BayernLB: Record result leads to higher dividend – Economy
[ad_1]
The Free State of Bavaria and the Bavarian savings banks receive funding from the BayernLB after another record result, a significantly higher dividend. The Landesbank wants to distribute 350 (previous year: 225) million euros, as it announced on Friday in Munich. Profit before taxes rose by 28 percent to 1.44 billion euros in 2023, mainly thanks to a significantly higher net interest income; they had targeted 1.1 to 1.3 billion. The bottom line was 1.17 (1.06) billion. BayernLB usually distributes a third of its net profit. The state holds 75 percent of the shares, the savings banks 25 percent.
“BayernLB’s positioning as a focused specialist financier, which was completed in 2023, and the profitable growth strategy at our subsidiary DKB are paying off,” said CEO Stephan Winkelmeier. For the current year, BayernLB expects a pre-tax profit of 1.0 to 1.2 billion euros. The Berlin direct bank DKB almost tripled its profit before taxes to 1.00 (0.35) billion euros. You benefit from the rising interest rates.
In the BayernLB Group, net interest income rose by 36 percent to 2.92 billion euros. In this way, the Landesbank also made up for the provisions for bad loans in the commercial real estate business. Risk provisions in the real estate division rose to 210 (36) million euros, meaning the division was just in the black with a profit before taxes of four (187) million euros.
[ad_2]
Source link