08.11.2018 Deutsche Pfandbriefbank AG: pbb further raises 2018 full-year guidance on pre-tax profit, to between EUR 205 million and EUR215 million - pbb remains cautious for 2019 financial year
November 08, 2018 at 12:09 pm EST
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Deutsche Pfandbriefbank AG / Key word(s): Change in Forecast
Deutsche Pfandbriefbank AG: pbb further raises 2018 full-year guidance on pre-tax profit, to between EUR 205 million and EUR215 million - pbb remains cautious for 2019 financial year
08-Nov-2018 / 17:59 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Deutsche Pfandbriefbank AG (pbb) achieved a pre-tax profit of EUR49 million for the third quarter of 2018 (Q3 2017: EUR51 million; consolidated, unaudited figures in accordance with IFRS) and thus significantly increased pre-tax profit for the first nine months, to EUR171 million (9M 2017: EUR154 million). On this basis, pbb today decided to further raise its 2018 full-year guidance and now aims to achieve a pre-tax profit between EUR205 million and EUR215 million. For Q4 2018, pbb thereby expects net interest income to be stable but assumes further additions to loan loss provisions as well as an increase in administrative expenses. On 4 July 2018, pbb had already raised its guidance for pre-tax profit to EUR175 million - EUR195 million (from EUR150 million - EUR170 million previously). However, for the financial year 2019, pbb remains cautious. The market environment and the competitive dynamics in commercial real estate finance will become even more demanding in 2019. In addition, pbb expects higher funding costs and additional cost due to investments and regulatory requirements.
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Deutsche Pfandbriefbank AG published this content on 08 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 08 November 2018 17:08:15 UTC
Deutsche Pfandbriefbank AG is a Germany-based bank for real estate finance and public investment finance. The Company is engaged in three core business areas: Public Sector Finance, Real Estate Finance and Debt Instruments. Public Sector Finance includes the financing of public sector investments in the fields of infrastructure, municipal and residential construction, utilities and healthcare. In addition, it provides investment lending and debt management. Real Estate Finance includes real estate investment funding and financing instruments, such as financing investment projects, portfolio financing, standby facilities and derivatives. Debt Instruments includes fixed income bonds involving issuing mortgage and public sector debentures. The Company is active in Europe, notably in France, the United Kingdom, Benelux countries, Nordic countries, Switzerland, Spain, Hungary, and the Czech Republic. The Company is a part of the HRE Group, which is wholly owned by the German government.
08.11.2018 Deutsche Pfandbriefbank AG: pbb further raises 2018 full-year guidance on pre-tax profit, to between EUR 205 million and EUR215 million - pbb remains cautious for 2019 financial year