Professional Documents
Culture Documents
Note: All numbers for previous quarters are restated to conform to new financial disclosure as of 1 January 2013 for comparability Stephan Engels | CFO | Frankfurt | 7 May 2013 2
Q1 2012 576 11.3 223 20 Q1 2012 866 21.2 65.5 28 81 Q1 2012 -454 171 41
Q4 2012 -40 12.0 208 19 Q4 2012 408 8.4 76.6 27 76 Q4 2012 -448 151 66
Q1 2013 469 11.5 210 20 Q1 2013 556 11.9 71.7 28 75 Q1 2013 -87 143 72
Operating result (m) EaD incl. NPL volume (bn) Risk density of EaD (bps)
1)
Group revenues 5% higher in Q1 2013 vs. Q4 2012, LLPs and costs lower
Quarterly transition, Group
m
576 469
51
347
493
111 -40
Operating result Q1 2012 Operating result Q4 2012 Revenues LLP Costs Operating Restructuring result expenses Q1 2013
-24
Pre-tax result
70 -94
Tax, Minorities, etc. Net result 1)
Q1 2013 vs. Q4 2012 Strong fee business and improved trading income due to a recovery in client activity but lower net interest income Seasonally lower LLPs vs. Q4 2012 mainly driven by NCA Further improvement in operating costs reflects recently initiated efficiency measures Complete restructuring charges of 493m booked in Q1 2013, as announced with Q4 2012 reporting
1)
Core Bank: Strong net commission income in Q1 2013, NII still subdued amid low interest rate environment
Revenues
m
+5% -11% 2,564 2,182 2,289
Net commission income up 13% vs. Q4 2012 and only slightly below Q1 2012 NCI from securities & AM business with strong increase q-o-q and y-o-y, driven stronger client demand in PC and from capital markets products in MSB Y-o-y revenue development driven by strong treasury results in Q1 2012, which are not expected to recur in 2013
Q1 2012
Q4 2012
Q1 2013
Interest drivers bn
Claims on clients / banks1) Liabilities to clients / banks1)
+13%
828 734
265 181
263
Securities & AM Payment transaction & foreign business Credit business Intermediary business Other
270 224
308
326
321
307
128
53 58
Q1 2012
Q4 2012
Q1 2013
NIM2)
1,11
1,08
0,91
102 37 50
Q4 2012
119 47 47
Q1 2013
Q1 2012
1)
2)
Core Bank: Further improvement in operating costs due to recently initiated efficiency measures
Cost split
m
-2% -2% 1,680
PC
84
1,021
914
1,001
61
65 61
1)
659
758
640
52 43
46
56 45
Q1 2012
Q4 2012
Q1 2013
Pers. expenses
Operating expenses
Q1 2012
Q4 2012
Q1 2013
Q1 2013 vs. Q4 2012 Operating expenses further reduced, driven by recently initiated efficiency measures Seasonally higher personnel expenses in Q1 2013 vs. Q4 2012 but 2% below Q1 2012 Investments for the strategic agenda will kick-in during the next few quarters and add to the cost base
1)
35
Low LLP figure for Q1 2012 driven by releases due to parameter updates LLPs in Core Bank benefitting from releases in C&M; LLP increases in PC and MSB as expected
18
27 -35
24
19
78 6 -26 Q1 2013
Reversals
Q1 2012
Q4 2012
73 59 59
CEE
6,662 3,918
28 28 29 17
Q1 2012
1)
28 27 27 20
Q4 2012
2) As
77 2.8
PC
Assets under control Net promoter score Revenue growth Growth in international revenues
MSB
Cross-selling New customers
1)
CEE
Loan to deposit ratio Revenue growth
C&M
1)
486
+180% -49%
137 25
Q1 2012 Q4 2012
70
Revenue growth in Q1 2013 vs. Q4 2012 due to seasonally stronger securities business
Q1 2012
-13%
374
325
Stable results from customer business, but positive effects from restructuring of loans in Q4 2012 did not recur in Q1 2013
Q1 2013
Q4 2012
Q1 2013
42
Q4 2012
75
Operating result in Q1 2013 supported by releases in loan loss provisions and seasonally low costs
Reported
246
Good start to 2013 driven by increased risk appetite from clients in equities and interest rate products
OCS effect Reported
Q1 2013
Q1 2012
Q4 2012
Q1 2013
1)
Private Customers: Revenue growth in Q1 2013 vs. Q4 2012 due to seasonally stronger securities business
Quarterly transition
m
137
+180%
19 54 25 70
10
Revenues
LLP
Costs
Q1 2013 vs. Q4 2012 Increasing revenues driven by seasonally stronger securities business and portfolio management activities, which significantly overcompensated weaker interest income As expected, uptick in loan loss provisions Flat operating costs in Q1 2013 vs. Q4 2012, but higher costs expected in the coming quarters due to increase in investments
11
PC divisional split
Filialbank Revenues before LLP m
768 688 722
Q1 2012
Q4 2012
Q1 2013
Increasing client activities in securities business NII influenced by low interest rate environment overcompensated by better NCI Stable operating costs
Commerz Real Revenues before LLP m Higher NCI due to real estate transactions and increased fund management fees
51 39 50
Q1 2012
Q4 2012
Q1 2013
Higher business activities in Q1 2013 are reflected in higher volume of new transactions
86
81
86
Stable revenues in Q1 2013 incl. 7m net gains on financial assets NCI with slight increase vs. Q4 2012
Q1 2012
Q4 2012
Q1 2013
12
Mittelstandsbank: Stable results from customer business, positive effects from restructuring of loans in Q4 2012 did not recur in Q1 2013
Quarterly transition
m
486 374 36
-13%
36
325 23
Revenues
LLP
Costs
Q1 2013 vs. Q4 2012 Increase in net commission income and higher loan margin compensated decrease in deposit margin Q4 2012 revenues benefitted from restructuring of loans, which did not recur in Q1 2013 Increase in LLPs in Q1 2013 vs. Q4 2012 in-line with expectations Decrease in expenses due to year-end effects in Q4 2012, higher costs expected in the coming quarters due to increase in investments Operating RoE of above 22% and CIR under 45%
13
Higher revenues from loan business partly offset by further declining deposit margin Increase in demand for capital market products
Corporate Banking & International Revenues before LLP m Stable results from direct customer business
274 286 244
Q1 2012
Q4 2012
Q1 2013
Q1 2012
Q4 2012
Q1 2013
Q4 2012 included positive effects from restructured loans which did not recur in Q1 2013
Financial Institutions Revenues before LLP m Customer business flow produces stable revenues at a high level
104 108 102
Q1 2012
Q4 2012
Q1 2013
14
Central & Eastern Europe: Operating result supported by releases in loan loss provisions and low costs
Quarterly transition
m 87 15 +79%
17 42 18 75
72
Revenues
LLP
Costs
Q1 2013 vs. Q4 2012 Lower net interest income after rate cuts of National Bank of Poland was offset by increase in trading income Loan Loss Provisions remain on a low level driven by successful restructurings Continued focus on cost management leads to lower operating expenses
15
Corporates & Markets: Good start to 2013 driven by increased risk appetite from clients in equities and interest rate products
Quarterly transition
m OCS effect Op. result excl. OCS effect 30 187 49 -157 Operating result Q1 2012
equity ( bn) Op. RoE1) (%) CIR1) (%) 3.2 23.0 61.5
Reported 25 271 25
246
45 127
Revenues
LLP
Costs
Q1 2013 vs. Q4 2012 Improved revenues in Q1 2013 vs. Q4 2012, favorably impacted by seasonality and return of client activity especially in equity derivatives and interest rates trading Loan loss provisions of 26m benefit from releases in Q1 2013 vs. LLPs of -19m in Q4 2012 Favourable q-o-q delta in operating costs due to year-end one-off effects included in Q4 2012
1)
Q1 2012
Q4 2012
Q1 2013
Stable performance across most business lines Q-o-q delta primarily driven by positive effects from restructuring of loans in Q4 2012 which did not recur in Q1 2013
136
119
141
Q1 2012
Q4 2012
Q1 2013
Stable revenues across products with improvement of client activities in equity derivatives
256 56
201
Strong rebound of client activity in Interest Rates products Better q-o-q but lower y-o-y performance of FX and Credit Trading
47 88 122
Again favourable contribution of CPM Better y-o-y performance as Structured Credit Legacy with 40m revenues in Q1 2013 was reported as a part of PRU in Q1 2012
25
-157
-118
Q1 2013
Q1 2012
Q4 2012
Q1 2013
17
337
Q1 2013 vs. Q4 2012 Stable revenues despite significant progress in portfolio wind-down driven by lower impairments and repricing of CRE loan prolongations Operating costs managed down in proportion to portfolio reduction Seasonally low LLPs in Q1 2013 with 175m on the level of Q1 2012 with 178m
18
NCA: Good momentum in asset reduction continues without decrease in portfolio quality
LLP
m
-2% 512 Public Finance CRE Deutsche Schiffsbank 1) DSB parameter updates 178 145 383 151 175
NCA run-down mainly in CRE and Public Finance, EaD (incl. NPL) reduction of 7.3bn in Q1 2013 and 16.1bn since Q3 2012
-66%
Since Q1 2012 EaD (incl. NPL) reduced by 10% in Ship Finance, 20% in CRE and 10% in Public Finance CRE LLP due to releases low compared to previous quarters; Ship Finance LLP still on a high level, as expected LLP increase expected in the following quarters NPL volume and coverage
-5%
114 57
7
224
-9 Q4 2012
139 38 -2
Q1 2013
Q1 2012
m
10,259 10,166 Default volume LLP Collaterals GLLP 3,325 12,128 12,146 3,884 11,836 11,709 3,744
82
77
74
7,556
64 20
Q1 2012
55 19
Q4 2012
51
Cov. ratio (%)
99 6.0
18
Q1 2013
NPL ratio
(%)2)
1)
In Q1 2012 Deutsche Schiffsbank portfolio excluding 3.3bn DSB public finance assets
2)
As % of EaD 19
+1% -6%
223 208
210
25.2
25.0
24.2
Q1 2012
Q4 2012
Q1 2013
Q1 2012
Q4 2012
Q1 2013
20
11.5 1.4
Capital deduction of securitisations
Pro-forma
10.1 2.6 7.5
Revaluation reserve DTA deduction SoFFin silent participation Minority interests
Basel 2.5 CT 1 as of Q1 2013 RWAs (bn) Basel 2.5 CT 1 and Basel III CET 1 capital (bn) 210 24.2
25 -0.5
-6.2
17.5
Note: estimated impacts as of Q1 2013, numbers may not add up due to rounding Stephan Engels | CFO | Frankfurt | 7 May 2013 21
Limited unsecured issuance in 2013 flexible funding approach to support franchise demand and diversify funding
Capital market funding history & outlook
bn
Senior Unsecured
Focus on private placements
21
Covered Bonds
8
12 7 6 4
<10
0,5bn 5Y inaugural SME structured covered bond successfully issued Innovative structure to refinance SME business Attractive funding cost for the bank
2009
2010
2011
2012
LTRO
LTRO funding completely repaid in Q1 2013
Senior Unsecured
22
Outlook
Unchanged outlook: ongoing asset reduction and low interest rates expected to put further pressure on revenues compared to 2012 Investments in strategic repositioning are expected to add to costs in the following quarters LLP guidance for FY 2013 unchanged: still expected to be slightly up vs. FY 2012 with higher Core Bank LLP and ship finance still on a high level Current pro-active NCA run-down to continue in positive market environment, asset reduction targets for 2016 unchanged Basel III CET1 phase-in ratio of 10.1% and fully phased-in ratio of 7.5% per end Q1 2013 before announced capital measures
23
24
DAX
(average p.a.)
8,000 6,586 6,190 6,843 8,200
Euribor
in % (average p.a.)
GDP
(Change vs previous year in %)
4.2 1.9 3.0 1.5 0.7 -0.5 0.57 0.29 0.53 -5.1 -4.4 2010 Germany 2011 Eurozone 0,5 -0.2 2.0
1.0
1.23 0.81
1.39
2010
2011
2012
2013e
2014e
2009
2010
2011
2009
Source: Commerzbank Economic Research Stephan Engels | CFO | Frankfurt | 7 May 2013 25
Items Memo: Rev. bef. LLP (reported) Sale of PSB OCS Liability Mgmt. Greece sov. impairment
Q2 2012 2,578 7 15 0 0
Q1 2013 2,460 0 25 0 0
Items Memo: Net result (reported) Bank Forum, DTA impair. Restructuring charges
Q3 2012 67 -27 0
Q1 2013 -94 0
Notes
- 493
Note: All numbers for previous quarters are restated to conform to new financial disclosure as of 1 January 2013 for comparability Stephan Engels | CFO | Frankfurt | 7 May 2013 26
79% of CRE and 74% of Ship Finance portfolio within lower and medium risk cluster
Cluster Commercial Real Estate
EaD in bn
1)
Q1/13
Q4/12
Ship Finance 2)
EaD in bn
Q1/13
Q4/12
higher risk
9.2 (21%)
10.6 (23%)
Bulk Carrier (Capesize/VLOC) Container < 2,000 TEU Container 2,000 4,000 TEU Product-/Chemical Tanker
3.6 (27%)
3.7 (26%)
medium risk
7.8 (18%)
8.3 (18%)
Bulk Carrier (Handysize/-max) Bulk Carrier Panamax Container 4,000 8,000 TEU Crude Oil Tanker
4.8 (36%)
5.0 (35%)
lower risk
26.6 (61%)
28.2 (60%)
Container > 8,000 TEU Gas Tanker Yards Other (Cruise, Car Carrier, Offshore, Other)
5.1 (38%)
5.5 (39%)
Risk of single exposures depend on LtVs, terms of charter/rental agreements and charterers/tenants credit worthiness
1)
2)
Deutsche Schiffsbank 27
GER
EaD 50.9
RWA 29.4
LLP <0.1
GER FI 9.6 10.9 3.5 0.0 24.0 Container Performing NPL Sum 4.7 2.1 6.8
POR 0.1 0.9 0.1 0.0 1.1 Rest 2.8 0.6 3.4
Sum 23.3 36.2 14.7 0.0 74.2 Sum 13.7 4.6 18.3
EaD 74.2
RWA 16.7
LLP 0.0
EaD 18.3
RWA 18.7
LLP 0.1
1)
Utility and infrastructure transactions (mostly UK) taken over from PRU in mid-2012; without value-impairing securities
2)
Incl. regions 28
Core Bank
Adjusted revenues before LLP
m
2,701 2,294 2,428 2,300 2,264
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
NCA1
Q1 12
2)
Q2 12
2,578 7 15 0 0 2,556
Q3 12
2,370 0 -71 0 0 2,441
Q4 12
2,349 0 -119 0 0 2,468
Q1 13
2,460 0 25 0 0 2,435
Rev. bef. LLP (reported) Sale of PSB OCS Liability Mgmt. Greece sov. impairment Adjusted Rev. bef. LLP
238 13 -177
Q1 12 Q2 12 Q3 12
168
171
Q4 12
Q1 13
1)
2) after
restatement Q1 2013 29
Core Bank
Adjusted operating result
m
1,003
Q1 12
Operating result (reported) Sale of PSB OCS Liability Mgmt. Greece sov. impairment Adjusted operating result 576 15 -158 5 0 714
Q2 12
442 7 15 0 0 420
Q3 12
208 0 -71 0 0 279
Q4 12
-40 0 -119 0 0 79
Q1 13
469 0 25 0 0 444
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
NCA1
Adjusted operating result
m
Net result (reported) Bank Forum, DTA impair. Restructuring charges Adjusted net result
67 -27 0 94
-726 -745 0 19
-151 -453
Q1 12 Q2 12
-87 -461
Q3 12
-447
Q4 12 Q1 13
1)
Commerzbank Group
in m Net interest income Provisions for loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax result Q1 2012 1,694 -212 1,482 864 164 -176 11 21 2,578 2,366 1,790 576 34 542 Q2 2012 1,784 -404 1,380 769 84 -23 7 -43 2,578 2,174 1,732 442 9 -86 347 Q3 2012 1,281 -430 851 852 224 30 16 -33 2,370 1,940 1,732 208 3 211 Q4 2012 1,728 -614 1,114 764 -383 250 12 -22 2,349 1,735 1,775 -40 -185 -225 Q1 2013 1,356 -267 1,089 847 317 -6 8 -62 2,460 2,193 1,724 469 493 -24 % yoy -20.0 -25.9 -26.5 -2.0 93.3 96.6 -27.3 -395.2 -4.6 -7.3 -3.7 -18.6 1,350.0 -104.4 % qoq -21.5 56.5 -2.2 10.9 182.8 -102.4 -33.3 -181.8 4.7 26.4 -2.9 1,272.5 100.0 89.3
Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax result (%)
1.5 -5.9
-1.5 0.8
31
Core Bank
in m Net interest income Provisions for loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax profit Q1 2012 1,473 -18 1,455 834 241 10 12 -6 2,564 2,546 1,680 866 866 Q2 2012 1,598 -116 1,482 750 -24 20 6 -34 2,316 2,200 1,627 573 -86 487 Q3 2012 1,155 -47 1,108 827 294 109 16 -28 2,373 2,326 1,641 685 3 688 Q4 2012 1,520 -102 1,418 734 -312 237 14 -11 2,182 2,080 1,672 408 -185 223 Q1 2013 1,187 -92 1,095 828 360 -14 10 -82 2,289 2,197 1,641 556 493 63 % yoy -19.4 -411.1 -24.7 -0.7 49.4 -240.0 -16.7 -1,266.7 -10.7 -13.7 -2.3 -35.8 -92.7 % qoq -21.9 9.8 -22.8 12.8 215.4 -105.9 -28.6 -645.5 4.9 5.6 -1.9 36.3 100.0 -71.7
Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax profit (%)
14.0 -1.5
-4.5 3.1
32
Private Customers
in m Net interest income Provisions for loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax result Q1 2012 471 -8 463 416 1 2 7 8 905 897 760 137 137 Q2 2012 448 -26 422 368 3 -19 800 774 745 29 29 Q3 2012 446 -45 401 409 1 -4 6 -25 833 788 752 36 36 Q4 2012 462 -16 446 353 1 -2 11 -21 804 788 763 25 25 Q1 2013 431 -35 396 427 1 5 9 -15 858 823 753 70 70 % yoy -8.5 -337.5 -14.5 2.6 150.0 28.6 -287.5 -5.2 -8.2 -0.9 -48.9 -48.9 % qoq -6.7 -118.8 -11.2 21.0 350.0 -18.2 28.6 6.7 4.4 -1.3 180.0 180.0
Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax result (%)
0.7 2.3
4.8 -0.8
33
Mittelstandsbank
in m Net interest income Provisions for loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax result Q1 2012 542 35 577 270 -12 -1 -9 790 825 339 486 486 Q2 2012 487 -32 455 272 1 -6 -7 747 715 327 388 388 Q3 2012 468 9 477 258 -13 3 -3 713 722 329 393 393 Q4 2012 454 -42 412 261 3 38 3 5 764 722 348 374 374 Q1 2013 457 -78 379 280 1 -12 2 728 650 325 325 325 % yoy -15.7 -322.9 -34.3 3.7 108.3 -1,100.0 122.2 -7.8 -21.2 -4.1 -33.1 -33.1 % qoq 0.7 -85.7 -8.0 7.3 -66.7 -131.6 -100.0 -60.0 -4.7 -10.0 -6.6 -13.1 -13.1
Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax result (%)
-2.4 2.6
3.4 2.9
34
Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax result (%)
-9.3 -12.9
2.6 -4.8
35
Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax result (%)
0.3 4.9
-1.0 13.9
36
Non-Core Assets
in m Net interest income Provisions for loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax result Q1 2012 185 -178 7 30 -215 -203 -1 26 -178 -356 98 -454 34 -488 Q2 2012 156 -301 -145 19 124 -54 1 -8 238 -63 88 -151 9 -160 Q3 2012 126 -383 -257 25 -70 -79 -5 -3 -386 91 -477 -477 Q4 2012 208 -512 -304 30 -71 13 -2 -11 167 -345 103 -448 -448 Q1 2013 169 -175 -6 19 -43 8 -2 20 171 -4 83 -87 -87 % yoy -8.6 1.7 -185.7 -36.7 80.0 103.9 -100.0 -23.1 196.1 98.9 -15.3 80.8 -100.0 82.2 % qoq -18.8 65.8 98.0 -36.7 39.4 -38.5 281.8 2.4 98.8 -19.4 80.6 80.6
Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax result (%)
-1.6 -2.1
4.6 -3.9
37
1,704 9,504
1,052 8,975
-100.0 -100.0
38
1,236 15,753
3,291 14,049
5,007 14,948
5,084 12,436
3,815 12,033
208.6 -23.6
-25.0 -3.2
39
End of Period 5,827 8,732 10,948 2,376 -77 -147 27,659 857 28,516 -4,350 24,166 2,284 26,450
40
Tanja Birkholz (Head of Investor Relations / Executive Management Board Member) P: +49 69 136 23854 M: tanja.birkholz@commerzbank.com
Jrgen Ackermann (Europe / US) P: +49 69 136 22338 M: juergen.ackermann@commerzbank.com Dirk Bartsch (Strategic IR) P: +49 69 136 22799 M: dirk.bartsch@commerzbank.com
Michael H. Klein (UK / Non-Euro Europe / Asia / Fixed Income) P: +49 69 136 24522 M: michael.klein@commerzbank.com ir@commerzbank.com www.ir.commerzbank.com
41
Disclaimer
Investor Relations 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 managements 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, in particular as a result of the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives to improve its business model, particularly to reduce its public finance portfolio in Private Customers, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forwardlooking 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.
42