Aareal Bank Group said on Tuesday that it has continued to perform well during the current financial year, posting consolidated operating profit of EUR 33 mln for the third quarter - in a business environment that continues to be challenging.

Aareal Bank Group said on Tuesday that it has continued to perform well during the current financial year, posting consolidated operating profit of EUR 33 mln for the third quarter - in a business environment that continues to be challenging.

The bank's operative result exceeded both the previous quarter (EUR 31 mln) and the same period of the previous year (EUR 21 mln). Aareal Bank Group's consolidated operating profit for the first nine months of the year thus amounts to EUR 94 mln, up by almost 47% year-on-year (9m 2009:
EUR 64 mln).

At EUR 32 mln, allowance for credit losses recognised from July to September was slightly below the previous quarter (Q2 2010: EUR 33 mln), and well below the previous year's figure (Q3 2009: EUR 36 mln).

Chairman Wolf Schumacher: 'Thanks to the strength and soundness of our business model, we once again performed very well in a market environment that continues to be truly challenging for the property sector. We continue to consistently exploit the market opportunities available, whilst maintaining a tight rein on our risk exposure. Our consolidated operating profit already exceeds the full-year results for 2009 - this means that we have already achieved a key objective for the current financial year after only three quarters in 2010.'