Morningstar

Commerzbank AG

CBK: XETR (DEU)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€29.30	Vxk	Tvlb

Commerzbank Reports Good First Quarter; Lifting Our Fair Value Estimate to EUR 9

May 16, 2022

Business Strategy and Outlook

Commerzbank generates about 70% of its operating income in the highly competitive German market, where banks without profit-maximizing motives (savings and cooperative banks) dominate the retail space and German as well as international competitors vie for the coveted German corporate market. In this competitive environment, Commerzbank has too long stuck to its large branch network strategy, failing to digitize processes sufficiently to compete in today’s changing banking landscape.

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