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Aareal Bank Q3 Consolidated Opt. Profit Surges

Aareal Bank AG (AAALF.PK) reported third-quarter consolidated operating profit of EUR 50 million compared to EUR 11 million last year.

Net interest income for the third quarter increased to EUR 155 million from EUR 128 million in the prior year period, driven by the expansion of the portfolio volume - in line with the strategy - and hence, of the interest-bearing business, as well as by the healthy margins for new business originated during the past quarters.

Net interest income rose significantly, despite the low interest rate environment - up 21% compared to the same quarter of the previous year, up 9% against the previous quarter.

Looking ahead, the company continues to anticipate a "swoosh"-shaped economic trend. However, Covid-19 case numbers have recently risen again in many countries, thus increasing uncertainty regarding the further development of the pandemic during the current winter quarter.

Based on these assumptions and current insights, Aareal Bank Group stated that it continues to expect a clearly positive consolidated operating profit in a range of between EUR 100 million and EUR 175 million for 2021 as a whole, whilst guidance for loss allowance remains unchanged.

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