Commerzbank profit falls 44%

Commerzbank AG, Germany's second-largest bank, said fourth-quarter profit declined 44 percent on writedowns related to US subprime assets.

Net income fell to 201 million euros ($293 million) from 359 million euros a year earlier, the Frankfurt-based company said in an e-mailed statement yesterday.

Commerzbank reduced the value of its subprime-related investments by 248 million euros in the quarter, bringing total markdowns for the year to about 585 million euros.