German property bank PBB’s profit plunges as US office loans sour

 Deutsche Pfandbriefbank (PBBG.DE), opens new tab (PBB), one of Germany’s top property financiers, reported on Wednesday a 74% plunge in second-quarter profit and set aside more money to cover potential bad loans in a weak U.S. office market.

The move follows a wave of bad news this year for the bank, which dates back to the 1860s and was bailed out by the government in the 2009 financial crisis, as it navigates what it has called “the greatest real estate crisis” since then.