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Commerzbank AG CBK Stock Quote

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Morningstar‘s Stock Analysis CBK

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Is it the right time to buy or sell?

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Economic Moat


Capital Allocation


Another Good Quarter for Commerzbank; Maintain Fair Value Estimate

Niklas Kammer, CFA Equity Analyst

Analyst Note

| Niklas Kammer, CFA |

No-moat Commerzbank reported another strong quarter in 2022. Revenue increased 30% to EUR 2,422 million, driven primarily by 26% higher net interest income. Higher rates in Poland and Germany are filtering through to Commerzbank's income statement, reversing a headwind, which had weighed on the profitability of the banking group for about a decade now. Operating expenses of EUR 1,425 million versus EUR 1,704 million in the same period a year ago also made a positive contribution. The combination of higher revenue and cost initiatives that have started to bear fruit was evidenced in an operating profit of EUR 746 million compared with just EUR 32 million a year ago. We maintain our EUR 9 per-share fair value estimate.

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Key Statistics CBK

Company Profile CBK

Business Description

Commerzbank operates primarily in Europe. Germany contributes about 70% to total income. The bank operates two business segments: private and small-business customers as well as corporate clients. In its private and small-business segment, the group runs its branch business, a mobile bank with a focus on the Polish market, an online broker, and an asset manager for physical assets. Its corporate client business provides cash management and trade finance solutions to small and medium-size enterprises and large corporates.

Frankfurt, HE, 60261, Germany
T +49 6913620
Industry Banks - Regional
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 38,465

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