Real estate – Wiesbaden:Aareal Bank dampens earnings expectations for 2020
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Wiesbaden (dpa) – The concern about possible loan defaults due to the Corona crisis is dampening the profit expectations of the real estate financier Aareal Bank. The operating profit should only reach a mid double-digit million amount this year, announced the MDax-listed institute in Wiesbaden on Thursday. In August, the board of directors was still assuming an amount in the mid to upper double-digit million range.
However, in the third quarter, Aareal Bank put a further 61 million euros aside for loans at risk. It has already put 167 million euros into risk provisioning this year, a good three times as much as a year earlier. In the third quarter, operating profit fell by 83 percent year-on-year to 11 million euros. The bottom line was a loss of 4 million euros to the shareholders after a profit of 35 million in the same period last year. The bank thus consistently missed the expectations of analysts in the past quarter.
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