Commerzbank (CBK) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 net profit of EUR 913 million, up 9.4% year-on-year, with revenues rising to EUR 3.2 billion (+5%), and operating result at EUR 1.4 billion, reflecting strong business momentum.

• Upgraded 2026 guidance: net result of at least EUR 3.4 billion, RoTE target raised to 12%, and cost-income ratio target tightened to 53%, with 100% payout policy maintained until CET1 ratio target of 13.5% is reached.

• 'Momentum 2030' strategy targets EUR 5.9 billion net result, 21% RoTE, 43% cost-income ratio, and 6% revenue CAGR by 2030, driven by digitalization, AI, and efficiency gains.

• Commitment to 100% payout of net result after AT1 coupon payments and before extraordinary items until CET1 ratio target is reached; after that, payout expected to be slightly above 90% or at least 50% dividend with share buybacks.

• Completed a EUR 524 million share buyback, returning EUR 2.7 billion capital for FY2025 and EUR 5.8 billion for 2022–2025.

Financial highlights

• Q1 2026 revenues: EUR 3.2 billion (+5% YoY); net result: EUR 913 million (record level); operating result: EUR 1.4 billion (+11% YoY); cost-income ratio: 53%.

• Net commission income up 9% YoY to EUR 1.1 billion, with strong growth across all segments; net interest income stable at EUR 2.05 billion.

• CET1 ratio at 14.5%, providing a strong buffer above the 13.5% target; leverage ratio at 4.3%.

• Liquidity coverage ratio at 140.5%; total assets EUR 603.3 billion (+2.2% from year-end 2025); equity EUR 35.7 billion.

• Corporate Clients loan growth: EUR 17 billion (+16% YoY), with strong contributions from Germany, green infrastructure, and international business.

Outlook and guidance

• 2026 targets: net result at least EUR 3.4 billion, RoTE ~12%, cost-income ratio ~53%, NII outlook raised to EUR 8.6 billion, CET1 ratio expected above 14%.

• 2030 targets: net result EUR 5.9 billion, RoTE 21%, cost-income ratio 43% (41% excluding compulsory contributions), revenue CAGR 6%.

• 2028 RoTE target upgraded to 17% (from 15% previously), driven by NII and NCI growth and efficiency measures.

• 100% payout ratio until CET1 ratio of 13.5% is reached; after that, payout expected to be slightly above 90% or at least 50% dividend with share buybacks.

• Outlook subject to geopolitical risks, especially in Russia and the Middle East.