Germany’s second largest lender Commerzbank said Wednesday its second quarter net profits plunged by 93 percent from the same period a year earlier.

Commerzbank said its net income fell to $34.4 million after it revalued its holdings of Greek debt, resulting in a depreciation of more than $1 billion.

The Greek government has asked bondholders to take new bonds with longer maturity and lower interest rates as part of the effort to solve the Greek debt crisis.

Commerzbank maintains its full year outlook is “well above the figure achieved in 2010,” which was almost $2 billion. The Frankfurt based bank showed improvement in other areas thanks to Germany’s growing economy.