German bank Berlin Hyp boosted pre-tax profit by 10.2% to EUR 21.6 mln in Q1 compared to the average quarter last year. Net profit came to EUR 13.2 mln, the bank said in a press statement. Interest and net commission income was steady at EUR 53.9 mln.
German bank Berlin Hyp boosted pre-tax profit by 10.2% to EUR 21.6 mln in Q1 compared to the average quarter last year. Net profit came to EUR 13.2 mln, the bank said in a press statement. Interest and net commission income was steady at EUR 53.9 mln.
Jan Bettink, Chairman of the Board of Management of Berlin Hyp, said: 'Berlin Hyp has made a successful launch into the new year. As one of the leading German real estate financing banks, we have remained profitable before, during and after the crisis. Our conservative business policy, which we are consistently pursuing together with Landesbank Berlin AG, has also ensured the Bank’s strength in the first quarter of 2010.'
The balance sheet total amounted to EUR 41.7 bn at end-March compared with EUR 41.3 bn at end-2009. New lending volume stood at EUR 468 mln.
Bettink said the bank would continue to invest exclusively in selected strong economic conurbations in Europe outside Germany. This includes Paris, where Berlin Hyp will open a representative office in spring 2010 together with LBB. 'Berlin Hyp is extremely well-placed in the highly competitive real estate market. We are taking advantage of our market opportunities without losing our sense of proportion. We will remain true to our conservative strategy.'
Berlin Hyp is one of Germany's leading German for real estate finance. As a specialist institution, Berlin Hyp concentrates on the economic conurbations in Germany together with its parent company, Landesbank Berlin. It focuses on business with investors, housing societies, real estate funds, capital investment companies and selected developers.
