German commercial bank HSH Nordbank expects to report a net loss of EUR 2.8 bn before tax and one-off charges for 2008. In a statement on its preliminary results, the state-owned bank said the figure compares to net profit of EUR 285 mln a year ago. The EUR 2.8 bn loss includes impairments of around EUR 1.6 bn on the credit investment portfolio and further writedowns of EUR 900 mln as a result of the financial crisis.
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