Pbb reports EUR 2.9b of new RE business in H1

German property financier pbb Deutsche Pfandbriefbank originated EUR 2.9 bn of new real estate lending in the first half of 2011. The bank's public sector finance division did a further EUR 1.2 bn of new business. Both figures include extension of more than 12 months.

The real estate financing was achieved with gross margins in excess of 190 basis points, while the public sector finance saw gross margins above 100 basis points.

Deutsche Pfandbriefbank did a total of EUR 1 bn of real estate lending in the same period last year, of which EUR 700 mln involved extensions. Public sector financing came to EUR 400 mln.

The bank posted a pre-tax profit of EUR 68 mln in Q2 2011, the fourth profitable quarter in a row. It reported a EUR 175 mln loss in the same period last year.

Separately, pbb Deutsche Pfandbriefbank confirmed the appointment of Manuela Better as CEO for a further five years. Better has been a member of Deutsche Pfandbriefbank's management board since February 2009, when she was appointed for a period of three years. She was made CEO in March 2010.

Better commented: 'With four consecutive profitable quarters, pbb Deutsche Pfandbriefbank is right on track. Having successfully concluded the EU state aid proceedings, we will now be able to fully focus on the market and on our clients.'