German lender Commerzbank has posted higher provisioning for the second quarter during which it was reported to have sold its final shipping portfolio.

The bank said the risk result was €178m ($197m) to 30 June, compared to €82m in the same period of 2018.

This was due to "single cases", it added.

It 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.

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, which at that time was worth around €200m, was transferred to the Others & Consolidation segment.

A spokesman declined to reveal further details.

Quarterly net profit dipped to €391m from €533m, while net interest income €2.5bn against €2.28bn in 2018.

Sources speculated that Commerzbank obtained a firm price for the portfolio of mainly performing loans it sold in May.

Both the bank and Davidson Kempner declined to comment.

In 2013, Commerzbank held a towering shipping portfolio of €19bn, of which €4.5bn was in non-performing loans.

But fast-tracking of loan and ship sales saw its maritime loans cut to less than €500m on 60 ships by the end of last year.