Morningstar

Commerzbank Earnings: Net Interest Income Continues to Shine

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Securities In This Article
Commerzbank AG
(CBK)

No-moat Commerzbank CBK 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.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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About the Author

Niklas Kammer, CFA

Equity Analyst
More from Author

Niklas Kammer, CFA is an equity analyst, Europe, for Morningstar*. He covers European financials. His coverage includes Nordic and UK banks, payment services providers, other fintechs and exchange groups.

Before joining Morningstar in 2016, Kammer interned on the equity research team at Rabobank Netherlands and in the corporate finance department at Kempen & Co. At Morningstar, he worked as an associate equity analyst covering the oil and gas sector before moving into his current role as an equity analyst covering financials.

Kammer holds a bachelor’s degree in economics and business from University of Amsterdam and a master’s degree in finance and investments from the Rotterdam School of Management. He is also a CFA charterholder.

* Morningstar Holland BV (“Morningstar”) is a wholly owned subsidiary of Morningstar, Inc

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