Based on preliminary figures, Commerzbank posted an operating profit of €544 million for the first quarter 2022 (Q1 2021: €538 million). This exceeds the analyst consensus of the operating result of €282 million. The net result after taxes and minorities reached €284 million in the first quarter of 2022.

Revenues increased by 12% to €2,795 million (Q1 2021 €2,492 million, analyst consensus €2,308 million). The net interest income increased 12% to €1,401 million (Q1 2021 1,254 million, analyst consensus €1,278 million). The net commission income increased 2% to €972 million (Q1 2021 €951 million, analyst consensus €932 million).

The risk result was minus €464 million (Q1 2021 €149 million, analyst consensus €262 million) and includes a top level adjustment (TLA) of €334 million for expected impacts of the Russia-Ukraine war. At the end of Q1, overall TLAs stood at €713 million (Q4 2022 €523 million).

Commerzbank continues to expect a net result of more than €1 billion for the financial year 2022 and confirms all other 2022 financial targets.

Figures shown in this release are preliminary. Commerzbank will publish its final figures for the first quarter 2022 on 12 May 2022.

****

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 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, especially due to the ongoing European debt crisis, 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.