Nov. 27 (Bloomberg) -- Landesbank Hessen-Thueringen, one of Germany’s seven state-owned lenders, said nine-month profit dropped 85 percent on credit writedowns and abandoned its full- year outlook.

Net income declined to 41 million euros ($53 million) from 265 million euros a year earlier, the Frankfurt-based company said today in an e-mailed statement. The financial crisis hurt earnings by 394 million euros, Helaba said, adding it can’t give a forecast for 2008 profit. The bank previously forecast pretax profit would be “well above” 300 million euros this year.

To contact the reporter on this story: Jann Bettinga in Frankfurt at jbettinga@bloomberg.net

Last Updated: November 27, 2008 06:07 EST