(Kitco News) - Western investors appear to be finally having a positive impact on the gold market, or at the least, they are not getting in the way of higher prices, according to one market analyst. In his latest comments on the gold market, Carsten Fritsch, precious metals analyst at Commerzbank, said that current market conditions, while supportive for gold, do not fully explain the precious metal's rally to a new record high above $2,450 an ounce. Although gold prices have fallen from their all-time high ...

Commerzbank AG (OTCPK:CRZBF) Q1 2024 Results Conference Call May 15, 2024 3:00 AM ET Company Participants Manfred Knof - Chairman of the Board of MD & CEO Bettina Orlopp - CFO, Head of Tax, IR, Treasury & Deputy Chairwoman of the Board of MD Conference Call Participants Kian Abouhossein - JPMorgan Johannes Thormann - HSBC Benjamin Goy - Deutsche Bank Vishal Shah - Morgan Stanley Riccardo Rovere - Mediobanca Rohith Chandra-Rajan - Bank of America Mate Nemes - UBS Borja Ramirez - Citi Anke Reingen - RBC Stefa ...

A German financial regulator has reportedly fined Commerzbank $1.5 million for anti-money laundering violations.BaFin said Monday (April 11) that the bank failed to update customer data on time and did not provide sufficient security measures, Reuters reported.This, the report added, led to inadequate due diligence in three cases, which meant that the bank had violated its anti-money laundering (AML) obligations.“Commerzbank AG and the former comdirect Bank AG, of which Commerzbank AG is the universal succe ...

Commerzbank is updating its payments platform in Germany to execute cross-border payments.The bank will use the Swift network to process cross-border payments and the Target 2 or Euro 1 payment systems to process high-value and urgent payments, Commerzbank said in a Thursday (April 4) press release.To accomplish this, the bank is using PPI’s Travic-Payment Hub, according to the release. It expects to complete the migration by the end of 2025.“With the integration of the Travic-Payment Hub from PPI AG, we wi ...

Strong performance in 2023 – strategy is delivering Analyst conference – Q4 2023 / FY 2023 preliminary and unaudited results All figures in this presentation are subject to rounding 15 February 2024 Commerzbank, Manfred Knof, CEO, and Bettina Orlopp, CFO, Frankfurt Manfred Knof CEO 15 February 2024 Commerzbank, Manfred Knof, CEO, Frankfurt 1 | --- | --- | --- | |--------------------------------------|------------------------------|----------------------------------------------------------------------------- ...

Commerzbank AG (OTCPK:CRZBF) Q4 2023 Earnings Conference Call February 15, 2024 3:00 AM ET Company Participants Manfred Knof - Chief Executive Officer Bettina Orlopp - Chief Financial Officer Conference Call Participants Kian Abouhossein - JPMorgan Borja Ramirez - Citi Stuart Graham - Autonomous Research Benjamin Goy - Deutsche Bank Mate Nemes - UBS Jeremy Sigee - BNP Paribas Exane Tobias Lukesch - Kepler Cheuvreux Vishal Shah - Morgan Stanley Chris Hallam - Goldman Sachs International Jochen Schmitt - Metz ...

Financial Data and Key Metrics Changes - The operating results reached nearly €2.9 billion and the net result was €1.8 billion, with a net RoTE of 8.6%, which has doubled compared to the same period last year [4] - Revenues surpassed €8 billion despite burdens of €754 million from Swiss franc loans and mBank, driven by growth in net interest income [5] - The CET 1 ratio increased to 14.6%, well above requirements, reflecting stable risk-weighted assets and a good net result [6][28] Business Line Data and Key Metrics Changes - In the PSBC segment, net commission income decreased by 3% compared to Q2 due to lower volumes in securities transactions [8] - Net interest income (NII) reached a new high, with corporate clients achieving a 3% growth compared to Q2, while PSBC Germany saw an increase of €24 million quarter-on-quarter [9] - mBank's operating level was slightly below Q2 due to a higher risk result, but revenues excluding provisions for Swiss franc mortgages remained stable [21] Market Data and Key Metrics Changes - The deposit beta increased to around 25% in Q3, with expectations of an average of 30% in Q4 [10][50] - PSBC attracted additional call deposits, increasing the volume by €11 billion in the quarter, while side deposits decreased by €7 billion [17] - The overall loan volume in corporate clients increased, achieving levels similar to Q3 last year, with a moderate shift to term and call deposits [23] Company Strategy and Development Direction - The company has improved its outlook for 2023, expecting overall revenues around €10.6 billion, driven by net interest income of more than €8.1 billion [29] - The cost base is maintained at €6.4 billion, with a cost-income ratio expected to be around 61% [30] - The company plans to carry over the top-level adjustment of €435 million into 2024, providing room for potential defaults in the loan portfolio [34][62] Management's Comments on Operating Environment and Future Outlook - Management anticipates a risk result of less than €700 million for the full year, with a conservative economic outlook for Germany [14][34] - The company expects a stable development of the loan book for private clients, while being more optimistic about corporate clients due to investment demand [55] - The tax rate is expected to remain elevated at around 36%, primarily due to provisions for Swiss franc mortgages [15] Other Important Information - The company plans a share buyback of up to €600 million, pending approval from the ECB and the German Finance Agency [30][40] - Operating expenses are higher year-on-year due to salary increases and variable compensation accruals, but overall costs are on track with targets [12] Q&A Session Summary Question: Details on deposits in PSBC and cost of deposits - Management noted an inflow of approximately €4 billion from external sources, with a shift from side deposits into term and call deposits, offering teaser rates up to 4% [32][33] Question: Guidance for NII and loan losses in 2024 - The risk result is expected to be around €800 million due to weak economic development in Germany, with NII guidance for 2024 anticipated to be between €7.5 billion and €7.6 billion [34][35] Question: Impact of deposit mix on NII in Q4 - Management confirmed a headwind of around €100 million from deposit exchange and adjustments to the replication portfolio, which will be offset in others and consolidation [39] Question: Clarification on Stage 2 assets - Management explained that the increase in Stage 2 assets is a regulatory change and does not indicate significant underlying issues [42][46] Question: Expectations for loan growth in Q4 and 2024 - Management expects stable loan growth for private clients, while corporate clients may see increased demand for investments depending on government interventions [55][56]

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|-------|-------|-------|-------|-------|---------------------------------------------|-------|---------|-------|-------|-----------------------------------------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | return – | | | | | | | | | | | Strong foundation for increasing 9M net result of €1.8bn | | | | | | | | Analyst conference – | | Q3 ...

On track to reach targets – H1 net result of €1.1bn Analyst conference – Q2 2023 4 August 2023 Commerzbank, Manfred Knof, CEO & Bettina Orlopp, CFO, Frankfurt All figures in this presentation are subject to rounding Manfred Knof CEO 4 August 2023 Commerzbank, Manfred Knof, CEO, Frankfurt 1 On track to reach our 2023 and 2024 targets Operating Result (€m) 1,289 1,764 H1 2022 H1 2023 Net Result (€m) 768 1,145 H1 2022 H1 2023 CET1 ratio (%) 13.7 14.4 H1 2022 H1 2023 1) Subject to approval of ECB and German Fin ...

Commerzbank AG (OTCPK:CRZBF) Q2 2023 Earnings Conference Call August 4, 2023 3:00 AM ET Company Participants Manfred Knof - Chief Executive Officer Bettina Orlopp - Deputy Chairwoman and Chief Financial Officer Conference Call Participants Stuart Graham - Autonomous Research Benjamin Goy - Deutsche Bank Borja Ramirez - Citi Johannes Thormann - HSBC Jeremy Sigee - BNP Paribas Exane Chris Hallam - Goldman Sachs International Anke Reingen - RBC Tobias Lukesch - Kepler Cheuvreux Kian Abouhossein - JP Morgan Vi ...