Le mie ricette per la real estate communityAareal Bank: Strong earnings growth offsets non-recurring burdens and higher loss allowance – Full exit from the Russian exposure
- Consolidated operating profit of €25 million in the second quarter (Q2 2022: €61 million), despite announced non-recurring burdens and increased loss allowance
- Loss allowance, including net gain or loss from financial instruments (fvpl), totalled around €160 million in the second quarter: Approx. €100 million related to the US office property portfolio and approx. €60 million to the announced swift NPL reduction of which around €35 million for the exit from the Russian exposure
- Operating performance remains strong: net interest income rose by 40 per cent to €240 million, net commission income by 13 per cent to €77 million.
- CET1 ratio unchanged at 19.4 per cent, despite portfolio growth
- CEO Jochen Klösges: “Thanks to our strong profitability, we succeeded in maintaining our half-year results almost stable, despite higher investments, impairments on our US office property finance portfolio, and the full exit from our Russian exposure. This demonstrates our operational resilience, even in difficult markets.”