German financier Helaba said on Tuesday that it overcome the adverse valuation effects experienced in the second quarter and increased group net profit for the first nine months of the business year to almost the previous year's level.

German financier Helaba said on Tuesday that it overcome the adverse valuation effects experienced in the second quarter and increased group net profit for the first nine months of the business year to almost the previous year's level.

Group earnings before taxes amount to EUR 284 mln, while net profit reached EUR 218 mln, after EUR 95 mln at end-June 2010. This is slightly below the previous year's net profit, but Helaba said this was expected.

Hans Dieter Brenner, chairman of the board of directors, was satisfied with this development: 'We have left market turbulences and the associated strains on valuation seen in the second quarter behind us and now are back on the road to success. After 2009 had been a year characterised by reversals of impairments, we expect a good operating business in the current year and a normalisation of our net trading income. Supported by a sustained positive business trend, we therefore remain optimistic that we will be able to achieve a performance in 2010 that is slightly below that seen in the previous year.'