COMMERZBANK AKTIENGESELLSCHAFT

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Group Financial Statements 308 252 Commerzbank Annual Report 2011 The provisions for default risks by customer group were as follows as at December 31, 2011: €m Specific valuation allowances and provisions for lending business Loan losses 1 in 2011 Net allocation 2 to valuation allowances and provisions in lending business Customers in Germany 3,613 1,652 667 Corporate customers 2,733 889 523 Manufacturing 844 239 109 Construction 48 75 – 6 Trading 245 101 74 Services and others 1,596 474 346 Private Customers 880 763 144 Customers outside Germany 4,033 1,011 832 Corporate and retail customers 4,019 1,011 831 Public sector 14 – 1 Provisions for customer credit risk 7,646 2,663 1,499 Banks in Germany – 37 – – 126 Banks outside Germany 106 60 – 24 Provisions for bank credit risk 69 60 – 150 Total 7,715 2,723 1,349 1 Direct write-downs, utilised valuation allowances and utilised loan loss provisions. 2 Allocations less reversals. Credit defaults and net allocations to provisions were counterbalanced by income of €1m from write-ups (previous year: €9m) and €181m (previous year: €184m) from recoveries on claims that had been written down. The table below presents the key provisioning ratios: % 2011 2010 Allocation ratio1 0.44 0.71 Default ratio2 0.81 0.82 Provision cover ratio3 2.74 2.85 1 Net provisions (new provisions less reversals of valuation allowances and loan loss provisions, plus the balance of direct write-downs, write-ups and recoveries on claims previously written down) as a percentage of total lending. 2 Credit defaults (utilised valuation allowances and loan loss provisions, plus the net balance of direct write-downs, write-ups and recoveries on claims previously written down) as a percentage of total lending. 3 Total provisions (valuation allowances and loan loss provisions) as a percentage of lending volume; lending volume = claims under special credit agreements with borrowers (Note 48). (50) Value adjustments for portfolio fair value hedges on the asset side The adjustment to the fair value of underlying transactions hedged against interest rate risk was €147m (previous year: €113m). A matching liability from hedging transactions is shown on the other side of the balance sheet under negative fair values attributable to derivative hedging instruments.
To our Shareholders Corporate Responsibility Management Report Risk Report Group Financial Statements Further Information 253 309 258 202 Statement of comprehensive income 260 204 Balance sheet 262 206 Statement of changes in equity 264 208 Cash flow statement 266 210 Notes 409 353 Auditors’ report (51) Positive fair values attributable to derivative hedging instruments The positive fair values of derivatives which are used to hedge underlying transactions against interest rate risk are shown under this item. €m 31.12.2011 31.12.2010 Change in % Positive fair values of micro fair value hedges 4,989 4,455 12.0 Positive fair values of fair value hedges 143 506 – 71.7 Total 5,132 4,961 3.4 (52) Trading assets The Group’s trading activities include trading in: • Bonds, notes and other interest-rate-related securities, • Shares, other equity-related securities and units in investment funds, • Promissory note loans, • Foreign currencies and precious metals, • Derivative financial instruments and • Other assets held for trading. Other assets held for trading comprise positive fair values of loans to be syndicated, lending commitments, emission rights as well as loans and money market trading transactions. The positive fair values also include derivative financial instruments which cannot be used as hedging instruments in hedge accounting. €m 31.12.2011 31.12.2010 Change in % Bonds, notes and other interest-rate-related securities 20,903 30,305 – 31.0 Money market instruments 2,731 2,927 – 6.7 issued by public-sector borrowers 2,334 1,938 20.4 issued by other borrowers 397 989 – 59.9 Bonds and notes 18,172 27,378 – 33.6 issued by public-sector borrowers 6,607 12,198 – 45.8 issued by other borrowers 11,565 15,180 – 23.8 Promissory note loans Shares, other equity-related securities and units in investment 1,063 1,810 – 41.3 funds 9,703 11,704 – 17.1 Equities 4,205 3,008 39.8 Units in investment funds 5,464 8,674 – 37.0 Other equity-related securities 34 22 54.5 Positive fair values of derivative financial instruments 123,607 123,743 – 0.1 Currency-related derivative transactions 17,515 18,345 – 4.5 Interest-rate-related derivative transactions 98,365 97,012 1.4 Other derivative transactions 7,727 8,386 – 7.9 Other assets held for trading 424 263 61.2 Total 155,700 167,825 – 7.2 €20,470m (previous year: €30,690m) of the bonds, notes and other interest-rate-related securities and shares, other equityrelated securities and units in investment funds were listed on a stock exchange. Other fair values of derivative financial instruments consist mainly of €3,303m (previous year: €4,125m) in equity derivatives and €4,060m (previous year: €3,565m) in credit derivatives. Group Financial Statements
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Fourth Supplement dated April 13, 2
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Financial Statements and Management
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Corporate Responsibility One bank.
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Environment As a financial services
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In a joint initiative by the overal
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Performance-related remuneration Th
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The members of the Board of Managin
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The monthly amount of the retiremen
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tion for the remainder of his term
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Loans to members of the Board of Ma
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Other details D&O liability insuran
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Details pursuant to Art. 289 of the
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up to five years effective from the
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The Supervisory Board oversees fina
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• Statements on presentation in t
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Since summer 2011, the environment
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At the beginning of December, Comme
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The changes in the individual earni
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As with the change in other assets
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Report on events after the reportin
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We assume that Germany will fare be
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the resulting impact on financial i
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The Asset Based Finance segment was
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Risk report Risk reporting takes pl
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Risk strategy and risk management T
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Macroeconomic stress tests are also
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Overview of management instruments
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The “reduction” area comprises
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Corporates & Markets This segment c
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Public Finance Commerzbank’s Asse
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Portfolio by region as at 31.12.201
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and Europe (CLOs). The exposure in
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In 2011, provisions in Central & Ea
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of the overdraft starts on the firs
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The year 2011 was mainly affected b
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The adjoining diagram documents the
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Available net liquidity in the comb
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OpRisk events by segment | €m 201
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Reputational risk Reputational risk
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Provisions for pensions are calcula
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Notes to the income statement (5) B
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(12) Securities At December 31, 201
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(16) Fiduciary transactions Financi
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(23) Other liabilities Financial St
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(27) Equity Financial Statements an
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c) Retained earnings € Financial
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(30) Non-distributable amounts Fina
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Other notes (33) Off-balance-sheet
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(34) Forward transactions Financial
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(36) Remuneration and loans to boar
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€1,000 LTP Number of participatin
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Name Registered office Share of cap
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) Associated companies Name Registe
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Foreign-exchange rates for €1 as
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Members of the Supervisory Board of
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(41) Boards of Commerzbank Aktienge
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Independent Auditor’s Report 1 To
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Significant subsidiaries and associ
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Annual Report 2011 of the Commerzba
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To our Shareholders Corporate Respo
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Group Risk Report In the Group Risk
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Group Financial Statements Our Grou
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Recent developments Optimisation of
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COMMERZBANK AKTIENGESELLSCHAFT Fran
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Jahresabschluss und Lagebericht 201
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