BayernLB First-Quarter Profit Declines 64% on MKB

(Corrects spelling of unit in headline.)

Bayerische Landesbank, Germany’s second-biggest state-owned lender, said first-quarter profit declined 64 percent on losses at its Hungarian unit and on cross-currency swaps.

Pretax profit dropped to 54 million euros ($69 million) from 149 million euros a year ago, Munich-based BayernLB said in an e-mailed statement today. MKB Bank, the Hungarian unit, had a pretax loss of 44 million euros in the quarter after a pretax loss of 33 million euros a year ago.

To contact the reporter on this story: Oliver Suess in Munich at osuess@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net Edward Evans at eevans3@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.