FRANKFURT: Commerzbank, Germany's second biggest lender, said Thursday that its net profit rose in the third quarter as its deep restructuring measures begin to bear fruit.
Commerzbank said in a statement that bottom-line net profit rose by 15 percent to 77 million euros or $104 million in the period from July to September.
At the same time, operating or underlying profit was halved to 103 million euros from 211 million euros a year earlier as the bank increased its provisions for loan losses.
"One year after the presentation of our strategic agenda we have already achieved very much."
"We have further increased capital ratios, reduced the costs, lowered risks, and reduced the non-strategic portfolios considerably."
"Thus we have further enhanced our stability," said chief executive Martin Blessing.
"Our growth initiatives are beginning to take effect. For this reason, in a typically seasonally weaker third quarter we were able to maintain our revenues at a stable level."
"This is a very good basis for successfully fulfilling the further objectives on the strategic agenda," Blessing said. (AFP)
