SAJTÓKÖZLEMÉNYEK | | Commerzbank publishes 2011 Annual Report
Külföld | 2012-03-29 | Commerzbank
2011 business year: Profit before taxes at Core Bank EUR 4.5 billion in 2011, all core segments profitable.
Important strategic milestones achieved: Integration of Dresdner Bank successfully concluded to a large extent and repayment of a significant proportion of the silent participations of SoFFin.
Total monetary remuneration for board members limited to EUR 500,000 per person for 2011.
Despite a difficult market environment in the 2011 business year, Commerzbank posted a Group operating profit pursuant to IFRS of EUR 638 million. At the Core Bank, which encompasses the strategically significant customer-centric business of Commerzbank, it was possible to increase the operating profit substantially to EUR 4.5 billion, compared to EUR 2 billion in 2010.
"2011 was both an eventful and challenging financial year - as well as a somewhat uneven one - for Commerzbank. Performance was very strong in the first half of the year, both in terms of profitability and with respect to the achievement of strategic milestones. However, like all other banks, we navigated into far more turbulent waters in the second half of the year," said Martin Blessing, Chairman of the Board of Managing Directors of Commerzbank in the 2011 Annual Report submitted today.
In the first half of 2011 the integration of the former Dresdner Bank was successfully concluded to a large extent. The last major milestone to be achieved was the migration of client and product data over the Easter weekend 2011. Furthermore, the improvement of the capital structure was crucially important in 2011. Between April and June 2011 Commerzbank performed a two-stage EUR 11 billion capital increase. Thus, the Bank redeemed EUR 14.3 billion of the silent participations of the Financial Market Stabilisation Fund (SoFFin), and therefore a significant proportion of the participations. Moreover, in the first and fourth quarters of 2011 Commerzbank successfully repurchased hybrid equity instruments.
In the second half of 2011 the European sovereign debt crisis heightened considerably, leading to charges on results. In particular, the associated write-downs on Greek sovereign bonds totalling EUR 2.2 billion had a negative effect on earnings. In November 2011 the European Banking Authority (EBA) determined, on the basis of a simulation of a partial default of European sovereign bonds, the capital requirement for European banks as of the cut-off date June 30, 2012. The EBA capital requirement of EUR 5.3 billion determined for Commerzbank at that time could already be reduced by a significant amount by the end of 2011. Taking into account the repurchase of hybrid and subordinated capital instruments completed at the beginning of March 2012, the capital requirement in accordance with the EBA demands has been reduced by more than 80 %, to some EUR 1 billion. On the basis of the current business planning and presupposing no further deterioration in the macroeconomic framework conditions, by June 30, 2012 with the measures already initiated the Bank expects to attain further positive effects of as much as EUR 2.9 billion to cover the EBA capital requirement.
Martin Blessing: "We are making excellent progress with the implementation of our package of measures to strengthen the Core Tier 1 capital ratio. Following the conclusion of the measures we expect a Core Tier I ratio of more than 11 %. This would not only comply with the current regulatory minimum capital ratios, but also those to come into effect under Basel III".
As a result of the net loss for the year in the results of Commerzbank AG pursuant to the German Commercial Code (HGB), for 2011 the Bank cannot service the silent participation of SoFFin and other capital instruments, nor can it pay a dividend. The total monetary remuneration for the members of the Managing Board of Commerzbank is - as before in the years 2008 to 2010 - EUR 500,000 per board member. The total monetary remuneration of the board members amounts to EUR 4.8 million (pages 43 to 55). The number of employees in the Commerzbank group as of the end of December 2011 was 58,160 (page 137).
As a consequence of the European sovereign debt crisis there will again be a high degree of uncertainty on the market in the current year. In this respect the Bank believes the following particular aspects will impact on the business activities of Commerzbank in the current year and probably also in 2013: Cautious economic growth, low interest rates and somewhat tense financial and capital markets. "It remains difficult to predict how the European sovereign debt crisis will affect the current financial year. We are confident, however, that we will post a solid result in the Core Bank by virtue of our strong market position. Thanks to the successfully concluded integration of Dresdner Bank to a large extent, the position of Commerzbank has been clearly strengthened. Fundamentally, we intend to adhere to the business model, which promises the potential for sustainable earnings," said Martin Blessing. Conditional upon stable markets, the Bank expects the results for 2013 to be an improvement on those of 2012.
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