Pbb Deutsche Pfandbriefbank expects 'another marked increase' in new lending this year after recording a 46% rise in new real estate and public finance lending in 2013.

Pbb Deutsche Pfandbriefbank expects 'another marked increase' in new lending this year after recording a 46% rise in new real estate and public finance lending in 2013.

The German lender reported it had exceeded its targets for both profit and new business in 2013. According to preliminary, unaudited figures, the specialist bank for real estate finance and public investment finance increased pre-tax profit by one-third to €165 mln from €124 mln in 2012. The bank has forecast a pre-tax profit in excess of €140 mln for 2014.

New business in 2013 was up by 46% to €8.2 bn from €5.6 bn the year before. Real estate finance accounted for €7 bn (2012: €4.9 bn) of aggregate new business (including extensions beyond one year); €1.2 bn (2012: €700 mln) was originated in public investment finance.

As in 2012, Germany was the most important market in the real estate finance business, with its share rising from 32% to 53%. The UK came second, with an unchanged share of 17% of new business, followed by Central and Eastern Europe (14%) in third place and France, which accounted for 9% of new business.

The average loan-to-value ratio for new commitments increased slightly to 61% in 2013 from 56% in 2012, the bank said.