Regional bank WestLB AG said Thursday it made its first nine-month loss in four years, with results hampered by global market turmoil and the spread the of the U.S. subprime crisis.
The state-owned regional bank said it lost €148 million (US$217.9 million) in the January to September period compared with a profit of €142 million a year ago because of “disruptions on the international capital markets.” The bank said the loss was burdened by some €355 million (US$522.6 million) in exposure to the U.S. subprime mortgage morass.
The company did not provide third-quarter figures.
