Q1 2024 Commerzbank AG Earnings Call Transcript

May 16, 2024

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May 15, 2024 / 07:00AM GMT
Operator

Hello, and welcome to the Commerzbank AG Conference Call regarding the first quarter results 2024. (Operator Instructions) The floor will be open for questions following Bettina Orlopp's and Manfred Knof's presentation.

Let me now turn the floor over to our CEO, Manfred Knof.

Manfred Knof - Commerzbank AG - Chairman of the Board of MD & CEO

Good morning, and welcome to our conference call. We are looking forward to present and discuss our performance of the first quarter. We had a strong start in 2024. The first quarter with its record result clearly supports our equity story. Our earnings power has significantly improved. Both client segments effectively managed the rates environment and successfully developed their fee business.

The good development of our revenue base is the foundation of our strong net result of EUR 747 million. This translates into a healthy return on tangible equity of 10.5%. Obviously, the double-digit return in Q1 is seasonally supported by high client activity and low risk provisions, but it also includes a burden

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