German lender Commerzbank has reported attributable loss of €406m for the first half of 2017, compared with a profit of €384m a year ago.
Operating profit for the period ended 30 June 2017 was €515m, down 18% from €633m in the first half of 2016.
Net interest and trading income rose 3.5% to €2.7bn from €2.61bn a year earlier. Operating expenses remained almost unchanged at €3.58bn.
Provisions for loan losses were €362m, versus €335m in the previous year. Revenues before loan loss provisions dipped 2% to €4.46bn.
The bank’s common equity tier 1 ratio (CET 1) at the end of June 2017 was 13%, while leverage ratio was 4.6%.
The bank’s assets totalled €487bn as at 30 June 2017, as against €533bn in the previous year.
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Commerzbank chairman of the board of managing directors Martin Zielke said: “We have booked the provisions for the personnel reductions early and in full and have made further progress in the implementation of our strategy. We are ahead of target for client growth, partly because we have invested.
“However, it will take a while for this client growth to be reflected in revenue growth. In our two transformational years 2017 and 2018, we are thereby laying the foundations for a sustainably higher profitability.”