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Commerzbanks's shipping retreat in full swing

Major German bank Commerzbank has reduced its exposure to shipping by 6 percent in the 3rd quarter, and the 2016 targets for the bank's shipping portfolio are already in sight.

Photo: Commerzbank

Developments at Commerzbank are going according to plan, and the bank's exit from shipping is in full swing, according to the bank's interim report for the 3rd quarter. The report shows that the bank has managed to reduce its shipping portfolio by 1 billion euros, 6 percent, down to 16 billion euros, which means that the bank's set goal of reaching a 14 billion shipping portfolio by 2016 is already within reach.

In its non-core assets portfolio, which Commerzbank wants to reduce, the bank has targeted high-risk clusters and loans, including shipping and real estate, and since the beginning of the year Commerzbank has managed to reduce these by 44 percent. By September 30th, the bank listed its portfolio at eight billion euros, compared to 14.3 billion euros in December 2012. As a result of the reduction in the various segments, the bank's operating profit for this group declined to a deficit of 272 million euros, which is still an improvement over the same period last year, which brought a deficit of 387 million euros.

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