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Shipping drags down Commerzbank results again

Even though major German bank Commerzbank has reduced its shipping portfolio by ten percent, the loss provisions from shipping engagements remain high. And the bank expects more provisions in the coming quarters.

Photo: Commerzbank

Major German bank Commerzbank reports a smaller profit, with an operating result of 547 million euros in the first six months of the year. In comparison, the bank operating profit in the same period 2012 was 1 billion euros. The second quarter of 2013 resulted in 78 million euros, and the large decline is attributed to lower interest rates and large provisions from non-core assets, including shipping, according to the bank's financial report for the first half of the year, published today.

Commerzbank had loss provisions for a total 248 million euros from shipping in the first half of 2013.

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