In the third quarter, Deutsche Pfandbriefbank increased its pre-tax profit by seven percent year-on-year to EUR 75 million.
This is mainly due to the higher net interest income.
Meanwhile, the bank has set aside another 14 million euros for possible loan defaults.
This means that in the first nine months of the year it spent 84 million euros on loan loss provisions.
A higher tax burden negated the third quarter increase in net income.
The net profit fell by 14 percent to 48 million euros.
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The latest developments do not take away the bank’s concerns about the effects of a second lockdown and the changes in the real estate markets caused by the Covid-19 pandemic, said CEO Andreas Arndt when presenting the interim results in Munich on Wednesday.
For the fourth quarter and the current year, the manager continues to expect solid results, but rules out the effects of a possible increase in provisions for impaired loans.
Munich () – Deutsche Pfandbriefbank still fails to achieve a profit forecast for 2020 despite an increase in pre-tax profit in the third quarter.
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