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December 3, 2009

LBBW announces loss for first nine months

by Richard Kilner

Story link: LBBW announces loss for first nine months

Landesbank Baden-Württemberg (LBBW) has reported its financial results for the first three quarters of the year.

LBBW incurred a consolidated pre-tax loss of €462m, which is an improvement on the previous period which saw lossess exceed €1bn.

However, this does mark a decline from the pre-tax profits for the first two quarters of €215m.

A post-tax loss of €620m has been reported for the first nine months of the year.

The bank has stated that the recent economic recovery will aid its own situation, and that present results do include a number of extraordinary expense items such as restructuring costs.

Chairman Hans-Jörg Vetter has said that the firm is pursuing its restructuring process vigorously, and pointed out that the bank had enjoyed a positive trend in customer-driven business which helped boost operating income to €189m, (up hugely from -€967m in 2008).


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