German lender Aareal saw new business generated by its structured property financing jump from EUR 3.8 bn to EUR 6.7 bn in the 2010 financial year. The result significantly exceeded the target range of EUR 4-5 bn and was up by 74% on the level of new business in 2009.
German lender Aareal saw new business generated by its structured property financing jump from EUR 3.8 bn to EUR 6.7 bn in the 2010 financial year. The result significantly exceeded the target range of EUR 4-5 bn and was up by 74% on the level of new business in 2009.
According to preliminary, unaudited figures, the bank's consolidated operating profit amounted to EUR 134 mln, up 54% year-on-year. Aareal had in fact already achieved its original target - to beat the previous year's figure of EUR 87 mln - by the end of the third quarter 2010.
The strong performance was maintained during the fourth quarter, with consolidated operating profit rising to EUR 40 mln - a 74% increase compared with the fourth quarter of the previous year. At the same time, 2010's fourth quarter results were the highest quarterly figures that the lender had posted for two and a half years.
CEO Dr Wolf Schumacher: 'We once again proved our strength throughout 2010 - building the foundations for further expansion of our excellent market position in the years to come.'
