ProCredit Holding AG & Co. KGaA Reports Consolidated Earnings Results for the First Half of 2017; Reaffirms Return on Average Equity Guidance for 2017; Announces Resignation of Dr. Anja Lepp as Member of Management Board, Effective December 31, 2017
August 14, 2017 at 02:30 am EDT
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ProCredit Holding AG & Co. KgaA reported consolidated earnings results for the first half of 2017. With a consolidated result of EUR 23.6 million for the first half of 2017, the company demonstrated robust profitability. The result from continuing business operations amounted to EUR 20.8 million compared to EUR 24.6 million a year ago, which was in line with expectations. Not taking into account the extraordinary income that was recorded in the first half of 2016, the 2017 result was similar to the previous year's level. The return on average equity (RoAE) stood at 7.0% for the first half of 2017 compared to 9.5% a year ago.
The forecast for return on average equity remains unchanged in the range of 7% to 9% for financial year 2017.
Dr Anja Lepp's term as a member of the Management Board will end as planned on 31 December 2017 by mutual agreement. Dr. Lepp will continue as an employee of the ProCredit group.
ProCredit Holding AG is a Germany-based company, formerly known as ProCredit Holding AG & Co KGaA, and is primarily engaged in the financial services industry. The activities of the ProCredit group comprise the financing of Small and Medium-sized Enterprises (SMEs) and direct banking for private clients. The Company provides provision of equity and debt financing, strategic guidance and supervision, ensuring that all ProCredit institutions have appropriate organisational structures and procedures in place, and that they apply appropriate standards for risk management and the prevention of money laundering, fraud and the financing of terrorism. It sets the overall policy guidelines and standards regarding all key areas of banking operations and involved in staff management and training. The Company offers development and delivery of curricula at the central ProCredit Academy in Fuerth. It operates in South Eastern Europe, Eastern Europe, South America and Germany.
ProCredit Holding AG & Co. KGaA Reports Consolidated Earnings Results for the First Half of 2017; Reaffirms Return on Average Equity Guidance for 2017; Announces Resignation of Dr. Anja Lepp as Member of Management Board, Effective December 31, 2017
PROCREDIT HOLDING AG 
