Commerzbank (CBK) Q4 2025 earnings summary

Executive summary

• Achieved record operating result of €4.5bn in 2025, up 18% year-over-year, with net result of €2.6bn and adjusted net result (excluding restructuring) up 13% to €3bn.

• Revenues rose 10% to €12.2bn, driven by broad-based growth, especially in net commission income and strong mBank results.

• Net commission income grew 7% to €4bn; net interest income nearly stable at €8.2bn despite lower rates.

• Share price more than doubled in 2025, reflecting significant value creation and market confidence.

• Capital return to shareholders for 2025 was €2.7bn, with a 100% payout ratio before restructuring expenses.

Financial highlights

• Cost-income ratio improved by 2 percentage points to 57% in 2025, meeting the annual target.

• CET1 ratio stable at 14.7%, providing a 438bp buffer to MDA.

• Risk result for 2025 was minus €722m, well below guidance; NPE ratio at 1.1%.

• Liquidity coverage ratio (LCR) at 140.5%, net stable funding ratio (NSFR) at 123.3%.

• Asset management subsidiaries saw slightly lower annual revenues due to a challenging market for illiquid assets.

Outlook and guidance

• 2026 net result targeted above €3.2bn; cost-income ratio target improved to 54%.

• ROTE target for 2026 set at over 11.2%; 2028 ROTE target of 15% with credible roadmap.

• Net interest income guidance for 2026 raised to €8.5bn, with potential to reach €9.4bn by 2028.

• 7% annual growth in net commission income targeted.

• 100% payout ratio after AT1 coupon payments to continue; dividend share to grow toward 50%.