Commerzbank AG

First-half 2026 revenues were EUR 6.5 billion, up 7% year over year; operating result was EUR 2.7 billion, up 14%; and net result was EUR 1.8 billion, up 40%. Q2 operating result reached a record EUR 1.367 billion, and Q2 net result was EUR 898 million. Net RoTE was 12.6% for H1 and 12.5% in Q2; the cost-income ratio improved to 53%; and CET 1 stood at 14.4%. Management confirmed full-year 2026 guidance for revenues of approximately EUR 13.2 billion, risk result of around EUR 850 million, costs of around EUR 7 billion, net result of at least EUR 3.4 billion, net RoTE of around 12%, and CET 1 above 14% at year-end.

Bettina Orlopp said the quarter showed Commerzbank’s resilience and execution discipline despite a mixed macro backdrop and the UniCredit takeover discussion. She highlighted Momentum 2030 as a proven plan with limited execution risk, while also saying the bank is ready for constructive discussions with UniCredit and will protect the interests of all stakeholders, especially minority shareholders. She also emphasized AI as a tangible driver of transformation, citing around EUR 600 million of cumulative AI investment through 2030 and expected annual value contribution of about EUR 500 million by 2030.

Carsten Schmitt focused on strong operating leverage, noting revenues up 9% year over year in Q2 and the best ever quarterly operating result of EUR 1.367 billion. He said net interest income of EUR 2.59 billion was stable year over year, with a pickup expected in the second half and full-year NII still expected at around EUR 8.6 billion. He also pointed to costs staying aligned with targets despite higher IT investment, a Q2 risk result of EUR 202 million versus a full-year guide of around EUR 850 million, and a CET 1 ratio of 14.4% with the full net result after AT1 coupons, or EUR 1.7 billion, reserved for distribution.

Analysts focused heavily on UniCredit, asking what topics would be included in the talks, whether Commerzbank could compromise on strategy, and whether UniCredit’s restructuring assumptions or possible cost allocation should affect modeling. Management replied that talks should start with exchanging views, clarifying technical issues, and finding possible areas of joint value creation, while stressing that Commerzbank will follow its own strategy and has no say over UniCredit’s outside-in assumptions. Other questions centered on RWA relief, deposit competition, and NII drivers; management said the IRB model changes should bring a mid- to high single-digit billion RWA benefit gradually through Q2 2027, deposit competition remains intense and is already priced into planning, and second-half NII should benefit from mBank stabilization, replication portfolio rollovers, volume growth, and rates.