Commerzbank: Preliminary result for first quarter of 2015 - Increase in share capital by as much as 10% through an accelerated bookbuilding procedure

Commerzbank: Preliminary result for first quarter of 2015 - Increase in share capital by as much as 10% through an accelerated bookbuilding procedure


Commerzbank AG  / Key word(s): Capital Increase/Preliminary Results

27.04.2015 17:52

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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In the first quarter of 2015 Commerzbank has, on the basis of preliminary
figures, more than doubled its operating profit to EUR 685 million (Q1
2014: EUR 324 million). The improvement was seen largely in the Core Bank
but also in the Non-Core Assets segment. Negative burdens from the
recognition of the European bank levy for the fiscal year 2015 as well as
an impairment on HETA exposure have been compensated in the core bank by
positive one-off effects and in NCA by positive valuation effects

The revenues before loan loss provisions increased to EUR 2.8 billion (Q1
2014: EUR 2.3 billion). The primary reasons for the positive deviation in
the results from market expectations are revenues from customer and capital
market transactions of a comparable size, positive valuation effects and
positive one-off effects.

The loan loss provisions decreased compared to the same period in the
previous year to EUR 158 million (Q1 2014: EUR 238 million). The operating
expenses increased slightly to approximately EUR 1.9 billion (Q1 2014:
approximately EUR 1.7 billion). The net profit improved to EUR 366 million
(Q1 2014: EUR 200 million).

The successful portfolio run-down in the Commercial Real Estate (CRE) and
Ships Finance divisions has been continued since the previous quarter,
despite negative foreign exchange effects to the amount of EUR 1.4 billion,
with a reduction of EUR 2.0 billion to approximately EUR 30.1 billion as at
the end of the first quarter of 2015. On the basis of preliminary figures
the CET 1 capital ratio with full application of Basel 3 - including the
interim profit of the first quarter 2015 and a dividend accrual to the
amount of EUR 57 million - improved in the first quarter of 2015 to 9.5%
(end of December 2014: 9.3%). The leverage ratio increased as at the end of
March 2015 increased to 3.7% (end of December 2014: 3.6%).

The Board of Managing Directors of Commerzbank AG today decided, with the
consent of the Supervisory Board, to increase the share capital so as to
further strengthen the capital resources of Commerzbank. To this end as
many as 113.85 million new no-par-value shares are to be issued from
authorised capital with the exclusion of subscription rights. The new
shares are endowed with full dividend entitlement for the current financial
year and will be offered to institutional investors through a private
placement through the so-called accelerated bookbuilding procedure. Gross
issue proceeds of as much as EUR 1.4 billion are to be attained with the
placement. Commerzbank AG and Deutsche Bank are Joint Global Coordinator of
the placement. After the successful completion of the capital measure
announced today the Bank expects a further increase in the Common Equity
Tier 1 ratio with full application of Basel 3 to presumably more than 10%
(pro forma as at the end of March 2015). The leverage ratio is expected to
improve to 3.9% (pro forma as end of March 2015).


Excerpt preliminary results first quarter of 2015 

in EUR m                                                  Q1 2015   Q1 2014

Revenues before loan loss provisions                        2,782     2,260

thereof net interest and trading income                     2,017     1,538

thereof commission income                                     900       815

thereof other income                                         -135       -93

Loan loss provisions                                         -158      -238

Operating expenses                                          1,939     1,698

Operating profit                                              685       324

Pre-tax profit                                                619       324

Consolidated profit attributable to Commerzbank               366       200

in %                                                      Q1 2015   Q4 2014

CET1 ( full application of Basel 3)                           9.5       9.3

Leverage ratio ( full application of Basel 3)                 3.7       3.6

**** **** Disclaimer This ad hoc release does not constitute a prospectus, an offer to sell securities, or a solicitation of an offer to buy securities, in the United States of America or in any other jurisdiction and may not be published, distributed or transmitted, directly or indirectly, in or into the United States, Canada, Japan or Australia. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities of COMMERZBANK Aktiengesellschaft described herein have not been and will not be registered under the Securities Act, or the laws of any state or territory of the United States, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable laws. COMMERZBANK Aktiengesellschaft does not intend to register any portion of the offering described herein in the United States or conduct a public offering of securities in the United States. This ad hoc release is for information purposes only and does not constitute an offer document or an offer of transferable securities to the public in the U.K. to which section 85 of the Financial Services and Markets Act 2000 of the U.K. ("FSMA") applies and should not be considered as a recommendation that any person should subscribe for or purchase any of the Securities. The Securities will not be offered or sold to any person in the U.K. except in circumstances which have not resulted and will not result in an offer to the public in the U.K. in contravention of section 85(1) of FSMA. 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Any person who is not a Relevant Person should not take any action on the basis of this document and should not act or rely on this document or any of its contents. The Securities are available only to, and any invitation, offer or agreement to purchase will be engaged in only with Relevant Persons. Persons in possession of this document are required to inform themselves of any relevant restrictions. No part of this document should be published, reproduced, distributed or otherwise made available in whole or in part to any other person without the prior written consent of COMMERZBANK Aktiengesellschaft. This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern 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 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 the conditions in the financial markets in Germany, in Poland, elsewhere in Europe 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 Commerzbank's strategic initiatives, the reliability of Commerzbank's risk management policies, procedures and methods, and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to periodically 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. Contact: Commerzbank AG Group Communications Tel.: +49 69 136 - 22830 27.04.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at and --------------------------------------------------------------------------- Language: English Company: Commerzbank AG Kaiserplatz 60311 Frankfurt am Main Germany Phone: +49 (069) 136 20 Fax: - E-mail: Internet: ISIN: DE000CBK1001 WKN: CBK100 Indices: DAX, CDAX, HDAX, PRIMEALL Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Terminbörse EUREX; London, SIX End of Announcement DGAP News-Service ---------------------------------------------------------------------------