In the first quarter of 2006, the Hypo Real Estate Group has further boosted its operating profitability and significantly improved consolidated net income. The consolidated net income before taxes of the real estate financier has increased by 31% compared with the corresponding previous year quarter to €134 million.
New real estate financing business in the seasonally weaker first quarter amounted to €5.2 billion. Of this figure, €3.8 billion was attributable to international business and €1.4 billion was attributable to financing in Germany. The Management Board has affirmed its forecast for the whole of 2006 without restriction.
Source: Hypo Real Estate