EQS-Adhoc: Deutsche Pfandbriefbank AG: Significant increase of risk provisioning – earnings forecast reduced
EQS-Ad-hoc: Deutsche Pfandbriefbank AG / Key word(s): Change in Forecast
Deutsche Pfandbriefbank AG: Significant increase of risk provisioning – earnings forecast reduced
07-Nov-2023 / 21:35 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Faced with the persistent weakness on the commercial real estate market, Deutsche Pfandbriefbank AG (“pbb”) has today significantly increased its risk provisioning. The risk provision result for the first nine months of the 2023 financial year amounted to € -104 million (9M2022: € -38 million). Pre-tax profit was €91 million (consolidated figures in accordance with IFRS, unaudited), compared with €159 million in the prior-year period.
Despite the increased provisioning as well as additional investments within the scope of the bank’s ongoing strategy programme, pbb anticipates pre-tax profit of between €90 million and €110 million (consolidated figures in accordance with IFRS) for the current financial year. In its forecast issued at the beginning of 2023, pbb had anticipated profit before taxes in a range between €170 million and €200 million.
The new guidance for the current year takes into account potential additional risk provisioning which may be required in the fourth quarter, including the possible recognition of a new management overlay.
Contact:
Grit Beecken
Head of Communications, Investor Relations and Marketing
Phone: +49 (0) 89 2880 28 787
Email: grit.beecken@pfandbriefbank.com
Despite the increased provisioning as well as additional investments within the scope of the bank’s ongoing strategy programme, pbb anticipates pre-tax profit of between €90 million and €110 million (consolidated figures in accordance with IFRS) for the current financial year. In its forecast issued at the beginning of 2023, pbb had anticipated profit before taxes in a range between €170 million and €200 million.
The new guidance for the current year takes into account potential additional risk provisioning which may be required in the fourth quarter, including the possible recognition of a new management overlay.
Contact:
Grit Beecken
Head of Communications, Investor Relations and Marketing
Phone: +49 (0) 89 2880 28 787
Email: grit.beecken@pfandbriefbank.com
End of Inside Information
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