/ commerzbank. figures, facts, targets / INVESTOR relations. 1st quarter Staff and operating expenses. Commerzbank Group 40,391 40,067 39,481

Transcription

1 / commerzbank figures, facts, targets / INVESTOR relations 1st quarter 2002 Staff and operating expenses Commerzbank Group 39,463 40,067 40,391 39,481 1,479 1,487 38,665 1,459 1,430 1,398 Staff (end-quarter figures) Operating expenses in euro m

2 / commerzbank figures, facts, targets / The six basic strategic goals 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 Appropriation of profit 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 departments 20 Key figures by banking departments Corporate banking in Germany 21 Private client business Expansion of customer base at comdirect bank 22 Five-point-program to raise efficiency CB 21: A focused strategy 23 CB 21: Retail Banking and Asset Management CB 21: Corporate and Investment Banking 24 Commerzbank Group s cost cutting offensive Key figures of the Commerzbank share 25 Basic Commerzbank data 26 All figures if not stated otherwise according to IAS 3

3 Commerzbank s six basic strategic goals to consolidate the Bank s position as a European integrated financial institution to achieve a stronger position in selected investment-banking products to realize broader and more intesive cooperation with Generali to become market leader in e-commerce banking to develop the Bank s international business beyond Europe s borders to allocate equity capital to reflect the growth potential of business areas Branch structure of Commerzbank AG as of : 924 offices 20 as of : 789 offices in future: 727 offices Main branches 102* 75 Regional branches ** 632 Branch offices *) of which: 90 regional distribution units for corporate customer business **) of which: 71 local sales offices for corporate customer business 4

4 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 Corporate Communications and Economic Research Credit Risk Management Human Resources Asset Management Credit Operations Domestic Private Customers Retail Banking Corporate Banking Financial Institutions Real Estate Global Credit Operations Multinational Corporates Securities Treasury and Financial Products 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 RHEINHYP Rheinische Hypothekenbank AG Hypothekenbank in Essen AG Erste Europäische Pfandbrief- und Kommunalkreditbank AG Korea Exchange Bank ADIG Allgemeine Deutsche Investment-Gesellschaft mbh Commerz Asset Managers GmbH Commerzbank Investment Management GmbH ADIG-Investment Luxemburg S.A. Caisse Centrale de Réescompte, S.A. Commerzbank Asset Management Italia S.p.A. Commerzbank Europe (Ireland) Commerzbank International S.A. Commerzbank (South East Asia) Ltd. Commerzbank (Switzerland) Ltd Hispano Commerzbank (Gibraltar) Ltd. Jupiter International Group PLC Montgomery Asset Management, LLC comdirect bank AG CFM Commerz Finanz Management GmbH 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 TC Trust Center AG Commerz Futures, LLC as of January

5 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 315, , ,644 comdirect bank* 2,969 2, Commerz Grundbesitz-Investmentgesellschaft mbh CommerzLeasing und Immobilien AG* 1,236 1, Hypothekenbank in Essen AG 71,436 58, RHEINHYP AG 81,162 72, Caisse Centrale de Réescompte, S.A. 5,800 4, ADIG Allgemeine Deutsche Investment-GmbH ADIG Investment Luxembourg S.A Commerzbank Europe (Ireland) Unltd. 6,359 5, Commerzbank International S.A. 14,037 12, Commerzbank (Switzerland) Ltd Jupiter International Group PLC* BRE Bank SA 7,053 4, 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; *) sub-group 6

6 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 Intesa 0.8% Institutional investors 15.5% 34.6% Private investors as of Equity and market capitalization Commerzbank Group, in h bn Equity Market capitalization

7 Performance of the Commerzbank share Month-end figures, January 1999 = Commerzbank share price DJ Euro Stoxx banks 80 CDAX (banks) 60 1) KGV *) until April 26, ) 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 1.57% in the DAX index and 1.52% in the DJ Euro Stoxx Banks. I II III IV I

8 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

9 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

10 Breakdown of assets Commerzbank Group, in h m Balance-sheet total 502,212 3,300 66,219 7,632 63, ,312 Liquid funds Claims on banks Claims on customers (after provisioning) Assets held for dealing purposes/ financial investments 218, , , ,281 Other assets 16,504 15, Breakdown of liabilities and shareholders equity Commerzbank Group, in h m Balance-sheet total 502, , , ,086 Liabilities to banks Liabilities to other creditors Securitized liabilities Liable funds Other liabilities 112, ,544 23,820 59, , ,670 23,628 61,

11 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% 4* 10.5% 175* 9.9% 1) 419* 7.2% 2) 18* Linde AG Wiesbaden MAN AG Munich Neschen AG Bückeburg Sachsenring Automobiltechnik AG Zwickau 10.0% 629* 6.5% 2) 269* 6.8% 2* 9.99% 2) 3* 1) held indirectly and directly 2) held indirectly *) market price of Commerzbank s holding on in h m Assets under management in e bn, as of total: h 127.8bn Germany 19.1 France Great Britain USA Other units Adig Group Commerzinvest Asset Private Management CCR Group Jupiter Group Montgomery Group CICM Dublin Other units 12

12 Commerzbank Group s equity (BIS) as of Supplementary capital h8.467bn Tier III funds h0.500bn Minority interests h1.148bn Core capital h11.133bn Risk-weighted assets and capital ratios (as defined by BIS) Commerzbank Group, in h m Risk-weighted assets 195, ,719 Capital charge for market risks 8,163 8,750 Items to be risk-weighted 203, ,469 Elements of equity for supervision purposes Core capital 12,187 12,281 Eligible own funds 20,898 21,248 Capital ratios for supervision purposes in % Core capital ratio* Equity capital ratio *) excluding market risks 13

13 Major items from Commerzbank Group s income statement Change in h m in h m in h m in % Net interest after provisions Net commission income Trading profit Net result on investments and securities portfolio Other operating result Operating expenses 1,430 1, Pre-tax profit Taxes on income After-tax profit Minority interest Net profit Net interest income Commerzbank Group, in h m 3,207 3,516 3,581 2,518 2,831 2,654 Net interest income before provisioning Loan-loss provisions Net interest income after provisions % % %

14 Breakdown of net commission income Commerzbank Group, in h m 2,724 2,193 2,267 1,329 1, Securities business Asset Management Payments transactions Guarantees Income from syndicated business Other commissions generated abroad % 35.8% 32.0% 38.6% 33.7% Trading profit Commerzbank Group, in h m , Share trading Foreign-exchange business Trading in interest-rate risks Derivative financial instruments

15 Operating expenditure Commerzbank Group, in h m 4,476 5,477 5,855 1,398 3,007 3,066 2,403 1,674 1,970 2,216 Personnel expenses 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 foreign-exchange rates As of March 31 5,747 6,117 16

16 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 5,218 Country value adjustments General value adjustments Provisioning for balance-sheet items 5,648 5,768 provisions in lending business Total ,117 17

17 Appropriation of Commerzbank Group s profit in h m Parent company dividends Minority interests Retained earnings Taxes Pre-tax quarterly profit Commerzbank Group,in h m * * I II III IV I II III IV I II III IV I -362* *) excluding IPO of comdirect bank AG 18

18 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 Net commission income Net result on hedge accounting Trading profit Net result on investments and securities portfolio Other operating result Operating expenses 1, ,398 Profit from ordinary activities 2002* Profit from ordinary activities 2001* *) 1st quarter 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

19 Breakdown of results, by banking departments Commerzbank Group, , in h m Retail Asset Corp- Secu- Treasury Mort- Others/ Total Banking Manage- porate rities and gage Consoliment Banking Financial Banking dation and Insti- Products tutions Net interest income Provisions for possible loan losses Net interest income after provisioning Net commission income Net result on hedge accounting Trading profit Net result on investments and securities portfolio Other operating result Operating expenses ,398 Profit from ordinary activities 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

20 Key figures by banking departments Commerzbank Group, , in h m Retail Asset Corp- Secu- Treasury Mort- Others/ Total Banking Manage- porate rities and gage Consoliment Banking Financial Banking dation and Insti- Products tutions Average equity tied up 1, ,332 1, , ,376 Return on equity 1) 3.6% 12.2% 10.9% -2.9% 44.2% 20.2%. 2.5% Cost/income ratio 90.7% 137.8% 45.8% 114.7% 51.0% 18.0%. 77.5% Staff (average) 13,051 2,238 9,747 1, ,006 9,923 37,547 1) annualized Corporate banking in Germany Number Percentage with Commerzbank Department responsible 127,300 3, h5bn sales p.a. 100% MNC h250bn h5bn sales p.a. Major customers h2.5m sales p.a. h250m sales p.a. SMEs 75% 38% , Relationship Management Corporate Banking 21

21 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 Expansion of customer base at comdirect bank 577, , , , , , ,100 of which: directbrokerage customers 226, , , ,600 61,

22 Five-point-program to raise efficiency Cost-cutting offensive Earnings boost through CB 21 Loan-portfolio check Price offensive Changes in structure and personnel A focused strategy: CB 21 Commerzbank in the 21st century Our goals: 1. Market-oriented approach in all banking departments 2. Permanent rise in profitability to provide the basis for an increase in shareholder value Our approach: 1. Concentration on core competencies, i.e. what we do best 2. Exploring business potential through close contact with customers and integration 3. Achieving critical mass in all market segments 4. Investment in new technologies to meet customer demand around the clock, with high quality and at reasonable cost 23

23 CB 21: Retail Banking and Asset Management Data-based marketing as key ingredient for success The fully-integrated and closed marketing and distribution system already established in retail banking has been successfully applied to private banking as well Further plans with Generali group: a new dimension of bancassurance Sharing of customer bases in Germany Additional cooperation abroad Asset management remains a core activity Extension of our strong domestic position to targeted European countries Private banking a growth area Expansion of our palette of products and services, with a focus on securities investments and real estate in Germany and abroad CB 21: Corporate and Investment Banking Consolidation of our market position in Germany The competitive advantage of long-term customer relationships in corporate banking enhances business potential in investment banking Securities business successfully positioned Operative presence established in key financial centres, starting with equities Integration of fixed income and M&A Corporate finance and forex-activities now being integrated into this global platform Linkage of corporate and investment banking In line with our intention to become Germany s leading bank for SME s, we are simultaneously extending the distribution of investment banking and asset management products in our branches Business with multinationals worldwide Multinationals are served by relationship managers with global sector know-how 24

24 Commerzbank Group's cost-cutting offensive Significant reductions in personnel and other operating costs The following measures are being realized: h110m cut in IT project volume h100m cut in communications budget h150m cut in consulting and other non-personnel costs Shedding of 3,400 jobs by ,700 currently unfilled positions to be cancelled Operating expenses are to be reduced to their 2000 level next year (h5.5bn). 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 25

25 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 26

26 / ideas ahead /