German lender Commerzbank has reported an attributable net profit of EUR163m for the first quarter of 2016, down 51.7% compared to EUR338m a year ago.
The bank’s operating profit for the period stood at EUR273m, a fall of 59.2% compared to EUR670m in the year-ago quarter.
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The bank’s quarterly net interest and trading income slumped 32.3% to EUR1.34bn from EUR1.98bn during the first quarter of 2015. Provisions for loan losses dropped to EUR148m from EUR158m a year ago.
Operating expenses for the period were EUR1.89bn, a 3.2% dip compared to EUR1.95bn a year ago.
Commerzbank CFO Stephan Engels said: "In view of difficult market conditions and the increasingly challenging interest rate environment, the Bank achieved a reasonable operating profit in the first quarter. The Bank’s risk profile is good and with its CET 1 capital ratio at 12.0 per cent, it continues to hold a solid midrange position among European peers."
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