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Commerzbank 2Q12 results out today (they were pre-released on July 30th). Overall, continued progress on the balance sheet, particularly on RWA reduction. P&L looks a little light but this is a consequence of deleveraging. Still quoting EPS net of Soffin payment implying that deferred on 5.321 should be paid. We will see what more colour we get on the conference call. Core Tier 1 capital of 12.2% in line with the pre-announcement (or 11.4% excluding the Soffin SPs), +70bp compared to 1Q12. This gives a €2.8bn headroom above the EBA requirement. Peripheral exposure down a little from 1Q12 coming in at €13.5bn vs €14.2bn at 1Q. The bulk of this is still from Italian sovereign exposure at €7.8bn (€8.4bn at 1Q12). CMZB noting that it has no need to access the funding markets again in 2012.
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