German company Helaba has posted a €336 mln profit for H1 2023, slightly above the same period last year.
The company said in an earnings update it was able to show resilience thanks to a diversified business model, thus coping with negative effects of real estate.
Thomas Groß, Helaba's CEO, said: ‘Once again, our half-year results demonstrate that we are on a solid, long-term growth trajectory. Thanks to our broadly diversified business model, we were able to offset the effect of weaker real estate markets. This is yet further testimony to Helaba’s resilience, particularly in such a challenging environment.’
RE portfolio
He added there was still confidence in the real estate portfolio.
'We are confident that the quality of our real estate portfolio means we are well placed - both in this market cycle and for the future. In view of the positive momentum in and the broad diversification of our business, we expect a further noticeable and sustained rise in the group's earnings before tax over the medium term.'
Some announced real estate finance transactions in the past include refinancing the Berlin Quartier 205 for Tishman Speyer and an office scheme in Helsinki. Both were in 2022.
