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AFP
Munich: The second-biggest German bank, HypoVereinsbank, said on Tuesday that its net profit more than doubled in 1998. Net profit totalled 3.8 billion marks (1.94 billion euros, $2.1 billion) in 1998, up from 1.8 billion marks (920 million euros, $1 billion) in 1997.
And after transfers to reserves, distributable profits increased to 1.8 billion marks from 900 million marks, the bank said in a statement.HypoVereinsbank was formed from the merger of the two Munich-based banks Hypo-Bank and Bayerische Vereinsbank last autumn.
The sharp increase in profits was due to book profits arising from the complicated share swap.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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