German lender Commerzbank has reported attributable profit of €183m for the fourth quarter of 2016, a 5.2% decrease compared to €193m for the same period in 2015.

Operating profit for the quarter ended 31 December 2016 was €337m, a fall of 12.2% from €384m in the prior corresponding period.

Net interest and trading income was almost flat at €1.27bn. Operating expenses remained almost stable at €1.77bn.

Provisions for loan losses surged to €290m from €112m in the last year. Revenues before loan loss provisions increased 7% year-on-year to €2.39bn.

Commerzbank chairman of the board of managing directors Martin Zielke said: “In 2016 we achieved a solid profit and further improved our capital ratio. However, we cannot yet be satisfied with the quality of our earnings and that’s why we will put every effort into the implementation of our strategy.

“We have now given ourselves the room for manoeuvre needed for this and can proceed with the transformation as planned. We want to make Commerzbank the most competitive bank in Germany by 2020. We will now work to achieve, step by step, the targets we have set ourselves.”

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