COMMERZBANK AKTIENGESELLSCHAFT

36
Commerzbank AG
This produced a loss on ordinary business activities of €–4,171m, compared with
€–1,143m in 2010. The extraordinary loss of €–45m can be attributed to an allocation to
pension provisions resulting from last year’s first-time application of the BilMoG provisions.
After tax income of €597m stemming primarily from the retrospective recognition of deferred
tax assets abroad, the overall result for 2011 was a loss of €–3,619m, compared with
a loss of €–1,151m in 2010.
Balance sheet
Total assets of Commerzbank Aktiengesellschaft fell back by 15.5% year on year to
€527.9bn.
On the assets side, the cash reserve decreased by 30.4% to €4.5bn. Balances held with
foreign central banks on the reporting date were down, whereas those with the German
Bundesbank were stable. Claims on banks decreased by 25.8% year on year to €133.7bn.
This was due in particular to a reduction in collateralised money market transactions in the
form of reverse repos and cash collaterals and in lower claims from money market trading,
which more than offset a rise in loan receivables. In contrast, claims on customers fell 9.8%
compared to 2010 to €166.2bn, due essentially to lower reverse repos and a fall in property
and mortgage loans. Overall, around three-quarters of the fall in claims on customers related
to customers abroad. Bonds, notes and other fixed income securities shrank by €8.0bn to
€31.9bn. This was due to reduced volumes in money market paper, which fell by €2.2bn,
and in holdings of bonds and notes, which declined by €5.8bn. The trading portfolio posted
a volume of €169.2bn. This 7.7% fall was attributable in particular to a reduction in bonds
and notes, notably domestic ones, and to lower market values of derivative financial instruments.
Investments in affiliated companies fell by 11.6% compared with December 31, 2010
to €11.5bn. This was mainly due to the capital repayment of Commerzbank Inlandsbanken
Holding GmbH in relation to a write-down on Eurohypo AG shares, which was counterbalanced
by several minor changes in various companies. Other assets amounted to €3.2bn,
which represents a drop of €8.4bn. This was mainly due to recognising banking book derivatives
for portfolio hedge relationships.
On the liabilities side there was a large decrease of around one third to €94.0bn in liabilities
to banks, particularly those abroad. Almost half of this was attributable to a lower
amount of collateralised money market transactions, such as repos and cash collaterals. Liabilities
to customers decreased less sharply, by 6.4% to €194.6bn, with most of the decline
attributable to demand deposits and deposits with an unlimited term. Securitised liabilities
fell by 9.0% year-on-year to €44.2bn, due notably to a maturity-related reduction in bonds,
notes and money market instruments issued. Trading portfolio liabilities recorded a volume
of €140.5bn, compared to €160.3bn in 2010. This fall was mainly caused by a reduction in
delivery obligations from short sales of securities and a decline in negative fair values attributable
to derivative interest rate instruments.