German lender Commerzbank has seen its legacy assets return to profit in the first quarter as it cut out loan losses.
The bank said the revaluation of its shipping portofolio under the new International Financial Reporting Standard 9 (IFRS 9) eliminated the drag from this sector.
The asset and capital recovery (ACR) division produced no loan losses in the period, against EUR 119m ($142m) a year ago.
