<p>德国商业银行（ADR）((CRZBY)) 已召开第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>认识您的 ETF AI 分析师</h3>
<ul>
<li>了解 TipRanks 的_ETF_ AI 分析师如何帮助您做出更明智的投资决策</li>
<li>探索 TipRanks 用户喜爱的 ETF，并查看 <strong><em>ETF</em> AI 分析师</strong> 对您关注的 ETF 所揭示的见解。</li>
</ul>
<p>德国商业银行最近的财报电话会议揭示了强劲的财务表现，创造了破纪录的成就和战略进展。尽管面临德国经济挑战和一次性税收影响，但该行在人工智能、成本管理和资本回报方面的举措为未来增长奠定了积极的基础。</p>
<h2>历史上最佳的 9 个月经营业绩</h2>
<p>德国商业银行实现了历史上最佳的 9 个月经营业绩，得益于强劲的收入增长和严格的成本控制。这一里程碑凸显了该行有效的管理和战略重点，以提升运营效率。</p>
<h2>贷款增长创纪录</h2>
<p>企业客户部门经历了显著的 13% 的年度贷款增长，伴随 8% 的手续费收入增长和 11% 的总收入增长。这一增长突显了该行成功的客户参与和不断扩大的市场影响力。</p>
<h2>股价翻倍</h2>
<p>在过去的 12 个月中，德国商业银行的股价几乎翻倍，反映了投资者的信心和该行强劲的财务表现。</p>
<h2>上调 2025 年展望</h2>
<p>该行已将净利息收入展望上调至 82 亿欧元，并将风险结果预期改善至低于 8.5 亿欧元，显示出积极的未来展望和战略前瞻性。</p>
<h2>资本回报计划</h2>
<p>德国商业银行积极推进 10 亿欧元的股票回购计划，计划进行第二批高达 6 亿欧元的回购，展示了该行对向股东回报资本的承诺。</p>
<h2>人工智能和效率举措</h2>
<p>在人工智能应用案例和重组计划方面取得了显著进展，兼职提前退休的接受率很高，提升了运营效率和创新能力。</p>
<h2>税收对净结果的影响</h2>
<p>本季度的净结果受到一次性税收影响，源于由于 2028 年开始降低德国企业税率而产生的递延税项资产（DTA），影响了短期财务表现。</p>
<h2>德国的经济挑战</h2>
<p>尽管有刺激计划，官僚主义、高能源价格和技术工人短缺等挑战仍继续影响德国的商业前景。</p>
<h2>轻微的估值损失</h2>
<p>持有 eToro 的 3400 万欧元估值效应影响了净公允价值结果，反映出对该行财务的轻微影响。</p>
<h2>人员成本上升</h2>
<p>由于计划中的增加和股价上涨对基于股权的补偿的估值影响，人员费用增加，表明运营成本上升。</p>
<h2>前瞻性指导</h2>
<p>展望未来，德国商业银行预计将保持强劲的财务健康，修订后的净利息收入展望为 82 亿欧元，风险结果预期低于 8.5 亿欧元。该行旨在维持 57% 的成本收入比，并实现 25 亿欧元的净结果，剔除重组费用后为 29 亿欧元。预计到年底，CET1 比率将至少保持在 14.5%，受到宏观经济因素和改善的商业情绪的支持。</p>
<p>总之，德国商业银行的财报电话会议反映出积极的情绪，财务表现创纪录且战略进展显著。该行在人工智能、成本管理和资本回报方面的关注，加上对 2025 年展望的上调，使其在面对现有经济挑战时具备良好的未来增长潜力。</p>

<p>德意志商业银行（Commerzbank AG）第三季度的财报电话会议强调了创纪录的财务表现，达到了历史上最佳的九个月经营业绩。该银行在企业客户部门报告了 13% 的年同比贷款增长，并在过去一年中几乎将其股价翻倍。德意志商业银行将 2025 年的净利息收入预期上调至 82 亿欧元，并正在推进 10 亿欧元的股票回购计划。尽管德国面临经济挑战，该银行对人工智能和成本管理的关注使其在未来增长中占据有利位置</p>

<p>Commerzbank AG (ADR) ((CRZBY)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>德国商业银行（ADR）((CRZBY)) 已召开第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Meet Your ETF AI Analyst</h3>
<div class="lb-trans"><h3>认识您的 ETF AI 分析师</h3>
</div><ul>
<li>Discover how TipRanks' <em>ETF</em> AI Analyst can help you make smarter investment decisions</li>
<li>Explore ETFs TipRanks' users love and see what insights the <strong><em>ETF</em> AI Analyst</strong> reveals about the ones you follow.</li>
</ul>
<div class="lb-trans"><ul>
<li>了解 TipRanks 的_ETF_ AI 分析师如何帮助您做出更明智的投资决策</li>
<li>探索 TipRanks 用户喜爱的 ETF，并查看 <strong><em>ETF</em> AI 分析师</strong> 对您关注的 ETF 所揭示的见解。</li>
</ul>
</div><p>Commerzbank’s recent earnings call revealed a robust financial performance, marked by record-breaking achievements and strategic advancements. Despite facing economic challenges in Germany and a one-off tax impact, the bank’s initiatives in AI, cost management, and capital returns have set a positive trajectory for future growth.</p>
<div class="lb-trans"><p>德国商业银行最近的财报电话会议揭示了强劲的财务表现，创造了破纪录的成就和战略进展。尽管面临德国经济挑战和一次性税收影响，但该行在人工智能、成本管理和资本回报方面的举措为未来增长奠定了积极的基础。</p>
</div><h2>Best 9 Months Operating Result in History</h2>
<div class="lb-trans"><h2>历史上最佳的 9 个月经营业绩</h2>
</div><p>Commerzbank has achieved its best 9-month operating result in history, driven by strong revenue growth and stringent cost discipline. This milestone underscores the bank’s effective management and strategic focus on enhancing operational efficiency.</p>
<div class="lb-trans"><p>德国商业银行实现了历史上最佳的 9 个月经营业绩，得益于强劲的收入增长和严格的成本控制。这一里程碑凸显了该行有效的管理和战略重点，以提升运营效率。</p>
</div><h2>Record Loan Growth</h2>
<div class="lb-trans"><h2>贷款增长创纪录</h2>
</div><p>The Corporate Clients segment experienced a remarkable 13% loan growth year-on-year, accompanied by an 8% increase in fee income and an 11% rise in total revenues. This growth highlights the bank’s successful client engagement and expanding market presence.</p>
<div class="lb-trans"><p>企业客户部门经历了显著的 13% 的年度贷款增长，伴随 8% 的手续费收入增长和 11% 的总收入增长。这一增长突显了该行成功的客户参与和不断扩大的市场影响力。</p>
</div><h2>Share Price Doubled</h2>
<div class="lb-trans"><h2>股价翻倍</h2>
</div><p>Over the past 12 months, Commerzbank’s share price has nearly doubled, reflecting investor confidence and the bank’s strong financial performance.</p>
<div class="lb-trans"><p>在过去的 12 个月中，德国商业银行的股价几乎翻倍，反映了投资者的信心和该行强劲的财务表现。</p>
</div><h2>Raised 2025 Outlook</h2>
<div class="lb-trans"><h2>上调 2025 年展望</h2>
</div><p>The bank has raised its net interest income outlook to EUR 8.2 billion and improved its risk result expectation to below EUR 850 million, signaling a positive future outlook and strategic foresight.</p>
<div class="lb-trans"><p>该行已将净利息收入展望上调至 82 亿欧元，并将风险结果预期改善至低于 8.5 亿欧元，显示出积极的未来展望和战略前瞻性。</p>
</div><h2>Capital Return Program</h2>
<div class="lb-trans"><h2>资本回报计划</h2>
</div><p>Commerzbank’s active EUR 1 billion share buyback program is progressing well, with plans for a second tranche of up to EUR 600 million, demonstrating the bank’s commitment to returning capital to shareholders.</p>
<div class="lb-trans"><p>德国商业银行积极推进 10 亿欧元的股票回购计划，计划进行第二批高达 6 亿欧元的回购，展示了该行对向股东回报资本的承诺。</p>
</div><h2>AI and Efficiency Initiatives</h2>
<div class="lb-trans"><h2>人工智能和效率举措</h2>
</div><p>Significant progress has been made in AI use cases and restructuring programs, with a high acceptance rate for part-time early retirements, enhancing operational efficiency and innovation.</p>
<div class="lb-trans"><p>在人工智能应用案例和重组计划方面取得了显著进展，兼职提前退休的接受率很高，提升了运营效率和创新能力。</p>
</div><h2>Tax Impact on Net Result</h2>
<div class="lb-trans"><h2>税收对净结果的影响</h2>
</div><p>The net result for the quarter was affected by a one-off tax effect from DTAs due to the reduction of the German corporate tax rate starting in 2028, impacting short-term financials.</p>
<div class="lb-trans"><p>本季度的净结果受到一次性税收影响，源于由于 2028 年开始降低德国企业税率而产生的递延税项资产（DTA），影响了短期财务表现。</p>
</div><h2>Economic Challenges in Germany</h2>
<div class="lb-trans"><h2>德国的经济挑战</h2>
</div><p>Despite stimulus packages, challenges such as bureaucracy, high energy prices, and a shortage of skilled workers continue to weigh on business prospects in Germany.</p>
<div class="lb-trans"><p>尽管有刺激计划，官僚主义、高能源价格和技术工人短缺等挑战仍继续影响德国的商业前景。</p>
</div><h2>Minor Valuation Loss</h2>
<div class="lb-trans"><h2>轻微的估值损失</h2>
</div><p>A EUR 34 million valuation effect from holding in eToro affected the net fair value result, reflecting minor impacts on the bank’s financials.</p>
<div class="lb-trans"><p>持有 eToro 的 3400 万欧元估值效应影响了净公允价值结果，反映出对该行财务的轻微影响。</p>
</div><h2>Higher Personnel Costs</h2>
<div class="lb-trans"><h2>人员成本上升</h2>
</div><p>Personnel expenses increased due to planned increases and valuation effects of a higher share price on equity-based compensation, indicating rising operational costs.</p>
<div class="lb-trans"><p>由于计划中的增加和股价上涨对基于股权的补偿的估值影响，人员费用增加，表明运营成本上升。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, Commerzbank anticipates maintaining its strong financial health, with a revised net interest income outlook of EUR 8.2 billion and a risk result expectation below EUR 850 million. The bank aims to sustain a cost-income ratio of 57% and achieve a net result of EUR 2.5 billion, translating to EUR 2.9 billion excluding restructuring charges. The CET1 ratio is expected to remain at least 14.5% by year-end, supported by macroeconomic factors and improved business sentiment.</p>
<div class="lb-trans"><p>展望未来，德国商业银行预计将保持强劲的财务健康，修订后的净利息收入展望为 82 亿欧元，风险结果预期低于 8.5 亿欧元。该行旨在维持 57% 的成本收入比，并实现 25 亿欧元的净结果，剔除重组费用后为 29 亿欧元。预计到年底，CET1 比率将至少保持在 14.5%，受到宏观经济因素和改善的商业情绪的支持。</p>
</div><p>In summary, Commerzbank’s earnings call reflects a positive sentiment with record financial performance and strategic advancements. The bank’s focus on AI, cost management, and capital returns, coupled with a raised outlook for 2025, positions it well for future growth despite existing economic challenges.</p>
<div class="lb-trans"><p>总之，德国商业银行的财报电话会议反映出积极的情绪，财务表现创纪录且战略进展显著。该行在人工智能、成本管理和资本回报方面的关注，加上对 2025 年展望的上调，使其在面对现有经济挑战时具备良好的未来增长潜力。</p>
</div>

德国商业银行的财报电话会议突显了创纪录的业绩