German lender Commerzbank has reported net attributable profit of €472m for the third quarter of 2017, compared to a loss of €288m a year ago.
The bank’s operating profit for the quarter ended 30 September 2017 stood at €629m, a rise of 47% compared to €429m in the previous year.
Go deeper with GlobalData
The bank posted a pre-tax profit of €629m for the third quarter of 2017 as against a loss of €255m in the corresponding quarter of 2016.
Net interest and trading income slumped 17% to €1.25bn from €1.5bn last year. Provisions for loan losses dropped to €168m from €275m a year ago. Operating expenses for the period were €1.71bn, a fall of 1% from €1.73bn last year.
Commerzbank CFO Stephan Engels said: “We are continuing to make good progress with the run-down of our ACR shipping portfolio. We are on track to achieve our target for the year of around €3 billion. With IFRS 9 due to be implemented by the turn of the year, we are currently considering revaluating our Ship Finance portfolio to run it down even faster than previously planned.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
