Germany's Commerzbank has made further cuts in its shipping portfolio in the third quarter, which now, for the first time in the bank's history, stands at less than EUR 10 billion, according to the third quarter interim report, published Monday morning. The bank delivered a EUR 207 million profit in the period, a slight a decline from a profit of EUR 225 million in the same period last year.
Commerzbank was able to reduce its shipping portfolio even further in the quarter, thus continuing a deliberate strategy at the bank which has divested numerous ships in recent years. The Ship Finance portfolio was reduced by EUR 1.1 billion in the period, to EUR 9.7 billion, according to the interim report, and this marks the first time that the shipping portfolio stands at less than EUR 10 billion, notes Commerzbank. The bank's shipping portfolio has designated a non-core business, and as such the bank is working to trim the segment.
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