Commerzbank's Restructuring Is Progressing Smoothly, and 1Q Indicates a Decent Start
Commerzbank's first-quarter results were stable amid continued strong execution of last year's announced restructuring program, which aims to create a simpler, faster, and more efficient bank. We will maintain our no-moat rating for the bank, while we plan to increase our fair value estimate to EUR 10.10 per share from EUR 9, mainly because of the time value of money and after rolling our model one year forward. During the first three months of the year, the bank booked operating revenue of EUR ...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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