Commerzbank (CBK) Q2 2026 earnings summary

Executive summary

• Achieved record H1 2026 results with revenues of €6.52bn (+7% YoY) and net result of €1.81bn (+40% YoY), confirming full-year outlook and Momentum 2030 strategic targets, with strong capital position (CET1 ratio 14.4%) and cost-income ratio improved to 53%.

• Operating result grew 14% to €2.73bn, driven by strong customer business and efficiency gains from AI adoption.

• Management reaffirmed commitment to capital return, with €1.2bn share buyback approved and 100% payout policy until CET1 target of 13.5% is reached.

• Strategic focus on executing Momentum 2030, leveraging AI for efficiency, and maintaining leadership in core client segments.

• Ongoing constructive discussions with UniCredit following their acquisition of nearly 50% voting rights; limited take-up of tender offer.

Financial highlights

• H1 2026 revenues: €6.52bn (+7% YoY); operating result: €2.73bn (+14% YoY); net result: €1.81bn (+39.6% YoY); cost-income ratio improved to 53%.

• Net interest income stable at €4.11bn; net commission income up 8.1% YoY to €2.18bn, driven by securities and payments.

• CET1 ratio at 14.4% after capital distribution, with a 409bp buffer to MDA.

• Net return on tangible equity (RoTE): 12.6% in H1; quarterly RoTE at 12.5%.

• Loan growth in Corporate Clients: €17bn (+16% YoY), with €8bn in H1 2026.

Outlook and guidance

• 2026 outlook confirmed: revenues €13.2bn, NII ~€8.6bn, NCI ~€4.3bn, risk result ~€850m, costs ~€7.0bn, CIR ~53%, net result ≥€3.4bn, CET1 ratio >14%, RoTE ~12%.

• 100% payout policy until CET1 target of 13.5% is reached; payout ratio of 100% after AT1 coupon payments.

• Momentum 2030 targets: RoTE 17% by 2028, 21% by 2030; cost-income ratio to improve to 43%.

• CET1 ratio expected above 14% at year-end.