Posted: Feb 13, 2014 1:14 AM
Updated: Feb 13, 2014 1:15 AM
BERLIN (AP) Germany's Commerzbank says it posted a fourth quarter net profit of 64 million euros ($87 million) following heavy losses in the same quarter a year ago, helping it end 2013 in the black.
The Frankfurt-based bank said Thursday it finished 2013 with a net profit of 78 million euros, after a loss of 47 million euros in 2012 that came after a fourth quarter net loss that year of 726 million euros.
The bank says "in the 2013 business year, Commerzbank has increased net profit, further reduced risks, and increased the relevant equity ratios more quickly than planned."
Commerzbank's non-core assets division is winding down its commercial real estate and shipping loans, and chairman Martin Blessing says the bank plans now to reduce the portfolio more quickly than originally planned.