Last updated: November 07. 2013 4:36AM - 310 Views
Associated Press

Story Tools:

Font Size:

Social Media:

(AP) Germany's Commerzbank says third-quarter net income rose by 15 percent to 77 million euros ($104 million) compared with a year ago as the bank cut costs and took fewer losses on shaky investments set aside for disposal.

The figure beat analyst estimates for 44 million euros in net income.

The bank's non-core assets division cut losses to 272 million from 477 million a year ago. The division is winding down the bank's commercial real estate and shipping loans businesses it is abandoning.

Earnings were held back by larger losses for loans that aren't being repaid, and by lower income trading securities.

Commerzbank, part owned by the German government after being bailed out in 2009, said it was making progress shedding risky investments and increasing its capital buffers.

Associated Press
comments powered by Disqus

Featured Businesses


Info Minute

Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com