DGAP-News: Commerzbank AG: Commerzbank passes EU-wide stress test 2011
(firmenpresse) - DGAP-News: Commerzbank AG / Key word(s): Miscellaneous
Commerzbank AG: Commerzbank passes EU-wide stress test 2011
15.07.2011 / 18:00
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Commerzbank passes EU-wide stress test 2011
- Core Tier 1 ratio in all scenarios clearly exceeds hurdle rates set by
EBA
- Strutz: 'Commerzbank fulfils the much tougher stress test criteria'
As expected, Commerzbank has passed the stress test of the European Banking
Authority (EBA). In both scenarios the bank posted an adequate Core Tier 1
ratio, which was clearly higher than the figure of 5% demanded by the EBA.
In the 'baseline stress scenario' the Core Tier 1 ratio was 8.9%, and in
the 'adverse stress scenario' it was 6.4% pursuant to the EBA requirements.
'Commerzbank has fulfilled the much tougher criteria in this year's stress
test,' said Eric Strutz, CFO of Commerzbank. 'This shows that even under
difficult economic conditions the bank is well-positioned for the future.
Our 'Roadmap' target of attaining an operating profit exceeding EUR 4
billion in 2012, pre regulatory effects and under stable markets, remains
in place.'
The result of the stress test already takes into account the capital
measure completed in June 2011 to redeem to a large extent the silent
participations of the Financial Market Stabilisation Fund (SoFFin) and its
impact on the capital base of Commerzbank. In the framework of the capital
measure, Commerzbank had redeemed a total of approximately EUR 14.3 billion
of the silent participations of SoFFin, approximately EUR 3.3 billion
thereof from the bank's excess regulatory capital. With the capital measure
the bank has strengthened its Equity Tier 1 ratio in a sustainable and
long-term way and is well prepared for Basel III. As of March 31, 2011, in
accordance with the regular reporting provisions the Core Tier 1 ratio
amounted to 9.7% on a pro forma basis, the Equity Tier 1 ratio amounted to
9.0%. This includes the profit from the first quarter of 2011, the SoFFin
one-off payment, and the transaction costs of the capital measure.
Additional information referring to the EU-wide Stress Test can be found at
https://www.commerzbank.de/en/hauptnavigation/aktionaere/aktuelles_2/Aktue
lles.html
Press contact:
Armin Guhl +49 69 136 42764
Maximilian Bicker +49 69 136 28696
*****
About Commerzbank
Commerzbank is a leading bank for private and corporate customers in
Germany. With the segments Private Customers, Mittelstandsbank, Corporates&Markets, Central&Eastern Europe as well as Asset Based Finance, the
Bank offers its customers an attractive product portfolio, and is a strong
partner for the export-oriented SME sector in Germany and worldwide. With a
future total of some 1,200 branches, Commerzbank has one of the densest
networks of branches among German private banks. It has above 60 sites in
50 countries and serves more than 14 million private clients as well as one
million business and corporate clients worldwide. In 2010 it posted gross
revenues of EUR 12.7 billion with some 59,100 employees.
*****
Disclaimer
This release contains statements concerning the expected future business of
Commerzbank, efficiency gains and expected synergies, expected growth
prospects and other opportunities for an increase in value of the company
as well as expected future net income per share, restructuring costs and
other financial developments and information. These forward-looking
statements are based on 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.
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(at)commerzbank.com
End of Corporate News
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Language: English
Company: Commerzbank AG
Kaiserplatz
60261 Frankfurt am Main
Germany
Phone: +49 (069) 136 20
Fax: -
E-mail: ir(at)commerzbank.com
Internet: www.commerzbank.de
ISIN: DE0008032004
WKN: 803200
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München, SIX, Stuttgart;
Terminbörse EUREX; London
End of News DGAP News-Service
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132219 15.07.2011
Datum: 15.07.2011 - 18:00 Uhr
Sprache: Deutsch
News-ID 34619
Anzahl Zeichen: 0
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Kategorie:
Business News
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