Commerzbank: While Revenue Generation Was Weak, 1Q Saved by Lower Provisions and Lower Tax
No-moat Commerzbank reported net income of EUR 250 million for the quarter. While reported net income indicates a 9% increase year over year, pretax profit declined by 12%. The net income increase mainly came from lower tax charges, benefiting from issues in previous tax years that led to a tax refund. Management guides for the tax rate to normalise in coming quarters. Following its first-quarter results, we maintain our fair value estimate of EUR 10 per share, along with our no-moat and stable ...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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