Commerzbank Updating Estimates Post Q1 2026

Goldman Sachs updated its estimates for Commerzbank after a Q1'26 profit beat and improved management guidance, raising its 2026 EPS forecast by 4%. The bank is maintaining a 'Not Rated' status due to its role as a financial advisor.

Key Takeaways

• 1.Commerzbank delivered a 5% net profit beat in Q1'26, driven by lower-than-expected credit costs and operating expenses.
• 2.Management upgraded 2026 Net Interest Income (NII) guidance to approximately €8.6bn from €8.5bn previously.
• 3.The bank reaffirmed a 100% payout policy for 2026-28E, supported by organic capital generation and RWA optimization.

Table of Contents

• Revenue
• Costs
• Capital
• Estimate changes and valuation
• Exhibit 1: CBK Forecasts: GSe vs. Visible Alpha Consensus Data
• Exhibit 2: Estimate changes
• Disclosure Appendix

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