REAL ESTATE – Hypo Real Estate gained €22.3bn in new real estate financing business in 2005, up from €12.6bn in the previous year.
It said the figure was “considerably higher” than its 2005 target of €13.5bn.
International new business came in at €15.1bn, against a €10bn target.
Its Wurttembergische Hypothekenbank and Hypo Real Estate Germany arms gained new business of €4.4bn and €2.8bn respectively – both well above target.
It posted pre-tax net income, excluding restructuring expenses of €442m, compared to 2004’s €221m. It raised its dividend to €1 a share, from €0.35 before.
Total operating revenues were €909m, from €835m.
“In 2005, our group has met its operating and strategic aims,” said managing board chairman Georg Funke. “We intend to expand further and boost our profitability in 2006.”
It predicted a 20% increase in net income in 2006, with new business flat.