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.

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