WestLB, the Düsseldorf-based lender which ran into trouble in the sub-prime crisis, made a pre-tax profit of over â¬1bn in the first quarter, after it booked a gain from the sale of its â¬23bn ($35.4bn) securities portfolio, which has been separated from the group and insured by WestLB's owners.
Adjusted for the gain arising from this ring-fencing, WestLBâs pre-tax profit was ⬠74m, down ⬠60m from a year earlier. The gain on the sale of the securities portfolio, which contains investments in structured credit, was â¬947m.
