COMMERZBANK AKTIENGESELLSCHAFT

Group Financial Statements
292
236 Commerzbank Annual Report 2011
(34) Net trading income
We have split net trading income into three components:
• Net trading gain or loss (this includes trading in securities,
promissory note loans, precious metals and derivative
instruments plus the net gain or loss on the remeasurement
of derivative financial instruments that do not qualify for
hedge accounting)
• Net interest income
• Net gain or loss from applying the fair value option
The net gain or loss from applying the fair value option includes
the changes in fair value of the underlying derivatives.
€m 2011 2010 Change in %
Net trading gain or loss1 703 1,504 – 53.3
Net interest income 1,114 417 .
Net gain or loss from applying the fair value option 292 131 .
Total 2,109 2,052 2.8
1 Including net gain or loss on the remeasurement of derivative financial instruments.
Net interest income from trading was made up of €3,694m in
interest income (previous year: €3,437m) and €2,580m in
interest expense (previous year: €3,020m) for funding trading
(35) Net income from hedge accounting
transactions. Net interest income from derivative financial
instruments is contained in interest income and came to €102m
(previous year: €– 281m) in the year under review.
Net income from hedge accounting includes gains and losses on the remeasurement of effective hedges in fair value hedge
accounting as well as the ineffective portion of cash flow hedges. The breakdown was as follows:
€m
Fair value hedges
2011 2010 Change in %
Changes in fair value attributable to hedging instruments – 3,215 – 1,363 .
Micro fair value hedges – 3,721 – 1,278 .
Portfolio fair value hedges 506 – 85 .
Changes in fair value attributable to hedged items 3,092 1,269 .
Micro fair value hedges 3,967 1,317 .
Portfolio fair value hedges
Cash flow hedges
Net gain or loss of effectively hedged cash flow hedges
– 875 – 48 .
(ineffective part only) – – .
Total – 123 – 94 30.9