Commerzbank delivers best nine-month result in its history

• Operating result after 9M increased by 17% to a new record high of €4bn – in Q3 up 25% to €1.3bn year-on-year
• 9M net result raised by 41% to a record €2.7bn and by 45% to €859m in Q3
• Revenues after 9M increased by 8% to €9.7bn – up 9% to €3.2bn in Q3
• Net commission income after 9M up by around 8% to €3.2bn, driven by strong securities business – up 9% to €1.1bn in Q3
• Net interest income increased slightly to €6.2bn in the first nine months and to €2.1bn in Q3
• Cost-income ratio incl. compulsory contributions improved to 53% after 9M and to 50% excl. compulsory contributions
• Q3 risk result of minus €210m in line with expectations – NPE ratio at 1.2%
• Net RoTE improved by around 4 percentage points to 12.4% after 9M and 11.9% in Q3
• CET1 ratio at 14.2%
• 2026 outlook: key targets confirmed

Commerzbank continued its strong performance in the first nine months of this year and delivered the best nine-month result in its history. The operating result increased by 17% to €4bn compared with the same period last year, while the net result rose significantly to €2.7bn. Net return on tangible equity (net RoTE) increased to 12.4% in the first nine months of the year. Revenues rose by 8% to €9.7bn, driven by an 8% increase in net commission income and higher net interest income. The significantly lower provisions for legal risks related to foreign currency loans at mBank also had a positive impact on revenues. At the same time, the Bank improved its cost-income ratio to 53% including compulsory contributions and to 50% excluding compulsory contributions. After nine months, the risk result amounted to minus €554m, in line with expectations.

“We promised our stakeholders long-term value creation. With our record result, we have once again proven our ability to deliver. Our strong business performance demonstrates Commerzbank’s potential,” said Bettina Orlopp, CEO of Commerzbank.

Progress on ongoing share buyback

At the beginning of September this year, the Bank launched a further share buyback of up to €1.2bn. It has already repurchased shares amounting to around 70% of the targeted volume. The current progress report of the share buyback is available on the Investor Relations website. Overall, Commerzbank is targeting a capital return of around €3.2bn for the 2026 financial year, based on its net result target of at least €3.4bn. The Bank continues to plan a combination of share buybacks and dividend payments, with the dividend component expected to increase to at least 50%. It intends to return 100% of its net result after Additional Tier 1 (AT1) coupon payments and excluding extraordinary one-off items to its shareholders.

Corporate client satisfaction at record level

Commerzbank also made significant progress in implementing its “Momentum 2030” strategy during the summer quarter. In the Corporate Clients segment, the Bank continued to expand its offering, introducing enhanced features in the corporate client portal and in the Corporate Banking App. These improvements make banking services more easily accessible and enable clients to manage more of their day-to-day banking activities more easily. In addition, the Bank further expanded its commodities trading offering and increased the use of artificial intelligence (AI) in its trading activities. A newly introduced platform simplifies the processing of documentary trade finance transactions, helping companies secure their international flows of goods and payments. Commerzbank’s strong expertise in foreign exchange is also reflected in its recognition by “Euromoney” as the best FX Bank for corporate clients in Germany. The Bank’s own client survey also shows that corporate client satisfaction has reached a record level.

Private and Small-Business Customers: Securities business further expanded

The Private and Small-Business Customers segment in Germany continued to expand its securities business. Since the beginning of the year, clients have invested more than €5bn net in the three largest actively managed investment solutions: the in-house asset management as well as the asset solutions offered by Yellowfin and Allianz Global Investors. Commerzbank is also selectively enhancing its securities offering for private retirement provision. From the launch of the new government subsidy scheme in 2027, Commerzbank and comdirect will offer their customers retirement investment accounts that fully qualify for government funding. The Bank is combining the strengths of both brands with offerings tailored to different investment needs, enabling customers to build long-term wealth with government support. Commerzbank was also recently named “Best Primary Bank” by “Handelsblatt” in recognition of its product and service offering. The latest customer survey also showed a further significant improvement in customer satisfaction compared with the previous year.

Personnel transformation progressing as planned

Commerzbank also continued to make progress with its personnel transformation. Around 1,800 employees have already reached individual agreements for an orderly transition. In addition, the Bank has agreed with employee representatives on a further voluntary partial retirement programme, which is currently being implemented. More than 1,100 employees have already accepted the offer. This is complemented by further reductions through natural attrition and retirements. Commerzbank’s attractiveness as an employer is reflected in the record number of applications it has received.

Completion of UniCredit’s takeover offer expected in the coming months

On 15 October 2026, the European Central Bank (ECB) granted UniCredit regulatory approval to increase its stake in Commerzbank beyond the previously applicable regulatory threshold. Completion of the takeover offer, however, remains subject to further regulatory approvals. The remaining regulatory approvals are expected to be obtained during the fourth quarter or by early 2027 at the latest.

“Our responsibility as Board of Managing Directors remains unchanged: in every situation, we must choose the path that creates the greatest value for our customers, our employees and our shareholders. We are convinced that together with UniCredit, we can create value by consistently leveraging the strengths of both banks,” said Bettina Orlopp.

Business performance: Net commission income grows by 9% in the third quarter

In the third quarter, Commerzbank increased its revenues by 9% compared with the same quarter last year to €3,199m (Q3 2025: €2,939m). Net commission income increased by 9% to €1,072m (Q3 2025: €985m), driven primarily by the strong securities business in the Private and Small-Business Customers segment in Germany. Net interest income rose by more than 3% to €2,115m (Q3 2025: €2,044m), supported by higher contributions from the lending and deposit business with corporate clients and from the replication portfolio.

Total costs remained at the level of the previous year’s quarter at €1,677m (Q3 2025: €1,677m). Operating expenses increased only slightly to €1,638m (Q3 2025: €1,624m). This was mainly due to increased personnel expenses as a result of general salary adjustments, the expansion of shoring and sourcing activities, and the continued growth of mBank. The increase was partially offset by active cost management, lower administrative expenses, and lower year-on-year valuation-related expenses for equity-based variable compensation.

At the same time, compulsory contributions declined to €40m (Q3 2025: €53m), as no contributions to the German and Polish deposit guarantee schemes were due in 2026. This was partially offset by a higher Polish banking tax due to mBank’s balance sheet growth. Excluding mBank, Group costs declined slightly compared with the same quarter of last year to €1,404m (Q3 2025: €1,412m). The cost-income ratio including compulsory contributions improved to around 52% in the third quarter (Q3 2025: 57%); excluding compulsory contributions, it stood at 51% (Q3 2025: 55%). In the first nine months, Group costs increased slightly to €5,126m (9M 2025: €5,073m). In line with its full-year target, the Bank reduced the cost-income ratio to 53% including compulsory contributions (9M 2025: 56%) and to 50% excluding compulsory contributions (9M 2025: 54%).

The risk result amounted to minus €210m in the third quarter (Q3 2025: minus €215m), in line with expectations. After nine months, it stood at minus €554m (9M 2025: minus €515m). The non-performing exposure (NPE) ratio was 1.2% (Q2 2026: 1.1%; Q3 2025: 1.0%). This underscores the high quality of the loan portfolio in a still challenging economic environment.

Based on higher revenues and stable costs, Commerzbank increased its operating result by 25% to €1,312m in the third quarter (Q3 2025: €1,047m). After nine months, the operating result rose by 17% to €4,037m (9M 2025: €3,442m), marking the best nine-month result in the Bank’s history. The net result after taxes and minorities increased by 45% to €859m in the third quarter (Q3 2025: €591m). For the nine-month period, it rose by 41% to €2,669m (9M 2025: €1,888m). In addition to the strong revenue performance, the increase in the first nine months compared with the prior-year period also reflects the restructuring expenses recognised in the prior-year period.

The Bank’s Common Equity Tier 1 (CET1) ratio stood at 14.2% as of 30 September 2026 (30 June 2026: 14.4%; 30 September 2025: 14.7%). The buffer to the regulatory minimum requirement (MDA threshold), which currently stands at around 10.5%, remained comfortable at 370 basis points.

The Bank further improved its profitability. Net return on tangible equity (net RoTE) increased to 11.9% in the third quarter (Q3 2025: 7.8%). For the nine-month period, net RoTE reached a record 12.4% (9M 2025: 8.2%; 10.1% excluding restructuring expenses). For the full year, Commerzbank continues to target a net RoTE of around 12%.

“With significantly higher revenues and stable costs, we have increased our net RoTE to 12%,” said Carsten Schmitt, CFO. “This reflects the success of our growth strategy combined with strong cost discipline. We will continue on this path.”

Segment performance: PSBC Germany delivers record quarter

The Private and Small-Business Customers (PSBC) segment in Germany increased its revenues by 13% to €1,241m in the third quarter (Q3 2025: €1,102m). The main drivers were higher income from deposits and the strong securities business, which grew both in terms of volumes and transaction activity. Securities volume increased by €33bn to €291bn at the end of the quarter (Q3 2025: €259bn), reflecting both strong market performance and a high new business volume of €6bn since September 2025. The mortgage loan volume remained broadly stable at around €95bn compared with the same quarter of last year despite a competitive environment and a decline in new business across the overall market.

The new pricing model for current accounts and higher credit card revenues from the cooperation with VISA resulted in a significant increase in payment revenues. In addition to effective interest rate management, higher contributions from the replication portfolio had a positive impact on the deposit business. Net commission income in the PSBC segment in Germany increased by 14% to €570m (Q3 2025: €499m), while net interest income rose by 12% to €664m (Q3 2025: €592m). Overall, the segment delivered its best quarterly operating result to date, increasing by 77% to €485m (Q3 2025: €275m). Between January and September 2026, the operating result increased by 44% to €1,381m (9M 2025: €961m), also a record.

The Polish subsidiary mBank increased its revenues by 15% to €701m in the third quarter (Q3 2025: €607m). It benefited from continued strong growth in loans and deposits as well as substantially lower provisions for legal risks related to foreign currency loans, which declined to €18m (Q3 2025: €107m). Driven by high customer activity, including in the securities business, mBank increased net commission income by 2% to €142m (Q3 2025: €139m). Despite significantly lower interest rates, net interest income remained close to the prior-year level at €562m (Q3 2025: €566m). Effects from interest rate hedging instruments, reported in the net fair value result, made a significant positive contribution. mBank’s operating result increased by 25% to €366m in the third quarter (Q3 2025: €294m). Its nine-month operating result was also excellent, increasing by 33% to €1,060m (9M 2025: €798m).

The Corporate Clients (CC) segment increased its revenues by 5% to €1,264m in the third quarter (Q3 2025: €1,203m). This was driven by growth in the lending and deposit business and continued strong capital markets business. Average lending and deposit volumes in the CC segment increased year-on-year across all client groups. Net interest income rose by 4% to €664m (Q3 2025: €637m), supported by the higher interest rate environment and increased deposit and loan volumes. This was partially offset by higher funding costs, which were more than compensated by income from derivatives reported in the net fair value result. Net commission income increased slightly to €358m (Q3 2025: €353m), primarily driven by higher revenues from trade finance, particularly the guarantee business, and from payment services. Overall, despite higher costs and a higher risk result, the segment’s operating result increased by 2% to €539m (Q3 2025: €531m). After nine months, it stood at €1,597m, slightly below the level of the prior-year period (9M 2025: €1,628m).

2026 outlook: Net result target of at least €3.4bn confirmed

Based on its results for the first nine months, Commerzbank confirms its net result target of at least €3.4bn for the full year 2026. The Bank maintains its outlook for full-year revenues of around €13.2bn. Commerzbank is adjusting its expectation for net interest income to around €8.5bn, compared with around €8.6bn previously. This is due to increased competition for deposits. The Bank continues to expect net commission income to grow by around 7% to approximately €4.3bn. It now expects a contribution of around €0.4bn from the net fair value result and other income, compared with around €0.3bn previously. Full-year costs are still expected to amount to around €7.0bn. The target for the cost-income ratio including compulsory contributions remains unchanged at around 53%, corresponding to a cost-income ratio of 51% excluding compulsory contributions. The Bank also continues to expect a risk result of around €850m. Commerzbank continues to expect its CET1 ratio to remain above 14% at year-end after the capital return and maintains its net RoTE target of around 12%. The Bank confirms the targets of its “Momentum 2030” strategy communicated on 8 May this year.

Financial figures at a glance

¹ Net income from financial assets and liabilities measured at fair value through profit and loss.
² Net result attributable to Commerzbank shareholders.
³ Recognition of interim profits in CET1 is in line with 100% pay-out target and subject to approval by European Central Bank (ECB).
 

The events of the day at a glance:

• 9.00 a.m. CET: Online conference call with analysts on the Q3 2026 results with Bettina Orlopp and Carsten Schmitt (“listen-only”, in English)
• 10.30 a.m. CET: Online conference call for journalists on the Q3 2026 business figures with Bettina Orlopp and Carsten Schmitt (in German; please register approximately 15 minutes prior to the start)

The documents relating to the results for the third quarter 2026 will be available on the Bank’s website from around 7.00 a.m. and can be accessed online.
 

Press contact
Erik Nebel  +49 69 9353-45712
Svea Junge  +49 69 9353-45691

Investors’ contact
Ansgar Herkert  +49 69 9353-47706
Ute Sandner  +49 69 9353-47708

About Commerzbank
With its two business segments – Corporate Clients and Private and Small-Business Customers –, Commerzbank, as a full-service bank, offers a comprehensive portfolio of financial services. It is the leading bank in the Corporate Clients Business in Germany and for the German Mittelstand and a strong partner for around 24,000 corporate client groups and accounts for approximately 30% of German foreign trade. The Bank is present internationally in more than 40 countries in the corporate clients’ business – wherever its Mittelstand clients, large corporates, and institutional clients need it. In addition, Commerzbank supports its international clients with a business relationship to Germany, Austria, or Switzerland and companies operating in selected future-oriented industries. With more than €400bn assets under management, Commerzbank is also one of the leading banks for private and small-business customers in Germany. Under the brand Commerzbank, it offers a wide range of products and services with an omni-channel approach: online and mobile, via phone or video in the remote advisory centre, and in person at its around 400 locations across Germany. Under the brand comdirect, it offers all core services as a digital primary bank 24/7 and, as a performance broker, solutions for saving, investing, and securities trading. Its Polish subsidiary mBank S.A. is an innovative digital bank that serves around 6 million private and corporate customers, predominantly in Poland, as well as in the Czech Republic and Slovakia.

Disclaimer
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern inter alia the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management’s current plans, expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Such factors include, amongst others, the conditions in the financial markets in Germany, in Europe, in the USA and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives to improve its business model, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.