DGAP-Regulatory: Commerzbank: Preliminary result for first quarter of 2015 - Increase in share capital by as much as 10% through an accelerated bookbuilding procedure


Commerzbank AG  / Capital Increase/Preliminary Results

27.04.2015 17:55

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THIS AD HOC RELEASE AND THE INFORMATION CONTAINED HEREIN ARE NOT BEING
ISSUED AND MAY NOT BE DISTRIBUTED IN OR INTO THE UNITED STATES OF AMERICA,
CANADA, JAPAN OR AUSTRALIA.

In the first quarter of 2015 Commerzbank has, on the basis of preliminary
figures, more than doubled its operating profit to EUR 685 million (Q1
2014: EUR 324 million). The improvement was seen largely in the Core Bank
but also in the Non-Core Assets segment. Negative burdens from the
recognition of the European bank levy for the fiscal year 2015 as well as
an impairment on HETA exposure have been compensated in the core bank by
positive one-off effects and in NCA by positive valuation effects

The revenues before loan loss provisions increased to EUR 2.8 billion (Q1
2014: EUR 2.3 billion). The primary reasons for the positive deviation in
the results from market expectations are revenues from customer and capital
market transactions of a comparable size, positive valuation effects and
positive one-off effects.

The loan loss provisions decreased compared to the same period in the
previous year to EUR 158 million (Q1 2014: EUR 238 million). The operating
expenses increased slightly to approximately EUR 1.9 billion (Q1 2014:
approximately EUR 1.7 billion). The net profit improved to EUR 366 million
(Q1 2014: EUR 200 million).

The successful portfolio run-down in the Commercial Real Estate (CRE) and
Ships Finance divisions has been continued since the previous quarter,
despite negative foreign exchange effects to the amount of EUR 1.4 billion,
with a reduction of EUR 2.0 billion to approximately EUR 30.1 billion as at
the end of the first quarter of 2015. On the basis of preliminary figures
the CET 1 capital ratio with full application of Basel 3 - including the
interim profit of the first quarter 2015 and a dividend accrual to the
amount of EUR 57 million - improved in the first quarter of 2015 to 9.5%
(end of December 2014: 9.3%). The leverage ratio increased as at the end of
March 2015 increased to 3.7% (end of December 2014: 3.6%).

The Board of Managing Directors of Commerzbank AG today decided, with the
consent of the Supervisory Board, to increase the share capital so as to
further strengthen the capital resources of Commerzbank. To this end as
many as 113.85 million new no-par-value shares are to be issued from
authorised capital with the exclusion of subscription rights. The new
shares are endowed with full dividend entitlement for the current financial
year and will be offered to institutional investors through a private
placement through the so-called accelerated bookbuilding procedure. Gross
issue proceeds of as much as EUR 1.4 billion are to be attained with the
placement. Commerzbank AG and Deutsche Bank are Joint Global Coordinator of
the placement. After the successful completion of the capital measure
announced today the Bank expects a further increase in the Common Equity
Tier 1 ratio with full application of Basel 3 to presumably more than 10%
(pro forma as at the end of March 2015). The leverage ratio is expected to
improve to 3.9% (pro forma as end of March 2015).

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Excerpt preliminary results first quarter of 2015 

<pre>


in EUR m                                                  Q1 2015   Q1 2014


Revenues before loan loss provisions                        2,782     2,260


thereof net interest and trading income                     2,017     1,538


thereof commission income                                     900       815


thereof other income                                         -135       -93


Loan loss provisions                                         -158      -238


Operating expenses                                          1,939     1,698


Operating profit                                              685       324


Pre-tax profit                                                619       324


Consolidated profit attributable to Commerzbank               366       200
shareholders





in %                                                      Q1 2015   Q4 2014


CET1 ( full application of Basel 3)                           9.5       9.3


Leverage ratio ( full application of Basel 3)                 3.7       3.6



</pre>

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Disclaimer 
This ad hoc release does not constitute a prospectus, an offer to sell
securities, or a solicitation of an offer to buy securities, in the United
States of America or in any other jurisdiction and may not be published,
distributed or transmitted, directly or indirectly, in or into the United
States, Canada, Japan or Australia. Securities may not be offered or sold
in the United States of America absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the
'Securities Act'). The securities of COMMERZBANK Aktiengesellschaft
described herein have not been and will not be registered under the
Securities Act, or the laws of any state or territory of the United States,
and may not be offered or sold within the United States, except pursuant to
an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and any other applicable  laws.
COMMERZBANK Aktiengesellschaft does not intend to register any portion of
the offering described herein in the United States or conduct a public
offering of securities in the United States.

This ad hoc release is for information purposes only and does not
constitute an offer document or an offer of transferable securities to the
public in the U.K. to which section 85 of the Financial Services and
Markets Act 2000 of the U.K. ('FSMA') applies and should not be considered
as a recommendation that any person should subscribe for or purchase any of
the Securities. The Securities will not be offered or sold to any person in
the U.K. except in circumstances which have not resulted and will not
result in an offer to the public in the U.K. in contravention of section
85(1) of FSMA.

The communication of this document is restricted by law; it is not intended
for distribution to, or use by any person in, any jurisdiction where such
distribution or use would be contrary to local law or regulation.

This ad hoc release is not being distributed by, nor has it been approved
for the purposes of section 21 of FSMA by, a person authorised under FSMA.
This document is being communicated only to, and is directed only at, (I)
persons who are outside the United Kingdom (II) to investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the 'Order') or (III) high
net worth companies and other persons within the categories described in
Article 49(2)(a) to (d) of the  Order (all such persons together being
referred to as 'Relevant Persons').

Any person who is not a Relevant Person should not take any action on the
basis of this document and should not act or rely on this document or any
of its contents. The Securities are available only to, and any invitation,
offer or agreement to purchase will be engaged in only with Relevant
Persons. Persons in possession of this document are required to inform
themselves of any relevant restrictions. No part of this document should be
published, reproduced, distributed or otherwise made available in whole or
in part to any other person without the prior written consent of
COMMERZBANK Aktiengesellschaft.

This release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts. In this release,
these statements concern the expected future business of Commerzbank,
efficiency gains and expected synergies, expected growth prospects and
other opportunities for an increase in value of Commerzbank as well as
expected future financial results, restructuring costs and other financial
developments and information. These forward-looking statements are based on
the management's current expectations, estimates and projections. They are
subject to a number of assumptions and involve known and unknown risks,
uncertainties and other factors that may cause actual results and
developments to differ materially from any future results and developments
expressed or implied by such forward-looking statements. Such factors
include the conditions in the financial markets in Germany, in Poland,
elsewhere in Europe and other regions from which Commerzbank derives a
substantial portion of its revenues and in which Commerzbank holds a
substantial portion of its assets, the development of asset prices and
market volatility, potential defaults of borrowers or trading
counterparties, the implementation of Commerzbank's strategic initiatives,
the reliability of Commerzbank's risk management policies, procedures and
methods, and other risks. Forward-looking statements therefore speak only
as of the date they are made. Commerzbank has no obligation to periodically
update or release any revisions to the forward-looking statements contained
in this release to reflect events or circumstances after the date of this
release.




Contact:
Commerzbank AG
Group Communications
Tel.: +49 69 136 - 22830
mediarelations@commerzbank.com


27.04.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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Language:           English
Company:            Commerzbank AG
                    Kaiserplatz
                    60311 Frankfurt am Main
                    Germany
Phone:              +49 (069) 136 20
Fax:                -
E-mail:             ir@commerzbank.com
Internet:           www.commerzbank.de
ISIN:               DE000CBK1001
Indices:            DAX, CDAX, HDAX, PRIMEALL
Listed:             Regulated Market in Berlin, Dusseldorf, Frankfurt
                    (Prime Standard), Hamburg, Hanover, Munich, Stuttgart;
                    Terminbörse EUREX; London, SIX
Category Code:      MSC
TIDM:               CZB
Sequence Number:    2635
Time of Receipt:    Apr 27, 2015 17:22:40
 
End of Announcement                             DGAP News-Service
 
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