Commerzbank's 1Q Results Bring No Surprises
With merger talks between Deutsche Bank and Commerzbank off the table for the next couple of years, Commerzbank find itself back in day-to-day operations trying to pull itself up by its bootstraps. First-quarter results brought no surprises, and we maintain our EUR 10 fair value estimate and no-moat rating. Cost targets are on track; however, we believe the larger task in the bank's quest for profitability lies in its ability to increase revenue.Pretax profits for the first quarter came in 25% ...
Commerzbank operates through five segments: Private Customers, which comprises the Private Customers, Direct Banking and Commerz Real divisions; Mittelstandsbank, which include the Mittelstand Germany, Corporate Banking & International and Financial Institutions divisions; Central and Eastern Europe, which consists of the universal and regional banking and direct banking activities; Corporates and Markets, which consists the Equity Markets & Commodities, Fixed Income & Currencies, Corporate Finance and Credit Portfolio Management divisions; as well as Non-Core Assets, which includes the operations of CRE Banking Germany, CRE Banking International, Public Finance and Deutsche Schiffsbank.
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