LUDWIGSBURG (dpa-AFX) - Lower valuations of investments as a result of the sharp rise in key interest rates have significantly reduced the consolidated net profit of financial group Wüstenrot & Württembergische (W&W). 2022 net profit fell by a good quarter to 261.5 million euros, as the SDax-listed company announced on Friday in Ludwigsburg, Swabia. However, the interest-related charges on earnings will largely reverse by the time the securities mature, it added. In addition, W&W still earned slightly more than the group had promised. The financial group recently rejoined the small-cap index SDax.

For 2023, W&W again expects a decline in consolidated net income. This is likely to be between 220 and 250 million euros and thus within the forecast range that the Group has also envisaged for the medium and long term. Shareholders are also to receive a dividend of 0.65 euros per bill for 2022, as in previous years./ngu/mis