(Corrects spelling of unit in headline.)

Bayerische Landesbank, Germany’s second-biggest state-owned lender, said first-quarter profit declined 64 percent on losses at its Hungarian unit and on cross-currency swaps.

Pretax profit dropped to 54 million euros ($69 million) from 149 million euros a year ago, Munich-based BayernLB said in an e-mailed statement today. MKB Bank, the Hungarian unit, had a pretax loss of 44 million euros in the quarter after a pretax loss of 33 million euros a year ago.

To contact the reporter on this story: Oliver Suess in Munich at osuess@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net Edward Evans at eevans3@bloomberg.net