Profit targets for the year are confirmed, while return on tangible equity is - at last! - to the average of other major European banking institutions.

The proportion of defaulted loans remains negligible, and lending volumes are stable, including in real estate. There was a marked improvement in deposits, which swelled by a further EUR2 billion this quarter.

This good performance - all things considered - is all the more remarkable in that it contrasts with a highly stressed economic environment in Germany. If there are any signs of recession to be found anywhere, it will be elsewhere than at Commerzbank.

With its comfortable capitalization ratios and still depressed valuation, the group is now looking to pull out all the stops in terms of share buybacks. A new tranche of EUR600 million is awaiting the green light from the ECB.

If the regulator gives it a free hand, Commerzbank could return as much capital to its shareholders in 2024 as it has over the last two years combined. These ambitions were not lost on the market, which was perhaps a little too quick to imagine a remake of UniCredit's resurrection.

With a market capitalization still hovering around half the value of its tangible equity, Commerzbank still lags behind the British, Italian and French banks - with the notable exception of Société Générale.