German real estate lender pbb has announced its best results for 2016 since the bank's restart in 2009, reporting a total profit of €301 mln, an increase of 54% year-on-year.
'2016 was a good year for pbb and an extraordinary effect turned it into a very good year. The current financial year will not be any less challenging – taking into consideration impending regulatory changes, as well as the competitive situation. We intend to continue with our conservative approach to
risk, whilst making prudent investments in new projects and business segments,' commented pbb’s CEO/CFO Andreas Arndt.
According to pbb, its total profit included an extraordinary income of €132 mln relating to Heta Asset Resolution. The bank also generated new business totalling €105.5 bn, its second highest sum since 2009.
In its outlook report for 2017, pbb said it was expecting a stable to slightly weaker net interest income, and would aim for a new business volume of between €10.5 bn and €12.5 bn. The increase would likely result from new business generated in the US, as well as from public investment finance.
This year, pbb is aiming for a pre-tax profit between €150 mln and €170 mln, in line with the 2016 operating profit, adjusted for extraordinary income related to Heta.
