Aareal Bank: group profit up by 11.4% to € 49 million

In the first half of 2002, the Aareal Bank Group increased its Group net profit by 11.4% to € 49 million, clearly bucking the sector trend. The return on equity after taxes achieved of 9.6% is well within the budget figures for the current financial year.

In the first six months of the current year, all important earnings components increased, in some cases significantly. However, any comparison with the same period in the previous year is limited, given the split of the DePfa Group into two independent, listed companies.

Loan loss provisions amount to € 49 million and are therefore within the budget figures, which assume that the loan portfolio will expand following the transfer of more loans from DePfa Deutsche Pfandbriefbank AG to Aareal Bank. A comparison with the pro rata temporis figure for the former DePfa Group (6/12 of € 116 million = € 58 million) shows a decrease in loan loss provisions of 15.5%. The rise in administrative expenses of 23.1% to € 176 million is essentially due to the takeover of staff from DePfa Deutsche Pfandbriefbank and the first-time consolidation of companies at the 2001 year-end. A comparison of the pro rata temporis segment figures for the former DePfa Group modifies this increase to + 0.1%. The pre-tax profit was improved by 20.8% to € 87 million, while the pro rata temporis segment comparison produces an increase of 35.9%.

For more information please visiti www.aereal-bank.com.

(source: Aereal Bank)

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