IKB, the German bank that was one of the first casualties of the credit crunch, on Tuesday warned of a further €500m ($792m) in writedowns as uncertainty continues over its long-term ownership.

The Düsseldorf-based bank said the valuation losses would hit results for the first quarter of its current financial year, due in September. At the same time, IKB said proceeds from a planned €1.25bn capital increase would be delayed pending approval by the European Commission.