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CORRECTED-Commerzbank posts Q4 profit on lower provisions for bad loans
February 12, 2016 / 6:17 AM / 2 years ago

CORRECTED-Commerzbank posts Q4 profit on lower provisions for bad loans

(Corrects to read 160 billion euros, paragraph 4)

FRANKFURT, Feb 12 (Reuters) - Commerzbank posted a net profit of 187 million euros ($211.4 million) in the fourth quarter, in line with expectations, as it benefited from lower provisions for bad loans and a better result of its ‘bad bank’ comprising non-core assets.

Analysts had expected a fourth-quarter net profit of 188 million euros, after Germany’s second-largest lender lost 280 million euros in the year-earlier period.

Commerzbank also said on Friday that it expects a slight increase in net profit in 2016.

The lender added that it will dissolve its non-core assets division after reducing its portfolios to 63 billion euros at the end of 2015 from 160 billion euros in 2012, with remaining assets being transferred to other divisions.

Like other lenders, low interest rates continue to hamper Commerzbank’s ability to boost profits in its home market, where fierce competition among banks keeps margins worrisomely thin.

$1 = 0.8847 euros Reporting by Arno Schuetze; Editing by Maria Sheahan

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