Commerzbank reported a 73.9% drop in pre-tax profits for the first half of 2001 to €495m ($437.9m), compared with the same period last year, following similarly bleak results from one of its main German rivals.

In the second quarter alone, pre-tax profit was 40% down from the first quarter. Provisions for potential loan losses rose in the second quarter to €177m, compared with €152m for the first quarter. Interest income for the first half from lending and money-market transactions rose 25.1% to €8.7bn compared with the same period in 2000.