Commerzbank, the second biggest German bank, posted on Wednesday a gain in second-quarter net profit, owing to a favourable tax effect, along with a plunge in operating earnings.
Net profit went up 6.4 percent to 817 million euros (1.26 billion dollars), a Commerzbank statement said, compared to forecasts of a loss by analysts polled by Dow Jones Newswires.
The result was boosted by a tax effect that added 386 million euros to the bank's bottom line, it added.
Operating profit fell by more than half meanwhile to 484 million euros from more than one billion in the same period a year earlier.
The market had expected an even bigger drop, however.
Commerzbank wrote down the value of real-estate finance assets by 369 million euros, reflecting persistent housing market turbulence, in the United States in particular.
The bank repeated that it would be "very difficult" this year to match results from 2007, when it had posted a record net profit of 1.9 billion euros.
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