The Commerzbank Group changed the structure of the balance sheet and income statement in 2017. The balance sheet and income statement are now based on the measurement categories under IAS 39. For this reason, the structure of various notes was adapted accordingly and the values were restated.
The reporting changes have no impact on consolidated profit or loss, the statement of comprehensive income or earnings per share.
Besides the adjustment of the structure of the balance sheet and income statement, the Group also changed the reporting for current income and expenses from derivatives and other trading portfolios in the held for trading category, which were previously shown in net interest income. This is now reported in the gain and loss from financial assets and liabilities measured at fair value through profit and loss. The Group made this reclassification because it is economically inappropriate to differentiate in relation to trading portfolios between current income and expenses and remeasurement gains and losses and realisation effects. The revised reporting therefore also better reflects the economic management of the trading portfolios and thus provides more reliable and relevant information.
This requires a one-time restatement of the profit and loss account of the first three quarters of 2017 and the year 2016 according to IAS 39 accounting standards. In addition we will show the restatement of the balance sheet for the end of fiscal year 2016. These figures are preliminary and unaudited. The annual report 2017 is scheduled to be published end of March 2018.
Commerzbank is a leading international commercial bank with branches and offices in almost 50 countries. In the two business segments Private and Small Business Customers, as well as Corporate Clients, the Bank offers a comprehensive portfolio of financial services which is precisely aligned to the clients’ needs. Commerzbank finances 30% of Germany’s foreign trade and is leading in financing for corporate clients in Germany. Due to its in-depth sector know-how in the German economy, the Bank is a leading provider of capital market products. Its subsidiaries Comdirect in Germany and mBank in Poland are two of the world’s most innovative online banks. With approximately 1,000 branches, Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank serves more than 18 million private and small business customers, as well as more than 60,000 corporate clients, multinationals, financial service providers, and institutional clients. The Bank, which was founded in 1870, is represented at all the world’s major stock exchanges. In 2016, it generated gross revenues of €9.4 billion with approximately 49,900 employees.