CRZBF - Commerzbank: Looking Past The Red Ink

• Q2 significantly impacted by one-off items - 200M EUR suspended project charge and 511M EUR in restructuring expenses, offset by a YTD benefit of 682M EUR in other comprehensive income.
• CET1 at 13.35% in line or above peers. CET1 MDA buffer of roughly 395 basis points is superior to Deutsche Bank's 275 basis points buffer.
• Q2 underlying net commission income up 7.6% Y/Y driven by the securities business.
• Good progress on workforce optimization - around 3.400 out of approximately 10.000 full-time equivalents already off payroll or contracted. 91.7% of planned 2.06B EUR provisions already booked.
• German government remains the largest shareholder with a 15.6% stake. I think this will cap gains once the price has recovered somewhat.

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