FRANKFURT, Germany (AP) ? Germany's Commerzbank says it's making progress in reshaping its business but still has a long way to go as higher shipping loan losses and low interest rates continue to squeeze profits.
The bank provided detail Friday on its fourth-quarter earnings announced Feb. 4. It lost ?716 million largely due to one-time losses of ?185 million on its sale of Bank Forum in Ukraine and ?560 million in tax accounting charges.
The bank says it made progress in winding down businesses that it's getting rid of, in commercial real estate and shipping finance. Its non-core assets division shrank by ?9 billion to ?151 billion during the quarter.
But the bank says high loan losses from its remaining ship finance business weighed on earnings. And low rates are hurting interest income.
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