CRZBF - Commerzbank: Awaiting The ECB Rate Hike At 0.33 Tangible Book
- Q1 2022 underlying revenues up 18.7% Y/Y with net RoTE at 4% (Q1 2021 1.5%) as higher rates and limited restructuring charges offset banking levies and Russia cost of risk.
- Management confirmed target of over 1B EUR net result for 2022. Accruals for shareholder distributions against CET1 capital restarted at 30% of net result.
- Net Russia exposure down to 1.19B EUR, about 0.95 EUR/share as of 29 April 2022.
- Tangible book of circa 19.56 EUR largely flat Q/Q as other comprehensive income losses weigh on 298M EUR net result.
- CET1 at 13.54%, a 412 bps buffer to the current Maximum distributable amount requirement (9.42%) which is set to go up by about 64 bps to circa 10.06% into 2023.
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Commerzbank: Awaiting The ECB Rate Hike At 0.33 Tangible Book