Q2 2023 Commerzbank AG Earnings Call Transcript
Good morning, and welcome to our earnings call for the second quarter of 2023. The second quarter seamlessly followed the good start to the year. After 6 months, we have significantly increased our operating result by 37% and our net result by 49%. Bottom line, this leads to a net result of more than EUR 1.1 billion and comes with a strong CET1 ratio of 14.4%.
This very good performance is, first and foremost, driven by strong revenues from our customer business, including the tailwind from rates. Due to this strong development, we were able to more than compensate for additional burdens on the Swiss franc loans in Poland. With the additional provisions booked after the ECJ ruling in June, mBank has increased their coverage ratio to 75%. This is a quite strong level and the settlement program is progressing well. But the whole topic is unfortunately not yet fully resolved.
Our strict cost discipline continues and has led to a cost/income ratio of 61% in the first half of the year while our return on tangible equity
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