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Commerzbank speeds up clean-up, Q2 net profit doubles

Hannelore Foerster | Bloomberg | Getty Images

Germany's second biggest lender Commerzbank said it is speeding up the clean up of non-core assets as it posted an increase in second-quarter earnings.

"We have raised our current reduction target of 75 billion euros for 2016 once again," Chief Financial Officer Stephan Engels said in a statement on Thursday.

The bank now aims to shrink its commercial real estate and ship finance portfolios to 20 billion euros and the public finance portfolio to 47 billion euros.

In the second quarter, Commerzbank booked a net profit of 100 million euros, missing an analyst poll of 125 million euros but higher than in the year-earlier period, when it earned 40 million euros.

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