German lender Commerzbank has seen loan losses rise in the first quarter as the shipping slump continued.
The bank said provisions stood at EUR 195m ($212.65m), up from EUR 148m last year.
The asset and capital recovery (ACR) division recorded an improvement in its operating loss to EUR 33m, from EUR 119m, however.
ACR loan loss provisions were higher at EUR 119m, against EUR 70m, with ship finance accounting for almost all of this.
The non-performing loan (NPL) ratio of just 1.5% reflects its healthy risk profile, it said. It called this level "good" compared to its European peers.
Risk-weighted assets (RWA) were reduced in the first quarter of 2017 as a result of active portfolio management and lower operational risks.
They stood at EUR 186.2bn at the end of March 2017, compared to EUR 189.8bn at the end of 2016 and EUR 194.5bn at the end of March 2016.
Group net profit rose to EUR 217m, versus EUR 169m in 2016.
Looking ahead, the lender said loan loss provisions for shipping this year are expected to be between EUR 450m and EUR 600m.
