Loan losses cut

German lender Commerzbank has reduced its loan losses in the first quarter, as profit rose.

The bank said net earnings to 31 March were EUR 200m ($278m), against a loss of EUR 98m in the same period of 2013.

Overall loan-loss provisions were EUR 238m, down from EUR 267m in 2013.

The lender is looking to exit shipping and announced a 29% cut in its non-core assets (NCA) portfolio to EUR 102bn.

The NCA loan-loss provision figure was EUR 134m, compared to EUR 175m.

It will continue to run down non-core loans, it said.

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