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Commerzbank profit falls 44%

China Daily | Updated: 2008-02-15 07:24

Commerzbank AG, Germany's second-largest bank, said fourth-quarter profit declined 44 percent on writedowns related to US subprime assets.

Net income fell to 201 million euros ($293 million) from 359 million euros a year earlier, the Frankfurt-based company said in an e-mailed statement yesterday.

Commerzbank reduced the value of its subprime-related investments by 248 million euros in the quarter, bringing total markdowns for the year to about 585 million euros.

Commerzbank profit falls 44%

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