Commerzbank says profits up in Q2

August 07, 2014 - 10:15:41 am

FRANKFURT: Commerzbank, Germany's second-biggest bank, said Thursday that its net profit more than doubled in the second quarter thanks to favourable results in its retail banking operations and lower risk provisions.

Commerzbank said in a statement that its bottom-line net profit rose to 100 million euros ($134 million) in the period from April to June, up from 40 million euros a year earlier.

Underlying or operating profit rose to 257 million euros from 74 million euros while revenues fell by 3.0 percent to 2.241 billion euros.

In the core banking operations alone, Commerzbank increased its revenues, said chief executive Martin Blessing.

"In the operating segments we expanded business volume and raised the number of new customers. All in all, we improved operating profit, reduced risks further, and significantly increased our capital ratios in the first half of the year. We generated a good result overall," Blessing said.

Loan loss or risk provisions amounted to 257 million euros in the April-June period down from 537 million euros a year earlier, Commerzbank said. (AFP)