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Commerzbank Earnings: Net Interest Income Continues to Shine

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No-moat Commerzbank CBK started the year well with a return on tangible equity of 8.3% in the first quarter. A low risk result of EUR 68 million in the quarter, or 10 basis points, stood out positively, but also the continued growth in net interest income is a welcome sight after the bank had been suffering from negative interest rates in Europe in recent history. We maintain our EUR 11.60 per share fair value estimate.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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Niklas Kammer

Equity Analyst
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Niklas Kammer, CFA is an equity analyst for Morningstar Holland BV, a wholly owned subsidiary of Morningstar, Inc. He covers European banks.

Before joining Morningstar in 2016, Kammer interned on the equity research team at Rabobank Netherlands and in the corporate finance department at Kempen & Co.

Kammer holds a master’s degree in finance and investments from the Rotterdam School of Management.

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