Commerzbank AG earnings date
Commerzbank AG (ZZMS) Q3 2026 Earnings Report
DE:ZZMS Q3 2026 EPS Results
- Actual EPS
- EUR 0.76
- Consensus EPS
- EUR 0.79
- Beat/Miss
- Missed by -EUR 0.02
- One Year Ago EPS
- EUR 0.51
DE:ZZMS Q3 2026 Revenue Results
- Actual Revenue
- EUR 6.60B
- Expected Revenue
- EUR 3.32B
- Beat/Miss
- Beat by +EUR 3.28B
- YoY Revenue Growth
- +4.31%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
Commerzbank AG's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive. Commerzbank reported record nine-month results, robust Q3 performance, strong fee and corporate-loan growth, disciplined costs, a resilient risk profile, confirmed financial targets, and substantial capital-return plans. The main challenges were intensified deposit competition, a EUR 100 million reduction in net interest income guidance, loan-margin pressure, a sequential decline in the CET1 ratio, and uncertainty around future UniCredit integration and restructuring. However, management stated that these pressures were being actively managed and that higher net fair value income, the replication portfolio, capital relief, and continued business growth support the outlook.
Commerzbank confirmed its 2026 through 2030 targets, maintaining full-year 2026 revenue of EUR 13.2 billion, adjusted net interest income of around EUR 8.5 billion, net fair value and other income of EUR 0.4 billion, a risk result of around EUR 850 million, costs of around EUR 7 billion, a cost-income ratio of around 53%, net result of at least EUR 3.4 billion, a CET1 ratio of more than 14%, a 100% payout ratio consisting of share buybacks and a dividend, and RoTE of around 12%; it also targets a net RoTE of 21% and a cost income ratio of 41% by 2030, expects additional interest income of EUR 200 million-EUR 400 million annually from the replication portfolio in the next years, and expects the foundation internal ratings-based approach to reduce RWA in the middle to high single digits billion area, with the main effect between Q4 this year into Q2.
- Record Nine-Month Financial PerformanceFirst-nine-month revenues grew 8% year-on-year to EUR 9.7 billion, operating profit increased 17% to a new high of EUR 4 billion, and net result reached a record EUR 2.7 billion.
- Strong Third-Quarter ResultsQ3 revenues increased 9% year-on-year, while operating profit reached EUR 1.3 billion, significantly above Q3 last year and close to the record Q2 result despite Q3 typically being the slower summer quarter. Q3 net profit was EUR 859 million.
- Improved Profitability and EfficiencyThe cost-income ratio improved to 50% excluding compulsory contributions, net return on tangible equity reached 12.4%, and management reported positive operating leverage with costs ex-mBank stable year-on-year.
- Guidance and Long-Term Targets ConfirmedThe bank maintained its 2026 outlook for revenue of EUR 13.2 billion, risk result of around EUR 850 million, costs of around EUR 7 billion, cost-income ratio of around 53%, net result of at least EUR 3.4 billion, CET1 ratio of more than 14%, 100% payout ratio, and RoTE of around 12%. The 2026-2030 targets were also confirmed.
- Strong Capital Position and Capital ReturnsThe CET1 ratio was 14.2%, described as well above target and 370 basis points above the MDA. The bank has returned EUR 7 billion to shareholders since 2022 and expects another EUR 2 billion of distribution this year, reflecting 100% capital return until reaching the target CET1 ratio of 13.5%. EUR 2.5 billion of year-to-date net result after AT1 coupon payments has been reserved for distribution.
- Corporate Lending and Fee GrowthCorporate loan growth reached EUR 15 billion, or 14%, over the last 12 months. Group fee growth was 8% year-on-year, while Q3 net commission income reached EUR 1.1 billion, 9% above last year's third quarter and above the targeted annual growth rate of 7%.
- Strong Private and Small-Business Customers PerformancePSBC Germany delivered its best-ever quarter, with revenues up 17% year-on-year in Private Customers and Small Business Customers' revenues up 5%. PSBC Germany's net interest income increased 12%, driven by the segment in Germany.
- Growth Across Key Business AreasInstitutionals' Q3 revenues increased 18%, driven by all product areas, particularly secured financing and FX. Corporate Clients' revenues increased 5%, Mittelstand revenues grew 4%, and mBank delivered another excellent quarter with continued loan, deposit, and fee-income growth.
- Resilient Risk ProfileThe Q3 risk result was EUR 210 million, fully in line with expectations. The non-performing exposure ratio was only 1.2%, and management maintained the full-year risk-result guidance of around EUR 850 million.
- Replication Portfolio Supporting Future Net Interest IncomeBased on current forward rates, the replication portfolio is expected to deliver an additional EUR 200 million-EUR 400 million of annual interest income in the next years. Management expects these additional revenues to fully cover potential headwinds from intensified deposit competition and loan margins, with the portfolio currently expected to remain stable.
- Cost Discipline While Continuing InvestmentYear-to-date group costs were almost at the same level as last year. Costs outside mBank were managed flat while the bank invested more in IT and AI and absorbed salary increases through active cost management.
- AI Deployment and Automation PotentialAI-powered assistants are supporting all teams in customer service, and the bank is working to automate processes such as complaint management, where it sees automation potential of around 60%. AI is also being used to optimize deposit offers and pricing for different customer groups.
- Customer and Employer Engagement ImprovementsCorporate-client satisfaction reached an all-time high of 80 points. The bank received around 12,000 applications for trainee and student programs, a record level, and reported a very high employee satisfaction score in its latest engagement survey.
- Retail Pension and Securities InitiativesAhead of the state-subsidized pension reform, Commerzbank plans to offer an advised model based on actively managed Allianz Global Investors funds, while comdirect will offer digital ETF solutions for self-directed investors. Management described the reform as an entry point into securities investment and said it is also seeking to convert some deposits into securities.
- Progress Toward UniCredit ConsolidationPreparations for upstream consolidation into UniCredit are underway, with working groups established and steady progress on complex topics. Management identified potential Phase I value creation through joint procurement, technology-platform alignment, cybersecurity and AI knowledge sharing, a strategic CEE partnership, product-platform cooperation, and joint financing for larger deals.
- Expected Regulatory Capital ReliefFollowing ECB approval for the foundation internal ratings-based approach on certain portfolios, the bank expects a mid- to high single-digit billion EUR reduction in risk-weighted assets. A smaller portion was pre-booked in Q3, with the main effect expected to materialize relatively linearly between Q4 2026 and Q2 2027.
- Socially Responsible Workforce TransformationMore than 1,100 colleagues have opted into the new early-retirement program, in addition to 1,800 already signed contracts for early-retirement programs. The bank has announced another 3,000 FTE reduction under Momentum 2030 and said it expects to implement the reduction in a socially responsible way.
DE:ZZMS Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 11, 2027 | 2026 (Q4) | 0.82- | 0.66 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.790.76 | 0.51 | 50.62% (+0.26) | |
| Aug 06, 2026 | 2026 (Q2) | 0.750.81 | 0.76 | 7.02% (+0.05) | |
| May 08, 2026 | 2026 (Q1) | 0.800.89 | 0.74 | 20.32% (+0.15) | |
| Feb 11, 2026 | 2025 (Q4) | 0.580.66 | 0.57 | 15.69% (+0.09) | |
| Nov 06, 2025 | 2025 (Q3) | 0.600.51 | 0.46 | 9.32% (+0.04) | |
| Aug 06, 2025 | 2025 (Q2) | 0.600.76 | 0.46 | 66.53% (+0.30) | |
| May 09, 2025 | 2025 (Q1) | 0.670.74 | 0.57 | 30.89% (+0.17) | |
| Feb 13, 2025 | 2024 (Q4) | 0.340.57 | 0.29 | 98.43% (+0.28) | |
| Nov 06, 2024 | 2024 (Q3) | 0.420.46 | 0.5 | -7.37% (-0.04) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
