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Commerzbank Profit Plunges on Greek Writedown

Germany’s second biggest bank, Commerzbank, said Wednesday that its second-quarter net profit shed 93 percent owing to a massive write down on Greek debt, but maintained its outlook for the full year.
Commerzbank reported a net profit of 24 million euros ($34.4 million), compared with 352 million euros in the second quarter of 2010.
The bank noted in a statement that it had revalued its holdings of Greek debt, resulting in a depreciation of 760 million euros, an action taken by other German banks and insurance companies in the second quarter as well.
(source: afp)

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