Commerzbank profits up in second quarter

Frankfurt - Commerzbank, Germany's second-biggest bank, said on Thursday that its net profit more than doubled in the second quarter thanks to favourable results in its retail banking operations and lower risk provisions.

Commerzbank said in a statement that its bottom-line net profit rose to €100m in the period from April to June, up from €40m a year earlier.

Underlying or operating profit rose to €257m from €74m while revenues fell by 3.0% to €2.241bn.

In the core banking operations alone, Commerzbank increased its revenues, said CEO Martin Blessing.

"In the operating segments we expanded business volume and raised the number of new customers. All in all, we improved operating profit, reduced risks further, and significantly increased our capital ratios in the first half of the year. We generated a good result overall," Blessing said.

Loan loss or risk provisions amounted to €257m in the April-June period down from €537m a year earlier, Commerzbank said.