German lender Commerzbank has posted a net income of EUR77m for the fourth quarter of 2014, a rise of 20.3% compared with EUR64m a year ago.
The bank’s loan-loss provisions dropped to EUR308m from EUR451m a year ago.
Go deeper with GlobalData
Revenues before loan loss provisions slipped to EUR2.19bn from EUR2.23bn in the fourth quarter of 2013.
The Private Customers segment of the bank bolstered its operating profit to EUR72m from EUR60m, while the number of net new customers increased by approximately 288,000 in 2014.
The bank’s troubled asset portfolio, which it put into a ‘bad bank’ for restructuring, shrank to 84bn from 88bn at the end of September last year.
The lender, in its earnings statement said, it expects to set aside additional cash in anticipation of potential fines and settlements with US that will be reflected in its final 2014 figures.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataCommerzbank CEO Martin Blessing forecast a difficult year ahead.
"In 2015 the financial sector will again face major challenges. Thus the objectives of our strategic agenda remain ambitious. For this reason we will be more aggressive in the market and intend to attain profitable growth in the Core Bank," Blessing said.
