Tuesday May 27, 07:38 AM
Troubled German lender IKB posts billion-euro loss
FRANKFURT (AFP) - German business lender IKB (Xetra: 806330 - news) , which was saved from the brink of bankruptcy, posted Tuesday a net loss of around one billion euros (1.58 billion dollars) for the first nine months of its 2007/2008 fiscal year.
The specialist in loans to small and medium sized businesses had earned a profit of 142 million euros over the same period a year earlier, it noted in a statement.
IKB was hit by losses from investments in securities backed by high-risk, or subprime, US mortgages and only pulled through owing to massive aid from private banks and its main shareholder, state-owned development bank KfW.
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