Commerzbank : Disappointing 2023 stand-alone targets…pending consolidation
>A recovery in profitability does not appear to be on the cards - The elements contained in the early publication of the strategic plan confirm our negative recommendation:RoTE: It is difficult to get excited about a target for RoTE of “above 4.0% in the medium termâ€, i.e. 2023 the end of the strategic plan. This is all the more disappointing since the consensus already anticipated this level, but in 2021, and 2019 RoTE is forecast at 3.3%. Naturally, Commerzbank...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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