ProCredit Holding AG & Co. KGaA Revises Earnings Guidance for the Year 2017
July 07, 2017 at 12:25 pm EDT
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ProCredit Holding AG & Co. KGaA revised earnings guidance for the year 2017. The management board of ProCredit General Partner AG (the general partner of ProCredit Holding AG & Co. KGaA, which is the parent company of the international ProCredit group) has raised its forecast for the 2017 financial year on the basis of preliminary figures for the first half of the year. The grounds for adjusting the forecast were the operational performance during the first half of the year, which was substantially better than anticipated at the start of the period, and the expectation that performance will continue to be good in the second half of 2017. Initially, it was expected that overall customer loan portfolio net growth would range between 5% and 8% during the 2017 financial year. The Management Board now expects the net growth of the overall customer loan portfolio in 2017 to be above 8%. Growth in the core segment of loans over EUR 30,000 had been expected to be around 10% in the 2017 financial year. Growth in this core segment is now forecast to be above 10% in 2017. Return on equity forecast between 7% and 9% remains unchanged.
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.