Commerzbank increases shipping loan loss provisions

The major German shipping bank improved its operating profit and bottom line in the first quarter, though the bank increased its loan loss provisions for non-performing loans to shipping.

Photo: Commerzbank AG

One of the biggest lenders to the shipping sector, Germany's Commerzbank AG, delivered an improved result for the first three months of the year compared to the same period 2016. But the bank increased its loan loss provisions for the ailing shipping sector, according the first quarter interim report published Tuesday.

The bank's net result grew to EUR 217 million in the first quarter from EUR 169 million in the same period 2016, while the operating profit came to EUR 314 million, up from EUR 282 million in the first quarter last year.

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