DGAP-Adhoc

Commerzbank: Preliminary result for first quarter of 2015 - Increase in share capital by as much as 10% through an accelerated bookbuilding procedure

Commerzbank AG / Key word(s): Capital Increase/Preliminary Results

27.04.2015 17:52

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In the first quarter of 2015 Commerzbank has, on the basis of preliminary
figures, more than doubled its operating profit to EUR 685 million (Q1
2014: EUR 324 million). The improvement was seen largely in the Core Bank
but also in the Non-Core Assets segment. Negative burdens from the
recognition of the European bank levy for the fiscal year 2015 as well as
an impairment on HETA exposure have been compensated in the core bank by
positive one-off effects and in NCA by positive valuation effects

The revenues before loan loss provisions increased to EUR 2.8 billion (Q1
2014: EUR 2.3 billion). The primary reasons for the positive deviation in
the results from market expectations are revenues from customer and capital
market transactions of a comparable size, positive valuation effects and
positive one-off effects.

The loan loss provisions decreased compared to the same period in the
previous year to EUR 158 million (Q1 2014: EUR 238 million). The operating
expenses increased slightly to approximately EUR 1.9 billion (Q1 2014:
approximately EUR 1.7 billion). The net profit improved to EUR 366 million
(Q1 2014: EUR 200 million).

The successful portfolio run-down in the Commercial Real Estate (CRE) and
Ships Finance divisions has been continued since the previous quarter,
despite negative foreign exchange effects to the amount of EUR 1.4 billion,
with a reduction of EUR 2.0 billion to approximately EUR 30.1 billion as at
the end of the first quarter of 2015. On the basis of preliminary figures
the CET 1 capital ratio with full application of Basel 3 - including the
interim profit of the first quarter 2015 and a dividend accrual to the
amount of EUR 57 million - improved in the first quarter of 2015 to 9.5%
(end of December 2014: 9.3%). The leverage ratio increased as at the end of
March 2015 increased to 3.7% (end of December 2014: 3.6%).