Commerzbank AG

CBK: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€36.10	Mvsk	Qhksk

Commerzbank Earnings: Net Interest Income Continues to Shine

Niklas Kammer

May 23, 2023

No-moat Commerzbank started the year well with a return on tangible equity of 8.3% in the first quarter. A low risk result of EUR 68 million in the quarter, or 10 basis points, stood out positively, but also the continued growth in net interest income is a welcome sight after the bank had been suffering from negative interest rates in Europe in recent history. We maintain our EUR 11.60 per share fair value estimate.

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