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November 10, 2017

Commerzbank swings to profit in Q3

German lender Commerzbank has reported 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 stood at €629m, a rise of 47% compared to €429m in the previous year.

The bank posted a pre-tax profit of €629m for the third quarter of 2017 as against a loss of €255m in the corresponding quarter of 2016.

Net interest and trading income slumped 17% to €1.25bn from €1.5bn last year. 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.”

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