COMMERZBANK AKTIENGESELLSCHAFT

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Group Financial Statements 356 300 Commerzbank Annual Report 2011 OpRisk events 31.12.2011 31.12.2010 €m % €m % Internal fraud 2.9 1.2 9.9 3.6 External fraud 8.9 3.6 8.6 3.1 Material damage and system failures 0.6 0.2 1.6 0.6 Product-related losses 230.7 92.2 195.8 71.4 Procedural errors 6.5 2.6 56.2 20.5 Errors relating to employment conditions 0.7 0.3 2.3 0.8 Group 250.3 100.0 274.4 100.0 (88) Concentration of credit risk Concentrations of credit risk may arise through business relations with individual borrowers or groups of borrowers which share a number of features and which are individually able to service debt and are influenced to the same extent by changes in certain overall economic conditions. Besides obtaining collateral and applying a uniform lending policy, the Bank has entered into a number of master netting agreements to minimise credit risks. These give the Bank the right to net claims on and liabilities to a customer in the event of the default or insolvency of that customer. The carrying values of credit risks relating to claims on customers were as follows at December 31, 2011: €m Claims 31.12.2011 31.12.2010 Customers in Germany 192,645 207,690 Corporate customers 98,876 97,316 Manufacturing 20,833 22,291 Construction 2,264 2,489 Trading 8,706 8,845 Services and others 67,073 63,691 Public sector 25,707 35,574 Private Customers 68,062 74,800 Customers outside Germany 111,854 129,182 Corporate and retail customers 103,059 120,285 Public sector 8,795 8,897 Sub-total 304,499 336,872 less valuation allowances – 7,913 – 9,117 Total 296,586 327,755
To our Shareholders Corporate Responsibility Management Report Risk Report Group Financial Statements Further Information 301 357 258 202 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 The carrying values of credit risks relating to contingent liabilities and irrevocable lending commitments were as at December 31, 2011: Contingent liabilities, irrevocable lending commitments €m 31.12.2011 31.12.2010 Customers and banks in Germany 43,288 46,424 Banks 749 1,374 Corporate customers 39,769 42,811 Manufacturing 10,939 15,082 Construction 1,091 1,769 Trading 4,217 3,239 Services and others 23,522 22,721 Public sector 67 379 Private Customers 2,703 1,860 Customers and banks outside Germany 48,291 52,794 Banks 9,906 9,102 Corporate and retail customers 37,691 43,051 Public sector 694 641 Sub-total 91,579 99,218 less provisions – 451 – 556 Total 91,128 98,662 The book values of credit risk concentrations in loans and receivables, contingent liabilities and irrevocable lending commitments listed above do not form the basis for the internal management of credit risk, as credit risk management also takes (89) Maximum credit risk The maximum credit risk exposure in accordance with IFRS 7 – excluding collateral or other credit enhancements – is equal to the carrying amount of the relevant assets in each class, or the nominal value in the case of irrevocable lending commitments account of collateral, probabilities of default and other economic factors. To this extent these amounts are therefore not representative of the Bank’s assessment of its actual credit risk. and contingent liabilities. The table below shows the carrying amounts or nominal values of financial instruments with a potential default risk: Maximum credit risk | €m 31.12.2011 31.12.2010 Change in % Bonds, notes and other interest-rate-related securities under 114,492 145,608 – 21.4 Trading assets 21,966 32,115 – 31.6 Financial investments 92,526 113,493 – 18.5 Claims on banks 88,032 110,956 – 20.7 Claims on customers 304,499 336,872 – 9.6 Positive fair values of derivative financial instruments 128,739 128,704 0.0 Trading assets 123,607 123,743 – 0.1 Hedging instruments under IAS 39 5,132 4,961 3.4 Other trading assets 424 263 61.2 Irrevocable lending commitments 53,911 60,566 – 11.0 Contingent liabilities 37,217 38,096 – 2.3 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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COMMERZBANK AKTIENGESELLSCHAFT

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