FRANKFURT, Aug 7 Reuters Germany39;s Commerzbank said on Wednesday that net profit fell 4.8 in the second quarter, in line with expectations and as net interest income dipped.

The bank also said it had asked regulators to approve a share buyback, while it confirmed its fullyear targets.

Net profit of 538 million euros 587 million in the quarter compares with a profit of 565 million euros a year earlier. Analysts had on average expected a profit of 539 million euros, according to a July consensus forecast published by Commerzbank.

The bank said that it was now seeking approval for a first tranche of a share buyback totalling 600 million euros.

Commerzbank, one of Germany39;s best known banks and partially held by the government after a bailout more than a decade ago, spent much of the past years in a major overhaul, slashing its workforce and branch network to restore profits.

The first half of the year was our best in 15 years, CEO Manfred Knof said.

1 0.9166 euros

Reporting by Tom Sims and Frank Siebelt Editing by Ludwig Burger

Source Reuters