
The bank is prepared for increased deposit competition and has strategies in place to manage liquidity and funding needs.
No major credit risk concerns are anticipated, with asset quality expected to remain stable through 2028.
Financial performance and guidance
Net interest income (NII) guidance was upgraded to €8.2bn for 2024 and €8.4bn for 2025, with structural changes expected to support further growth through 2028.
Lending margins remain stable or slightly positive in both mortgage and corporate segments, despite a competitive environment.
Deposit campaigns have been successful, with a focus on attracting sticky customer relationships and maintaining a 43% beta in Q4.
Fee income is growing at a 7% CAGR, driven by advisory model changes, new fee structures, and increased client activity.
Net fair value results are expected to normalize to €500m in 2025, with customer-driven business as the main contributor.
Operational efficiency and transformation
Cost-income ratio is forecast to improve from 57% in 2024 to 50% by 2028, with cost management focused on operational transformation and nearshoring.
Branch network has been reduced from over 1,000 to 400, shifting towards advisory hubs and digital channels.
Staff restructuring is being managed in a socially responsible way, with negotiated agreements in place.
How does structural hedge prudence impact NII?
Detail cost/income ratio path to 50% by '28.
Stimulus impact on fee income beyond lending?
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Next Commerzbank earnings date
Q4 202511 Feb, 2026
Next Commerzbank earnings date
Q4 202511 Feb, 2026
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Commerzbank AG, provides banking and capital market services to private and small business customers, multinational groups, financial service providers, and institutional clients worldwide. The Company operates in Retail Banking, Private Clients and Corporate Clients segments. The company offers accounts, credit cards, loans, investment and finance products, trade services, insurances and e-banking solutions. It also provides brokerage and custody services; global transaction banking services, such as cash management transactions; and risk management solutions.
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