Analyst Conference Preliminary figures 2005 February 15, 2006 Dr. Eric Strutz Chief Financial Officer
Highlights of 2005 Q4 `05 vs Q4 `04 FY 2005 vs 2004 Operating profit, 466 2.8 fold 1,717 +70% Net profit, 333 3.6 fold 1,165 3.2 fold Net ROE, in % 13.4 1 +9.4pps 12.4 +8.4pps CIR, in % 73.0-3.8pps 67.1-3.8pps 1 annualized 1. Commerzbank produced one of its best-ever operating results 2. Delivered on ROE and CIR targets 3. Increased earnings quality overall 4. Mittelstand, Corporates & Markets and Mortgage Banks ahead of expectations 5. Acquisition of Eurohypo 1/40
Significant quarter-on-quarter increase in net interest income Net interest income 741 806 719 747 721 847 771 833 Strong results of Eurohypo Higher contribution of consolidated companies in FY 2005 Interest spread up by 10 bps to 2.86% +11.5% Weak Treasury result Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Σ 3,013 +5.3% Σ 3,172 2006: Slight increase in net interest income expected (like-for-like) 2/40
Loan loss provisions at lowest level for the last six years Loan loss provisions 1,267 1,084 Net LLP 1 in bps 598 33 822 46 74 66 836 52 566 34 2000 2001 2002 2003 1 as a proportion of total lending Development of loan loss coverage ratio in bn Non-performing loans 0.64 7.72 In excess 7.51 1.22 6.82 1.12 109.0% 119.4% 119.6% LLP 5.51 5.35 5.12 7.08 6.29 5.70 3/40 Country LLP and general provisions Collateral 0.35 0.33 1.86 1.83 2003 2004 2005 0.37 1.33
Strong upward trend in commission income Commission income 597 557 526 570 578 593 599 645 Notable y-o-y increase in security transactions and asset management Strong in syndicated business, especially in Q4 +13.2% Contribution from Mittelstand grew continually throughout the year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Σ 2,250 +7.3% Σ 2,415 2006: Maintaining high commission income level Friendly market environment might give additional boost 4/40
Trading profit: Excellent performance in favourable markets Trading profit 319-5 314 173-42 131-9 6-15 134-31 103 288 262 Σ 539 +31.2% Σ 707 Trading profit Sales & trading Net result on measurement of derivatives and fair value options (IAS 39) -26 2.1 fold -57 11-11 -33 217 217 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 68 228 250 C&M repositioning is paying off Strong client-related business led to more sustainable earnings stream Q4: Trading profit doubled vs Q4 `04 FY 2005: Sales & trading increased by 32% vs 2004 Treasury below last year s level Positive start in 2006 5/40
Revaluation reserves at record level Revaluation reserve in bn 2.0 Major participations of Commerzbank as of Dec 31, 2005 1.3 1.0 1.2 1.6 1.4 1.5 1.8 10% KEB < 10% Linde 1-5% Generali Mediobanca ThyssenKrupp Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sale of Banca Intesa in Q4 equities bonds Possibility of KEB sale in 2006 6/40
Operating costs affected by special charges in Q4 Operating expenses 1,112 1,136 1,086 1,159 1,107 1,088 1,097 97 92 115 98 77 83 82 395 418 436 377 390 386 376 1,370 193 421 Operating costs (excluding special charges) grew less than 1% Other expenses decreased by 3.4% Pro-active reduction of actuarial gap CIR improved to 67.1% 620 626 598 608 653 619 639 756 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Σ 4,493 +3.8% Σ 4,662 Personnel expenses Depreciation on fixed assets Other expenses Higher expenses due to performance-related compensation (as CBK outperformed its targets) Special charges due to revaluation of Asian real estate property of 118m Continuing focus on revenuerelated cost management 7/40
Development of operating expenses 2005 versus 2004 2004 4,493 Cost reduction C&M -151 Revaluation 2005 320 4,662 General performance bonus Additional pension costs LTP / LTI Net effect others 8/40
Steady enhancement of underlying business Operating profit 2.234 1.717 1.011 16.8 9.4 1 559 9.9 441 3.4 192 1.6 4.9 Operating ROE, in % 2000 2001 2002 2003 Net ROE², in % 11.8 0.9-2.6-22.3 4.0 12.4 CIR, in % 65.2 81.1 77.3 73.3 70.9 67.1 1 excluding 1,216m comdirect IPO gains 2 calculated on net profit 9/40
Significant swing in net profit y-o-y Net profit 246 240 395 175 262 333 Strong underlying business, revenue-related cost management and capital management led to high net profit 0.41 0.41 92 0.15 0.66 0.30 0.44 0.53 2005 EPS tripled to 1.93 Dividend of 0.50 per share recommended -0.36 Pay-out ratio of 25%, higher retained earnings due to EHY acquisition -216 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Σ 362 3.2 fold Σ 1,165 Earnings per share in Tax rate 2005: 24.3% 2006: Low tax rate due to EHY 10/40
Achievements We promised... and delivered Net ROE in % 8.0 12.4 Net profit, 750 1,165 Operating profit, 1,250 1,717 and we are slightly ahead of targets Adj. operating profit 1, 1,458 Adj. after-tax profit 1, 906 Adj. net ROE 1, in % 9.6 1 excl. net results on participations and impairments 11/40
Solid capital base and strong Tier I ratio Risk-weighted assets in bn Change in core capital 1,336 12,161 146 148 143 140 141 143 147 150 10,484-331 -186-117 138 837 7.1 7.0 7.2 7.5 7.2 7.0 6.7 8.1 First-time consolidation of KAGs Increased stake in comdirect Increased stake in CB Europe (Ir) Others Retained earnings Capital increase Mar Jun Sep Dec Mar Jun Sep Dec Tier I ratio, in % Dec Dec 2004 Av. equity 2005 10,235m 2005 100% consolidation of EHY as of March 31, 2006: expected Tier I >6.3% 12/40
Substantial increase in Mittelstand, C&M, Mortgage Banks Operating profit Private & Business Customers Asset Management Mittelstand 134 99 81 73 70 69 84 80 49 53 46 36 42 37 17 46 20 18 40 50 23 68 103 103 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 International Corporate Banking 143 115 84 80 67 45 31 45 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Σ 323 Σ 282 Σ 177 Σ 120 Σ 131 Σ 408 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Corporates & Markets Mortgage Banks 149 99 82 86 90 98 93 69 38 47 29 25-38 -39-55 -147 Σ 311 Σ 299 Σ 75 Σ 212 Σ 139 Σ 350 13/40
PBC: Personnel expenses impact operating result Operating profit Abridged P&L Q4 `04 Q4 `05 FY 2004 FY 2005 99-12.7% 81 73 70 69 84 80 49 Interest income 283 294 1,137 1,124 LLP -76-67 -213-205 Commission income 258 262 1,010 1,065 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Σ 323 Σ 282 Other operating income 27 10 40 14 Operating expenses 421 450 1,657 1,719 Operating profit 70 49 323 282 FY 2004 FY 2005 Avg. equity ( m) 1,894 1,891 Operating ROE (%) 17.1 14.9 CIR (%) 75.6 77.9 Equity allocation within Group 18.5% Increased commission income driven by higher sales of securities Operating expenses up by 17m q-o-q due to charges for bonuses and pension payments Improved operating result without reconciliation and personnel effects 14/40
still sound underlying business Development of operating profit 323 ~ -100 ~ 60 282 Reconciliation 1. Treasury prepayments 2. Higher refinancing costs of participations Personnel expenses 3. Higher pension costs 4. Bonuses FY 2004 Reconciliation & personnel expenses Improved operating result FY 2005 Investments 5. Additional investments in 2005 15/40
Asset Management achieved 9% higher commission income in 2005 Operating profit Abridged P&L Q4 `04 Q4 `05 FY 2004 FY 2005-32.2% Commission income 135 170 529 575 Trading profit 2 3 8 9 53 46 36 42 37 46 17 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Σ 177 Σ 120 AfS result 5 8 13 16 Other operating income -1-3 25-4 Operating expenses 100 151 392 466 Operating profit 42 20 177 120 FY 2004 FY 2005 Avg. equity ( m) 558 537 Operating ROE (%) 31.7 22.3 CIR (%) 68.9 79.5 Equity allocation within Group 5.2% Pre-tax profit slightly up by 2m to 120m vs 2004 AuM rose from 94.2bn to 98.3bn y-o-y Asset management units generated higher commission income in Q4 as well as in FY 2005 Higher charges for share option programme (IFRS 2) increased operating expenses 16/40
Mittelstand: Operating profit tripled in 2005 Operating profit 18 40 50 23 3.1 fold 68 103 103 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Σ 131 Σ 408 134 Abridged P&L Q4 `04 Q4 `05 FY 2004 FY 2005 Interest income 304 306 1,152 1,193 LLP -103-57 -555-394 Commission income 99 167 403 568 Trading profit 15 23 43 75 Operating expenses 303 286 998 1,029 Operating profit 23 134 131 408 FY 2004 FY 2005 Avg. equity ( m) 2,663 3,028 Operating ROE (%) 4.9 13.5 CIR (%) 59.3 56.2 Equity allocation within Group 29.6% Operating ROE of 13.5%, higher than forecast Marked decline in risk provisioning Commission income boosted by improved debt and equity business (derivatives) Very satisfying development of BRE Bank back on positive earnings trend 17/40
International Corporate Banking benefits from LLP reversals Operating profit -3.9% 115 84 67 80 143 Abridged P&L Q4 `04 Q4 `05 FY 2004 FY 2005 Interest income 74 88 301 294 LLP 48 87 12 69 45 31 45 Commission income 34 40 155 153 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Avg. equity ( m) 1,337 1,388 Operating ROE (%) 23.3 21.5 CIR (%) 43.6 53.1 Equity allocation within Group Σ 311 Σ 299 FY 2004 FY 2005 13.6% Trading profit 10 5 32 15 Operating expenses 58 73 231 260 Operating profit 115 143 311 299 Strong operating profit driven by reversals (U.S. and Asia) Negative impact by Treasury New York Realignment programme initiated in order to enhance profitability (restructuring expenses of 11m) Concentration on competitive strength (structured lending products and trade finance) Streamlining W-Europe business by centralizing functions 18/40
Very satisfying progress in Corporates & Markets Operating profit 149 99 82 86 Abridged P&L Q4 `04 Q4 `05 FY 2004 FY 2005 Interest income 35 43 190 187 LLP -18 3-29 -3-38 -39-147 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Avg. equity ( m) 2,022 1,818 Operating ROE (%) -3.7 11.7 CIR (%) 105.1 78.7 Equity allocation within Group -55 Σ 75 Σ 212 FY 2004 FY 2005 17.8% Commission income 42 16 152 69 Trading profit 115 217 567 758 Operating expenses 193 187 942 793 Operating profit -39 86-75 212 Improved efficiency: Higher revenues despite lower VaR and headcount Lower commission income due to discontinued business and related revenues Sales-driven trading profit back to strong level Costs down significantly in 2005, entire cost reduction target achieved 19/40
Excellent year for Mortgage Banks Operating profit Abridged P&L Q4 `04 Q4 `05 FY 2004 FY 2005 38 29 25 47 2.5 fold 69 90 98 93 Interest income 88 155 233 528 LLP -36-6 -51-33 Trading profit -32-38 -110-130 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Σ 139 Σ 350 AfS result 52 12 126 73 Operating expenses 19 18 45 48 Operating profit 47 93 139 350 FY 2004 FY 2005 Avg. equity ( m) 1,003 1,007 Operating ROE (%) 13.9 34.8 CIR (%) 19.1 11.1 Equity allocation within Group 9.8% Net interest income more than doubled All units with strong performance Negative trading result offset by AfS result and interest income 20/40
Others & Consolidation: Driven by disposals and impairment Operating profit 153 168 Abridged P&L Q4 `04 Q4 `05 FY 2004 FY 2005 Interest income -38-47 7-144 25 7 Trading profit -8 6-4 -23-81 -70-59 -92 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Σ 5 Σ 46 AfS result 32 193 170 553 Other operating income -16-2 46 12 Operating expenses 65 205 228 347 Operating profit -92-59 5 46 Operating profit in FY `05 at 46m way stronger than last year s 5m Interest income influenced by net financing costs for participation and lower treasury result Banca Intesa sale lifted AfS result by roughly 160m in Q4 Revaluation of Asian real estate property ( 118m) caused surge in operating expenses 21/40
Main benefits of Eurohypo transaction 1. Strong business fit Reinforce Commerzbank s position as the leading German commercial bank Broaden exposure in the recovering German real estate market (No. 1 with market share of 22%) Increasing and more stable earnings 2. Additional shareholder Substantial value value creation Significant EPS and ROE accretion starting in 2006 Growing dividends in following years Benefit from German recovery story Value-enhancing with identified synergies High tax benefits 3. Integration process Integration teams making good progress some projects almost finalized Working on cooperation in credit processing Synergy potential of up to 130m seems feasible No negative surprises 22/40
Milestones of Eurohypo integration 2005 2006 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Increase stake to 49% Complete stock taking Finalize preliminary concept Increase stake to 98.04% Finalize detailed concept Taking stock Kick-off project teams Launch hybrid capital Prepare integration Start integration process Integration of EHY Nov 17, `05 Announcement of acquisition Capital increase Feb 15, `06 Analyst conference: Preliminary figures 2005 Disclosure of schedule for EHY integration May 4, `06 Analyst conference: Q1 figures CBK (based on old segment reporting) Details of integration concept and synergy potential Aug 9, `06 Analyst conference: Q2 figures of combined entity New segment reporting 23/40
Consolidating Eurohypo CBK`s share in EHY capital 31.84% 48.91% 48.91% 48.91% 98.04% 98.04% 2005 2006 98.04% Jan 1 Dec 15 Dec 31 Mar 31 Apr 1 Dec 31 Balance Sheet EHY is measured according to the equity method and is shown under Investments and security portfolio (consolidation at equity) All balance sheet items of EHY are shown in Commerzbank`s consolidated financial statement (fully consolidated) as of March 31(e) 1 P&L 31.8% of EHY s net profit is reflected in CBK s net interest income 48.9% of EHY s net profit is reflected in CBK s net interest income All P&L items of EHY are shown in Commerzbank`s consolidated financial statement (fully consolidated) starting April 1(e) 1 1 timing depending on regulatory approvals 24/40
Capital increase was well received by investors CBK share price performance: Nov 10, 2005 Feb 8, 2006 in EPS 2 in 1.93 30 0.61 0,50 1 28 0,25 26 24 22 20 25/40 Nov 17, 2005 Announcement of acquisition of Eurohypo ABO by CBK with 10% capital increase Offering price 23.50 ABO completed within 2 hours >3 times oversubscribed Nov 17 Dec 15 Dec 31 Feb 8 2005 2006 Dividend per share 1 recommended Shares outstanding in m 598.6 593 656.8 604 Average shares outstanding 2 Calculated on av. number of shares outstanding
Commerzbank s challenges in 2006 1. Market positioning Strengthening position as the leading German commercial bank Playing an active part in consolidating the German banking market 2. 3. Additional Eurohypo shareholder value Strengthening our divisions Completion of acquisition Successful integration Exploring synergy potential on a joint basis Keeping strong momentum in Mittelstand and Corporates & Markets Profitability enhancement in International Corporate Banking 4. Capital management Launching hybrid capital Regaining solid Tier I ratio Rising trend for dividend payout 26/40
Confident for 2006 Net ROE targets 2006e 2005 2004 > 10.0% 4.0% Major step towards our current cost of capital 9.6% 1 Above our current cost of capital Above our long-term cost capital (~10%) 1 excl. participations and impairments 27/40
Appendix 28/40
Financial Calendar 2006 February 27 By March 31 Start of roadshow on hybrid capital Acquisition of 2 nd tranche of Eurohypo May 4 Q1 2006 Telephone Conference May 17 Annual General Meeting August 9 Q2 2006 Conference September 21 Early November Investors Day Q3 2006 Telephone Conference 29/40
Profitability analysis FY 2005 Private & Business Customers Asset Management Mittelstand International Corporate Banking Corporates & Markets Mortgage Banks Others & Consolidation Operating profit ( m) 282 120 408 299 212 350 46 Regulatory capital ( m) 1,891 537 3,028 1,388 1,818 1,007 566 Operating ROE (%) 14.9 22.3 13.5 21.5 11.7 34.8 Economic capital ( m) 1,451 226 2,207 1,104 1,527 1,151 1,806 RoRaC (%) 19.4 53.1 18.5 27.1 13.9 30.4 Avg. RWA* ( bn) 26,8 5,9 40,5 19,8 25,4 14,4 10,8 Avg. lending volume ( bn) 36.4 0.9 42.7 16.1-48.6 Net LLP per lending volume (bps) 56.3 0.0 0.9-0.4-7.0 ** ** Regulatory capital defined as risk-weighted assets in each segment multiplied by 7% target BIS-Tier I ratio plus differences between book value and equity of subsidiaries Economic capital defined as aggregation of credit risk, market risk, operational risk, and business risk, each calculated on appropriate value-at-risk models at 99.95% confidence levels 30/40 * RWA including market-risk position ** without Eurohypo
Commerzbank Group Q1 `04 Q2 `04 Q3 `04 Q4 `04 FY 2004 Q1 `05 Q2 `05 Q3 `05 Q4 `05 FY 2005 Interest income 741 806 719 747 3,013 721 847 771 833 3,172 LLP -238-214 -199-185 -836-198 -177-151 -40-566 Commission income 597 557 526 570 2,250 578 593 599 645 2,415 Hedge result 4-11 14-1 6-12 -5-5 0-22 Trading profit 314 131-9 103 539 262 11 217 217 707 AfS result 54 180 23 82 339 294 84 79 190 647 Other operating income 67 82 35 9 193 3 26 6-9 26 Total revenues 1,539 1,531 1,109 1,325 5,504 1,648 1,379 1,516 1,836 6,379 Operating expenses 1,112 1,136 1,086 1,159 4,493 1,107 1,088 1,097 1,370 4,662 Operating profit 427 395 23 166 1,011 541 291 419 466 1,717 Restructuring expenses 0 0 132 0 132 0 0 0 37 37 Goodwill 20 21 20 22 83 0 0 0 0 0 Pre tax profit 407 374-129 144 796 541 291 419 429 1,680 Average equity 10,207 10,219 10,276 10,330 10,258 10,097 10,073 9,755 11,015 10,235 Operating ROE (in %) 16.7 15.5 0.9 6.4 9.9 21.4 11.6 17.2 16.9 16.8 CIR (in %) 62.6 65.1 83.0 76.8 70.9 60.0 69.9 65.8 73.0 67.1 31/40
Private & Business Customers Q1 `04 Q2 `04 Q3 `04 Q4 `04 FY 2004 Q1 `05 Q2 `05 Q3 `05 Q4 `05 FY 2005 Interest income 284 283 287 283 1,137 274 269 287 294 1,124 LLP -39-46 -52-76 -213-46 -46-46 -67-205 Commission income 272 256 224 258 1,010 264 272 267 262 1,065 Hedge result 0 0 0 0 0 0 0 0 0 0 Trading profit 1 1 0 1 3 1 0 1 1 3 AfS result 2 2 1-2 3 0 0 1-1 0 Other operating income 3 9 1 27 40-3 4 3 10 14 Total revenues 523 505 461 491 1,980 490 499 513 499 2,001 Operating expenses 424 424 388 421 1,657 421 415 433 450 1,719 Operating profit 99 81 73 70 323 69 84 80 49 282 Restructuring expenses 0 0 0 0 0 0 0 0 0 0 Goodwill 0 0 0 0 0 0 0 0 0 0 Pre tax profit 99 81 73 70 323 69 84 80 49 282 Average equity 1,866 1,888 1,910 1,912 1,894 1,882 1,880 1,887 1,915 1,891 Operating ROE (in %) 21.2 17.2 15.3 14.6 17.1 14.7 17.9 17.0 10.2 14.9 CIR (in %) 75.4 77.0 75.6 74.3 75.6 78.5 76.1 77.5 79.5 77.9 32/40
Asset Management Q1 `04 Q2 `04 Q3 `04 Q4 `04 FY 2004 Q1 `05 Q2 `05 Q3 `05 Q4 `05 FY 2005 Interest income -3-2 -3 1-7 4-1 -7-6 -10 LLP 0 0 0 0 0 0 0 0 0 0 Commission income 141 129 124 135 529 127 133 145 170 575 Hedge result 1 0 0 0 1 0 0 1-1 0 Trading profit 2 2 2 2 8 2 3 1 3 9 AfS result 1 6 1 5 13 1 3 4 8 16 Other operating income 7 5 14-1 25-2 -4 5-3 -4 Total revenues 149 140 138 142 569 132 134 149 171 586 Operating expenses 96 94 102 100 392 95 117 103 151 466 Operating profit 53 46 36 42 177 37 17 46 20 120 Restructuring expenses 0 0 0 0 0 0 0 0 0 0 Goodwill 15 15 14 15 59 0 0 0 0 0 Pre tax profit 38 31 22 27 118 37 17 46 20 120 Average equity 576 564 555 537 558 533 513 535 567 537 Operating ROE (in %) 36.8 32.6 25.9 31.3 31.7 27.8 13.3 34.4 14.1 22.3 CIR (in %) 64.4 67.1 73.9 70.4 68.9 72.0 87.3 69.1 88.3 79.5 33/40
Mittelstand Q1 `04 Q2 `04 Q3 `04 Q4 `04 FY 2004 Q1 `05 Q2 `05 Q3 `05 Q4 `05 FY 2005 Interest income 269 296 283 304 1,152 280 307 300 306 1,193 LLP -151-151 -150-103 -555-118 -115-104 -57-394 Commission income 104 92 108 99 403 124 134 143 167 568 Hedge result 0 0 0 0 0 0 0 0 0 0 Trading profit 6 10 12 15 43 15 17 20 23 75 AfS result 3 1-3 0 1 1 2 1-8 -4 Other operating income 20 32 22 11 85 4 2 4-11 -1 Total revenues 251 280 272 326 1,129 306 347 364 420 1,437 Operating expenses 233 240 222 303 998 238 244 261 286 1,029 Operating profit 18 40 50 23 131 68 103 103 134 408 Restructuring expenses 0 0 0 0 0 0 0 0 22 22 Goodwill 2 3 2 3 10 0 0 0 0 0 Pre tax profit 16 37 48 20 121 68 103 103 112 386 Average equity 2,646 2,692 2,660 2,654 2,663 2,945 2,973 3,058 3,136 3,028 Operating ROE (in %) 2.7 5.9 7.5 3.5 4.9 9.2 13.9 13.5 17.1 13.5 CIR (in %) 58.0 55.7 52.6 70.6 59.3 56.1 52.8 55.8 60.0 56.2 34/40
International Corporate Banking Q1 `04 Q2 `04 Q3 `04 Q4 `04 FY 2004 Q1 `05 Q2 `05 Q3 `05 Q4 `05 FY 2005 Interest income 81 84 62 74 301 64 67 75 88 294 LLP -36-5 5 48 12-19 -8 9 87 69 Commission income 37 43 41 34 155 38 40 35 40 153 Hedge result 0 0 0 0 0-2 2 0 5 5 Trading profit 8 4 10 10 32 6-2 6 5 15 AfS result 12 6 3 7 28 6 6 18-9 21 Other operating income 3 9 2 0 14 0 2 0 0 2 Total revenues 105 141 123 173 542 93 107 143 216 559 Operating expenses 60 57 56 58 231 62 62 63 73 260 Operating profit 45 84 67 115 311 31 45 80 143 299 Restructuring expenses 0 0 0 0 0 0 0 0 11 11 Goodwill 0 0 0 0 0 0 0 0 0 0 Pre tax profit 45 84 67 115 311 31 45 80 132 288 Average equity 1,363 1,399 1,318 1,268 1,337 1,251 1,339 1,436 1,526 1,388 Operating ROE (in %) 13.2 24.0 20.3 36.3 23.3 9.9 13.4 22.3 37.5 21.5 CIR (in %) 42.6 39.0 47.5 46.4 43.6 55.4 53.9 47.0 56.6 53.1 35/40
Corporates & Markets Q1 `04 Q2 `04 Q3 `04 Q4 `04 FY 2004 Q1 `05 Q2 `05 Q3 `05 Q4 `05 FY 2005 Interest income 58 47 50 35 190 49 52 43 43 187 LLP -7-7 3-18 -29-7 -1 2 3-3 Commission income 44 34 32 42 152 27 15 11 16 69 Hedge result 0 0 0 0 0 0 0 0-1 -1 Trading profit 310 141 1 115 567 258 77 206 217 758 AfS result 5 2 3-12 -2-1 -4-2 -5-12 Other operating income 0 1-4 -8-11 -2 4 5 0 7 Total revenues 410 218 85 154 867 324 143 265 273 1.005 Operating expenses 261 256 232 193 942 225 198 183 187 793 Operating profit 149-38 -147-39 -75 99-55 82 86 212 Restructuring expenses 0 0 132 0 132 0 0 0 4 4 Goodwill 0 0 0 0 0 0 0 0 0 0 Pre tax profit 149-38 -279-39 -207 99-55 82 82 208 Average equity 1,957 2,093 2,067 1,971 2,022 1,832 1,848 1,783 1,809 1,818 Operating ROE (in %) 30.5-7.3-28.4-7.9-3.7 21.6-11.9 18.4 19.0 11.7 CIR (in %) 62.6 113.8 282.9 112.2 105.1 68.0 137.5 69.6 69.3 78.7 36/40
Mortgage Banks Q1 `04 Q2 `04 Q3 `04 Q4 `04 FY 2004 Q1 `05 Q2 `05 Q3 `05 Q4 `05 FY 2005 Interest income 59 43 43 88 233 96 138 139 155 528 LLP -5-5 -5-36 -51-8 -7-12 -6-33 Commission income -2-4 -3-3 -12-2 -2-3 -5-12 Hedge result 0-6 9 1 4-8 -6-6 -4-24 Trading profit -5-48 -25-32 -110-35 -36-21 -38-130 AfS result -1 58 17 52 126 36 13 12 12 73 Other operating income 0 0-2 -4-6 0 0-1 -3-4 Total revenues 46 38 34 66 184 79 100 108 111 398 Operating expenses 8 9 9 19 45 10 10 10 18 48 Operating profit 38 29 25 47 139 69 90 98 93 350 Restructuring expenses 0 0 0 0 0 0 0 0 0 0 Goodwill 2 2 2 2 8 0 0 0 0 0 Pre tax profit 36 27 23 45 131 69 90 98 93 350 Average equity 1,039 1,003 988 982 1,003 989 993 1,006 1,040 1,007 Operating ROE (in %) 14.6 11.6 10.1 19.1 13.9 27.9 36.3 39.0 35.8 34.8 CIR (in %) 15.7 20.9 23.1 18.6 19.1 11.5 9.3 8.3 15.4 11.1 37/40
Others & Consolidation Q1 `04 Q2 `04 Q3 `04 Q4 `04 FY 2004 Q1 `05 Q2 `05 Q3 `05 Q4 `05 FY 2005 Interest income -7 55-3 -38 7-46 15-66 -47-144 LLP 0 0 0 0 0 0 0 0 0 0 Commission income 1 7 0 5 13 0 1 1-5 -3 Hedge result 3-5 5-2 1-2 -1 0 1-2 Trading profit -8 21-9 -8-4 15-48 4 6-23 AfS result 32 105 1 32 170 251 64 45 193 553 Other operating income 34 26 2-16 46 6 18-10 -2 12 Total revenues 55 209-4 -27 233 224 49-26 146 393 Operating expenses 30 56 77 65 228 56 42 44 205 347 Operating profit 25 153-81 -92 5 168 7-70 -59 46 Restructuring expenses 0 0 0 0 0 0 0 0 0 0 Goodwill 1 1 2 2 6 0 0 0 0 0 Pre tax profit 24 152-83 -94-1 168 7-70 -59 46 Average equity 760 580 778 1,006 781 665 527 50 1.022 566 Operating ROE (in %).......... CIR (in %).......... 38/40
For more information, please contact: Commerzbank Investor Relations Jürgen Ackermann Head of Investor Relations P: +49 69 136 22338 M: juergen.ackermann@commerzbank.com www.commerzbank.com/ir Sandra Büschken P: +49 69 136 23617 M: sandra.bueschken@commerzbank.com Ute Heiserer-Jäckel P: +49 69 136 41874 M: ute.heiserer-jaeckel@commerzbank.com Simone Nuxoll P: +49 69 136 45660 M: simone.nuxoll@commerzbank.com
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