FRANKFURT (S&P Global Ratings) Aug. 3, 2022--S&P Global Ratings said today that Commerzbank AG's solid operating performance in second-quarter 2022 demonstrates clear progress in its transformation and toward its 2024 financial goals. Improved structural profitability also provides a buffer against expected asset quality pressure from economic headwinds and continued extra costs at its Polish subsidiary mBank S.A. (BBB/Developing/A-2). Commerzbank (BBB+/Stable/A-2) reported a 6.7% return on tangible equity for the second quarter, which is already much closer to the more than 7% actual target for 2024. The group continues to outperform revenue expectations, largely because of strong interest rate tailwinds in Germany and Poland. Its corporate bank also demonstrated improved profitability, partly related to more cyclical customer demand for hedge and
