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Commerzbank Group on Thursday posted a pre-tax profit of €257m in the second quarter, up from €74m in the second quarter last year, and has exceeded its 2016 target for reducing the exposure at default in its non-core asset portfolio — helping to boost its share price by over 2.3% on the day. -
UniCredit's investment banking results are dominated by loan losses, with financing revenues from Italy swelling 62% but entirely wiped out by provisions taken in the region. Separately, Jean Pierre Mustier, the head of the unit, announced his departure on Tuesday.
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Crédit Agricole took a €708m hit from its exposure to Banco Espírito Santo (BES) as its second quarter profit halved from the same period last year. Despite this, the French bank’s first half earnings compared more favourably year-on-year, aided by its improved first quarter and what it called “good business momentum”.
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Société Générale’s strength in structured products and equity derivatives allowed it to record flat revenues for equities markets, against a backdrop of low volatility and lower volumes which has seen most other investment banks report drops of more than 10% in their equity markets divisions.
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Natixis posted solid results on Thursday as it reported a 26% increase in net income, and confirmed the close of its ‘bad bank’ GAPC at the end of June.
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UBS reported this week that its DCM revenues for the second quarter were up 50.8% on the year — an incredible performance relative to its peer group and to the broader market. It credits US leveraged finance for much of the increase, but in Europe, bank capital raising was the sector which stood out.
