Wiesbaden, the capital of the German federal state of Hesse, is the venue for Commerzbank’s AGM today. It is the first time Germany’s second-largest private bank is holding the meeting in person again since the Covid-19 crisis (starting at 10 a.m. with a livestream).

The bank is looking back on a successful year. Revenues rose by 6 percent to €11,1 billion. The net interest income remained almost stable at €8,3 billion despite the general decline in interest rates. The cost-income ratio fell below the targeted 60 percent mark to 59 percent.

The Result:

Net profit increased by one-fifth year-over-year to just under €2,7 billion.

Best Quarterly Result Ever

The strong performance continued into the first quarter. Revenues rose by 12 percent. The bank’s interest business remains robust. Net profit increased by 12 percent to €834 million, and the return on equity was in the double digits at 11,1 percent. Commerzbank has never reported a better quarterly result and exceeded analysts' expectations.

For CEO Bettina Orlopp, who has been at the helm since October 2024, the AGM could have been a triumphant appearance – if it weren’t for the main shareholder UniCredit. The Italian bank has secured a 28 percent stake in Commerzbank via derivatives. Its CEO, former UBS top executive Andrea Orcel, fired shots at Commerzbank days ahead of the AGM. In an interview with Handelsblatt, he criticized that the bank’s profit growth was solely due to one-off effects. Excluding these, Commerzbank’s profit would not have increased by 12 percent, but rather dropped by 8 percent, he told the German business daily.

Orcel expressed disappointment in Commerzbank’s development: «We had hoped they would move closer to us in Germany.»

Orlopp Gives Orcel the Cold Shoulder

Orcel makes no secret of his desire to take over Germany’s second-largest private bank. Orlopp, however, insists on the company’s independence. In her annual report, which was published online ahead of the AGM, UniCredit is mentioned in only one word.

Instead, she emphasizes the importance of the bank’s evolved strategy, which includes increasing the return on equity by 15 percent by 2028:
«We want to turn the next phase at Commerzbank into a growth story. (…) In short: We’re building the best Commerzbank ever!»