Commerzbank : Q4 2023: the key element is guaranteed, namely the improvement in capital returns!
>Outperform rating confirmed – Target price slightly adjusted to € 15.0 (vs € 15.5) - The data for Q4/full-year 2023 confirmed the broadly favourable trend, both on the operating (underlying) front and balance sheet (notably capital) for Commerzbank. Aside from several subtleties/details, this ultimately underpins the key element, which is the credible outlook of a significant improvement in returns to shareholders in the short to medium term. We thus reiterate our Ou...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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