IKB Deutsche Industriebank AG, a German lender badly hit by the U.S. subprime lending crisis, said Tuesday that it lost approximately euro1 billion in the first nine months of 2007 on the back of write-downs that resulted in its bailout last year.
The bank said that its net loss for the nine months that ended Dec. 30 was euro1 billion (US$1.6 billion) compared with a profit of euro142 million a year earlier. It said that its net interest income also slipped to euro410 million (US$646.2 million) in the April-December period compared with euro492 million a year earlier.
Shares of IKB were down 2.6 percent to euro3.69 (US$5.82) in Frankfurt trading.
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