commerzbank figures, facts, targets INVESTOR relations 3rd quarter 2002 core capital ratio and risk-weighted assets 220, ,606 6.

Transcription

1 commerzbank figures, facts, targets INVESTOR relations 3rd quarter 2002 core capital ratio and risk-weighted assets 187, , , , Risk-weighted assets (euro m) Core capital ratio (%, incl. market-risk position)

2 Commerzbank AG Corporate Communications Department D Frankfurt am Main Investor Relations Jürgen Ackermann Simone Nuxoll Dr. Ingolf Hegner Evelyn Noll (Secr.) Telephone Telefax Regulated by FSA for the Conduct of Investment Business in the UK This publication appears four times a year to accompany the quarterly results and the annual financial statements. This presentation can also be found on Commerzbank s web site, in German and English. German: Investor Relations Präsentationen English: www. commerzbank.com Investor Relations Presentations Completed on November 12, 2002

3 commerzbank figures, facts, targets Commerzbank s strategic emphasis Branch structure of Commerzbank AG 4 Structure of Commerzbank Group 5 Breakdown of net commission income Trading profit 15 Operating expenditure Development of provisioning 16 Content Two double pillars comprising sales and production Results of the Parent Bank and of the major subsidiaries 6 Commerzbank s 361,000 shareholders Equity and market capitalization 7 Performance of the Commerzbank share Trading volume of the Commerzbank share 8 Business volume Claims on customers 9 Retail Banking: Rating of credit limits Corporate Banking: Rating of credit limits 10 Breakdown of assets Breakdown of liabilities and shareholders equity 11 Shareholdings in the non-financial sector Assets under management 12 Commerzbank Group s equity Risk-weighted assets and capital ratios 13 Income statement Net interest income 14 Provision for possible loan losses Overall provision for risks 17 Loan loss provisions by banking departments and coverage ratio Pre-tax quarterly profit 18 Geographical breakdown of Commerzbank Group s pre-tax profit Geographical breakdown of key data 19 Breakdown of results, by banking department 20 Key figures, by banking department Development of individual banking departments 21 Corporate banking in Germany Private client business 22 Expansion of customer base at comdirect bank Five-point-program to raise efficiency 23 Equity ratios, according to BIS Profitability ratios 24 Key figures of the Commerzbank share Basic Commerzbank data 25 All figures if not stated otherwise according to IAS 3

4 Commerzbank s strategic emphasis to be the efficient provider of financial services for demanding private customers in Germany to become the number one bank for the successful German Mittelstand and the creative relationship bank for major corporates and institutions in Europe as well as multinationals from alle over the world to integrate our investment and corporate banking activities more strongly to concentrate our range of products to allocate equity capital to reflect the growth potential of business areas to reduce strategically unnecessary shareholdings Branch structure of Commerzbank AG as of : 924 offices 20 as of : 746 offices in future: 727 offices Main branches 92* 75 Regional branches ** 632 Branch offices *) of which: 89 regional distribution units for corporate customer business **) of which: 88 local sales offices for corporate customer business 4

5 Structure of Commerzbank Group BOARD OF MANAGING DIRECTORS Corporate divisions Group Management Retail Banking and Asset Management Corporate and Investment Banking Services Staff departments Banking departments Service departments Accounting and Taxes Compliance and Security Credit Risk Management Financial Controlling Group Treasury Corporate Communications and Economic Research Human Resources Asset Management Credit Operations Private Customers Private Banking Retail Banking Corporate Banking Financial Institutions Real Estate Global Credit Operations Multinational Corporates Securities Global Operations Investment Banking IT Development IT Investment Banking IT Production IT Support Organization Transaction Banking Internal Auditing Legal Services Risk Control Strategy and Controlling Domestic and foreign branch network Cooperation in bancassurance area Group companies and major holdings EUROHYPO AG Hypothekenbank in Essen AG Erste Europäische Pfandbrief- und Kommunalkreditbank AG Korea Exchange Bank ComInvest Asset Management GmbH ADIG Investment Luxemburg S.A. AFINA Bufete de Socios Financieros, S.A. Caisse Centrale de Reéscompte, S.A. Commerzbank Europe (Ireland) Commerzbank (South East Asia) Ltd. Hispano Commerzbank (Gibraltar) Ltd. Commerzbank International S.A. Commerzbank (Switzerland) Ltd Jupiter International Group plc Montgomery Asset Management, LLC SKARBIEC TFI S.A. comdirect bank AG CFM Commerz Finanz Management GmbH COMMERZ PARTNER Beratungsgesellschaft für Vorsorge- und Finanzprodukte mbh Commerz Service GmbH BRE Bank SA Commerzbank (Budapest) Rt. Commerzbank (Eurasija) SAO Commerzbank International (Ireland) Commerzbank (Nederland) N.V. Commerzbank (East Asia) Ltd. P.T. Bank Finconesia Banque Marocaine du Commerce Extérieur Unibanco União de Bancos Brasileiros S.A. Commerz Grundbesitzgesellschaft mbh CommerzLeasing und Immobilien AG CBG Commerz Beteiligungsgesellschaft Holding mbh Commerzbank Capital Markets Corp. Commerzbank Capital Markets (Eastern Europe) a.s. Commerz Securities (Japan) Co. Ltd. Commerz NetBusiness AG pdv.com Beratungs- GmbH SOLTRX Solutions for financial business GmbH TC Trust Center AG Commerz Futures, LLC as of September

6 Two double pillars comprising sales and production Division I Division II Retail Banking Asset Management Corporate Banking and Institutions Investment Banking Emphasis on sales Emphasis on products Emphasis on sales Emphasis on products Service/products Asset Management products Relationship/ product solutions Capital-market products Synergy effects Results of the Parent Bank and of the major subsidiaries Balance-sheet total Pre-tax profit in h m ) ) Commerzbank AG 320, , ) -14 comdirect bank 1) 2, CommerzLeasing und Immobilien AG 1,330 1, Hypothekenbank in Essen AG 74,316 71, Caisse Centrale de Réescompte, S.A. 5,751 5, COMINVEST Asset Management GmbH ADIG Investment Luxembourg S.A Commerzbank Europe (Ireland) Unltd. 5,550 6, Commerzbank International S.A. 14,384 14, Commerzbank (Switzerland) Ltd Jupiter International Group PLC BRE Bank SA 5,767 7, Figures in the consolidated results based on IAS. Individual company results differ in some cases, due to presentation based on German Commercial Code (HGB), or other national code; 1) figures not available at time of completion; 2) incl. IAS 39 effects; 3) excl. IAS 39 effects; 4) including profit from deconsolidation of Rheinhyp 6

7 Commerzbank s 361,000 shareholders Abroad Germany Private investors 4% 14% Institutional investors Generali 9.9% 5.5% WCM SCH 3.7% Mediobanca 1.6% 10.4% Munich Re IntesaBci 0.8% Institutional investors 15.5% 34.6% Private investors as of Equity and market capitalization Commerzbank Group, in h bn Equity Market capitalization

8 Performance of the Commerzbank share Month-end figures, January 1999 = Commerzbank share price DJ Euro Stoxx banks CDAX (banks) 20 1) KGV *) until September 30, ) at year-end (calculated on the basis of net income per share) * Trading volume of the Commerzbank share in e bn On , the Commerzbank share had an index weighting of 0.96% in the DAX index and 1.01% in the DJ Euro Stoxx Banks. I II III IV I II III

9 Business volume and claims on customers Commerzbank Group, in h bn Business volume Claims on customers Claims on customers Commerzbank Group Corporate and retail customers Public authorities Corporate customers Retail customers Public authorities *) 0.5% effects of measuring hedged items Domestic Foreign t 184.3bn 22.4% 2.3% 24.8% 25.5% 25.0% t203.5bn 23.2% 3.1% 27.0% 22.7% 24.0% t224.8bn 26.3% 3.4% 26.1% 22.3% 21.9% t220.3bn * 29.1% 3.7% 28.3% 22.5% 15.9% 9

10 Retail Banking (Germany): Rating of agreed credit lines* in % as of as of Credit rating *) before securities pledged Corporate Banking (Germany): Rating of agreed credit lines* in % as of as of Credit rating *) before securities pledged 10

11 Breakdown of assets Commerzbank Group, in h m Balance-sheet total Liquid funds Claims on banks Claims on customers (after provisioning) Assets held for dealing purposes/ financial investments 3,713 59, , , , ,312 7,632 63, , ,281 Other assets 9,883 15, Breakdown of liabilities and shareholders equity Commerzbank Group, in h m Balance-sheet total 501, , ,086 Liabilities to banks Liabilities to other creditors Securitized liabilities Liable funds Other liabilities 110,995 99, ,753 19,392 89, , ,670 23,628 61,

12 Commerzbank s shareholdings in the non-financial sector (5% of capital and above) as of Alno AG Pfullendorf/Baden Buderus AG Wetzlar Heidelberger Druckmaschinen AG Heidelberg Holsten-Brauerei AG Hamburg 29.3% 5* 10.5% 2) 131* 10.0% 1) 248* 7.2% 2) 19* Linde AG Wiesbaden MAN AG Munich Neschen AG Bückeburg 10.0% 437* 6.8% 1) 132* 6.8% 1* 1) held indirectly and directly 2) held indirectly *) market price of Commerzbank s holding on in h m Assets under management in 7 bn, as of total: h 106.9bn 27.8 Germany France United Kingdom USA Other units Adig Group Commerzinvest CCR Group Jupiter Group Private Asset Management Montgomery Group CAM Asia Pacific CICM Dublin Other units 12

13 Commerzbank Group s equity (BIS) as of Supplementary capital h8.035bn Tier III funds h0.626bn Core capital h11.889bn Risk-weighted assets and capital ratios (as defined by BIS) Commerzbank Group, in h m Risk-weighted assets 195, ,002 Capital charge for market risks 8,163 10,950 Items to be risk-weighted 203, ,952 Elements of equity for supervision purposes Core capital 12,187 11,889 Eligible own funds 20,898 20,550 Capital ratios for supervision purposes in % Core capital ratio* Equity capital ratio *) excluding market risks 13

14 Major items from Commerzbank Group s income statement Change in h m in h m in h m in % Net interest income after provisioning 1,457 2, Net commission income 1,630 1, Trading profit Net result on investments and securities portfolio Other operating result Operating expenses 3,935 4, Pre-tax profit Taxes on income After-tax profit Profit/loss attributable to minority interests Net loss/profit Net interest income Commerzbank Group, in h m 3,207 3,516 3,581 2,518 2,831 2,693 2,654 2,455 2,122 Net interest income before provisioning Loan-loss provisions Net interest income after provisioning -8.8% 1, % %

15 Breakdown of net commission income Commerzbank Group, in h m 2,724 2,193 1,329 2,267 Securities business 1, ,630 Asset Management Foreign commercial business and payments transactions Guarantees Income from syndicated business Other commissions generated abroad % 35.8% 32.0% 38.6% 37.8% Trading profit Commerzbank Group, in h m , Share trading Foreign-exchange business Trading in interest-rate risks Derivative financial instruments

16 Operating expenditure Commerzbank Group, in h m 4,476 5,477 5,855 3,935 3,007 3,066 2,403 1,674 1,970 2,216 2,328 2, % Personnel expenses 1,606 1, % Other expenses Depreciation on fixed and intangible assets % Development of provisioning Commerzbank Group, in h m As of January 1 5,658 5,946 Allocations Deductions utilized written back Changes in the list of consolidated companies (RHEINHYP) -550 Changes in foreign-exchange rates 5 2 As of September 30 5,926 5,825 16

17 Commerzbank Group s provision for possible loan losses Value adjustments and loan losses (excl. country risks) provisioning ratio 1) write-off ratio 2) ) Net provision for risks as a ratio of average commercial loan portfolio, with value adjustments deducted; 2) Write-offs as a percentage of average commercial loan portfolio Overall provision for risks Commerzbank Group, in h m Individual value adjustments 5,104 4,907 Country value adjustments General value adjustments Provisioning for balance-sheet items 5,648 5,449 provisions in lending business Total 5,946 5,825 17

18 Loan loss provisions by banking departments and coverage ratio in euro m in euro bn % 101% Retail banking Corporates and institutions Mortgage banks Total /01 09/02 non performing loans Q1/02 Q2/02 Q3/02 risk reserves cover ratio Pre-tax quarterly profit Commerzbank Group,in h m * 338* I II III IV I II III IV I II III IV I II III -362* *) excluding IPO of comdirect bank AG 18

19 Geographical breakdown of Commerzbank Group s pre-tax profit , in h m Germany Europe America Asia Africa Consoli- Total (excl. D) dation Net interest income after provisioning ,457 Net commission income 1, ,630 Net result on hedge accounting Trading profit Net result on investments and securities portfolio Other operating result Operating expenses 2, ,935 Profit from ordinary activities 2002* Profit from ordinary activities 2001* *) Q3 Geographical breakdown of key data Commerzbank Group, December 31, 2001, in h m Germany Europe America Asia Africa Consoli- Total (excl. D) dation Pre-tax profit Net income Risk-weighted assets 1) 133,048 39,959 16,560 5, ,443 Balance-sheet total 382, ,845 49,515 16, , ,312 Staff 31,498 6, ,481 1) excl. market risks 19

20 Breakdown of results, by banking department Commerzbank Group, , in h m Retail Asset Corp- Secu- Treasury Mort- Others/ Total Banking Manage- porate rities gage Consoliment Banking Banking dation and Institutions Net interest income , ,455 Provisions for possible loan losses Net interest income after provisioning ,457 Net commission income ,630 Net result on hedge accounting Trading profit Net result on investments and securities portfolio Other operating result Operating expenses 1, ,935 Profit from ordinary activities before restructuring expenses Restructuring expenses Profit from ordinary activities after restructuring expenses Taxes on income After-tax profit Profit/loss attributable to minority interest Net profit Profit contribution from business passed on Result based on internal accounting

21 Key figures, by banking department Commerzbank Group, , in h m Retail Asset Corp- Secu- Treasury Mort- Others/ Total Banking Manage- porate rities gage Consoliment Banking Banking dation and Institutions Average equity tied up 1, ,154 1, , ,133 Return on equity 1) 2.3% 2.1% 9.3% -9.8% 53.0% 7.0%. -0.7%* Cost/income ratio 87.3% 145.4% 42.7% 154.8% 45.8% 25.0%. 78.5% Staff (average) 12,695 2,222 9,628 1, ,103 37,250 1) annualized; *) before goodwill 0.4% Development of individual banking departments pre-tax profit per quarter (in h m) Corporate customers and institutions Treasury Retail banking Securities Asset management Mortgage banking

22 Corporate banking in Germany Number Percentage with Commerzbank Department responsible 133,100 3, h5bn sales p.a. 100% MNC h250m h5bn sales p.a. Major customers h2.5m sales p.a. h250m sales p.a. SMEs 75% 38% , Multinational Corporates Corporate Banking Commerzbank AG: Private client business at year-end Private clients 3,490,700 3,596,700 3,754,600 3,925,800 ** Number of custody accounts 1,070,300 1,165,100 1,397,200 1,312,000 Market value of all custody accounts* (in h bn) *) incl. German and foreign banks and investment companies; **) incl. TUI Card customers 22

23 Expansion of customer base at comdirect bank 577, , , , , ,800 of which: directbrokerage customers 277, , , , ,600 61, Five-point-program to boost efficiency Cost-cutting offensive Implementation better than planned Earnings boost through CB 21 Roughly 40% of original plan achievable by 2003 Loan-portfolio check Possible problem credits identified and measures adopted for eliminating them Pricing offensive First positive effects; special terms and conditions cancelled Changes in structure and personnel Several new recruitments for key positions 23

24 Equity ratios, according to BIS in % core capital ratio, excl. market-risk position core capital ratio, incl. market-risk position own funds ratio Profitability ratios in % cost/income ratio ROE ROE (before goodwill amortization)

25 Key figures per Commerzbank share in h Pre-tax profit Net income Dividend** * 2001 *) excluding comdirect IPO/dividend including h0.20 bonus; **) excluding tax credit Basic Commerzbank data year-end figures Commerzbank Group Branches 1,052 1,064 1, Customers 4.21 m 5.20 m 5.70 m 6.00 m Employees 32,593 34,870 39,044 39,481 of whom: in Germany 28,719 30,557 31,716 31,899 abroad 3,874 4,313 7,328 7,582 Parent Bank Branches of which: in Germany abroad Employees 28,083 29,190 29,611 30,021 of whom: in Germany 26,189 27,068 27,225 27,469 abroad 1,894 2,122 2,386 2,552 Shares (in millions)* ) dividend-bearing shares 25

26 Notes 26

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28 / ideas ahead /