Real estate lender Aareal Bank Group (AAALF.PK) Tuesday reported that its second-quarter consolidated net income allocated to ordinary shareholders fell to 37 million euros from 62 million euros last year. Earnings per share dropped to 0.62 euros from 1.05 euros.
The Group's operating profit was at 62 million euros, while it was 109 million euros a year ago, which included a positive one-off effect of 50 million euros arising from the reversal of provisions at a subsidiary.
Net interest income for the second quarter slid to 136 million euros from 151 million euros. The Group said the decline was attributable to the portfolio reduction in the previous year, particularly due to the planned reduction of WestImmo and Corealcredit portfolios. Net interest income, including gains on derecognition, totaled 141 million euros.
Net commission income improved to 51 million euros from 49 million euros last year, mainly due to higher sales revenue at Aareon.
Looking ahead to the full year, the Group said, it is affirming its forecast. It continues to expect consolidated operating profit in the range of 260
million - 300 million euros, with earnings per share in the range of 2.60 - 3.00 euros.
Consolidated net interest income for the year, including derecognition gains or losses reported separately, is projected between 570 million and 610 million euros.
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