Commerzbank AG said the transfer of a loan portfolio following the termination of a joint venture led to net exceptional revenues of €132 million for the second half of 2017.
The German bank agreed to dissolve its Munich-based joint venture with BNP Paribas Personal Finance SA: Commerz Finanz GmbH.
A loan portfolio with a volume of about €3.5 billion was transferred from Commerz Finanz GmbH to Commerzbank. In terms of the financial effects of the transaction, exceptional revenues for the third quarter amount to gross €176 million and stem mainly from the difference between the IFRS book value and the fair value of the joint venture stake.
Taking into account amortizations, net exceptional revenues amounted to €132 million for the second half.