COMMERZBANK AKTIENGESELLSCHAFT

250 Commerzbank Interim Report as of June 30, 2009
Overall, Group risk provisions in the second quarter of
2009 were well above the level of risk provisions in the same
period of the previous year. Whereas in 2008 the exceptionally
high charges resulting from the financial crisis were
concentrated mainly in the fourth quarter and in the Corporates
& Markets segment, we think that in 2009, owing to
the effects of the crisis on the real economy, the level of
provisions will be higher across the board, but will mainly
stay constant over the quarters. In the course of the year,
we think that the additional provisioning requirement for
Large individual cases, which in the first quarter accounted
for more than three-quarters of net risk provisions,
accounted for a slightly smaller proportion of the total in the
second quarter. Nevertheless, at €474m, these cases still
make up a significant part of Group risk provisions. The risk
Performance of default portfolio
(€ m) – excl. / incl. GLLP
Group 1
77 %/85 %
PC
85 %/96 %
MSB
69 %/78 %
CEE
53 %/76 %
C&M
65 %/69 %
CRE
91 %/96 %
1,020
1,825
1,399
1,066
545/ 199 / 322
2,301
1,979
1,925 391
834 338
592 / 147
7,699
3,469
3,335
3,865
2,997
4,420
3,040
3,598 336
6,154
5,913
Default volume
1 incl. Other and Consolidation
Loan loss provisions Collateral GLLP
the Central and Eastern Europe and Mittelstand portfolios
in particular may be offset by a large reduction in risk provisions
in the Corporates & Markets segments. Overall we
expect the provision for possible loan losses in 2009 to be
in line with the consolidated individual results of Commerzbank
and Dresdner Bank in 2008.
As the following table shows, almost two-thirds, or €1.1bn
of net risk provisions relate to cases with specific provision
requirements of ≥ €10m.
Year Individual cases ≥ €10m ≥ €20m ≥ €50m Individual cases Net RP
< €10m < €20m < €50m ≥ €10m in total total
in € m
Net RP Net RP Number of Net RP Number of Net RP Number of Net RP Number of
in € m in € m commit- in € m commit- in € m commit- in € m commitments
ments ments ments
2008 1,091 326 28 412 14 1,724 11 2,462 53 3,553
1st half-year 2009 715 271 21 128 7 723 10 1,122 38 1,837
result for 2009 as a whole will similarly be affected by the
trend in exposures to individual bulk risks.
Commerzbank’s default portfolio stood at €19.3bn as at
the end of the first half-year. The breakdown by segment
was as follows:
7,148 1,542
19,350
16,389