The Frankfurt-based bank said it earned euro280 million (US$434.8 million) in the January-March period, compared with euro609 million a year ago, but still managed to beat the euro270 million (US$419.3 million) that analysts polled by Dow Jones Newswires had forecast.

The bank said it wrote down investments, including subprime- linked securities, by euro244 million (US$378.8 million) in the quarter, bringing its total amount to euro827 million (nearly US$1.3 billion) since the subprime crisis roared to life last summer.

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