Highlights

  • Operating result after nine months rises 21% to EUR 3.4bn.
  • Net commission income increases across all segments during Q3.
  • CET1 ratio stands at 14.7% ahead of planned capital returns.

Commerzbank AG (LSE:0RLW) reported a EUR 3.4bn operating result for the first nine months of 2025, an increase of 21% year on year and the highest 9-month result in its history. Revenues reached EUR 9bn, up 11% compared with the prior year, supported by growth in net commission income and stable net interest income.

The bank’s consolidated result for the period stood at EUR 1.9bn, broadly in line with the previous year despite EUR 553m of restructuring expenses that were mainly booked in Q2. Excluding these expenses, the net result reached EUR 2.3bn. The cost-income ratio improved to 56%, around three percentage points lower than the prior-year period.

Commerzbank stated that loan volumes in its Corporate Clients segment increased by 13% compared with the previous year, while the overall risk result for the nine-month period remained at a moderate minus EUR 515m.

Momentum Strategy and Capital Actions

The bank continued progressing on its “Momentum” strategy, which targets a 50% cost-income ratio and 15% net return on tangible equity by 2028. A Significant Risk Transfer transaction in the Corporate Clients business was completed by the end of September as part of efforts to manage RWA more efficiently, with further transactions planned in Q4.

Personnel restructuring measures, including early-retirement programmes, are underway following agreements reached with employee committees.

Commerzbank has commenced a share buyback of up to EUR 1bn for the 2025 financial year and has applied for approval for an additional buyback of up to EUR 600m. A separate buyback linked to the new employee share programme is scheduled for Q4.

Q3 Revenue Trend and Segment Developments

Third-quarter revenues rose 7% year on year to EUR 2.94bn. Net commission income increased 7% to EUR 985m, driven by securities and syndication activities. Net interest income remained stable at EUR 2.04bn. Operating expenses rose 6% to EUR 1.62bn due to higher personnel costs and investments at mBank, partly offset by lower compulsory contributions.

The Corporate Clients segment recorded EUR 1.2bn in Q3 revenues, while net interest income increased 19% year on year. The Private and Small-Business Customers segment delivered EUR 1.1bn in Q3 revenues, supported by higher commission and interest income. mBank reported a 25% revenue increase to EUR 607m, aided by lower provisions for legal risks tied to foreign-currency loans.

Outlook Maintained for 2025

Commerzbank reaffirmed its 2025 profit target, expecting a net result of about EUR 2.9bn before restructuring expenses and about EUR 2.5bn after these costs. The bank now forecasts higher net interest income of around EUR 8.2bn for the year and expects the CET1 ratio to remain at least 14.5% after capital returns.

Share performance of 0RLW

0RLW’s shares traded at EUR 32.47 per share on 06 November 2025, down by 0.18% from its previous close of EUR 32.53.