German lender Commerzbank has posted 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 was €629m, a 47% surge from €429m in the same period last year. The bank’s pre-tax profit was €629m, compared to a loss of €255m in the previous year.
Net interest and trading income decreased 17% to €1.25bn from €1.5bn a year ago. 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.”
