German lender Commerzbank has reported attributable profit of €372m for the first half of 2016, down 42.3% from €645m the year earlier.
Operating profit for the period was €615m, a slump of 43.5% from €1.09bn in the same period of 2015.
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Net interest and trading income stood at €2.62bn, a 24.8% decline from €3.48bn a year ago.
Provisions for loan losses dropped 23.5% to €335m from €438m the year ago. Operating expenses dipped 2.7% year-on-year to €3.59bn from €3.69bn.
Commerzbank CFO Stephan Engels said: “Commerzbank has maintained its good market position in an adverse environment and posted an operating profit of 342 million euros in Q2. In the Private Customers segment we further grew and extended our loan volumes. Furthermore, we are able to confirm our leading market position in Mittelstandsbank.
“We sustain a healthy risk profile with a very good NPL ratio of 1.4 per cent. Our CET1 capital ratio of 11.5 per cent is appropriate and already includes a dividend accrual of 10 cents per share for the first half of 2016. Moreover, we report a comfortable Leverage Ratio of 4.4 per cent.”
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By GlobalData
