German real estate lender Aareal Bank has posted a pre-tax profit of EUR 25 mln in the third quarter of 2009. The result matched the pre-tax profit for the second quarter and was well up on the EUR 17 mln pre-tax profit achieved in the first three months of this year.
German real estate lender Aareal Bank has posted a pre-tax profit of EUR 25 mln in the third quarter of 2009. The result matched the pre-tax profit for the second quarter and was well up on the EUR 17 mln pre-tax profit achieved in the first three months of this year.
The corresponding figure for the third quarter of 2008 was EUR 31 mln.
'Clearly, we have been holding our course during the current financial year. The fact that we posted another set of satisfactory results - in a challenging market environment - once again emphasises the coherence, sustainability, and crisis-proof performance of our business model, incorporating the two strong pillars of structured property financing and consulting/services, said Aareal chairman Wolf Schumacher.
'The group's profitability remains high enough, not only to absorb the various difficulties thrown up by the financial markets crisis and the consequences of the weak economy but also to bear the additional costs incurred within the scope of the agreement with (German bank stabilisation fund ed.) Soffin', he added.
