Commerzbank profit doubles as restructuring continues

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Commerzbank accelerated the clean up of unwanted assets and posted an increase in second-quarter earnings due in part to a fall off in bad loans.

Reuters reports that the quick reduction in the bank's troubled asset portfolio, which it put into a "bad bank" for restructuring purposes, will support the turnaround of the bank, which was bailed out of the financial crisis by the German government.

'We have raised our current reduction target of 75 billion euros ($103.1bn) for 2016 once again', Chief Financial Officer Stephan Engels said in a statement on Thursday.

The bank now aims to shrink its commercial real estate and ship finance portfolios to $26.75bn and the public finance portfolio to $62.9bn.

To access the complete Reuters article hit the link below:

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