HVB, Germany's second largest banking group, has admitted it will miss profit targets this year after third-quarter net profits plunged by 97% to just €6m ($7.7m). Analysts had expected the bank to earn net profits of €57m.

Net profits in the three months to the end of September slumped from €196m in the third quarter of last year, when the sale of Norisbank, its consumer lending subsidiary, helped HVB to record its first profit in five quarters.