German lender Commerzbank has reduced loan-loss provisions as it continued to show little change in its remaining exposure to shipping.
Figures from its third quarter results show shipping exposure at default is still roughly €200m ($111m).
This was €1.8bn at the end of the first quarter last year and had been cut to €300m a year later, but was unchanged at the end of the second quarter.
The bank withdrew from ship finance in May by selling its remaining loans linked to 38 ships, according to sector sources cited by TradeWinds in July.
The business was said to have been picked up by US private equity investor Davidson Kempner Capital Management.
The risk result in the third quarter was €114m, down from €133m a year ago, while the non-performing loan ratio was down at 0.8% from 0.9%.
Net profit was €294m from €218m in 2018.
Interest income reached €1.25bn from €1.22bn.
Commerzbank said the run-off segment Asset & Capital Recovery (ACR) was dissolved from 1 July, thanks to the successful run-down of the non-strategic portfolios over the last few years.
But it said the remaining portfolio volume of €4.5bn, including the ship finance portfolio, was transferred to the Others & Consolidation segment.
