Aareal Bank saw new lending volumes increase by 44% to 鈧�2.3 bn in the third quarter of 2013 from 鈧�1.3 bn in the year-earlier period.
Aareal Bank saw new lending volumes increase by 44% to 鈧�2.3 bn in the third quarter of 2013 from 鈧�1.3 bn in the year-earlier period.
Aggregate new business for the first nine months of the year amounted to 鈧�6.7 bn versus 鈧�3 bn in the same period a year before.
The bank has raised its full-year new business forecast to 鈧�8 bn from 鈧�6-7 bn previously.
At 鈧�48 mln, consolidated operating profit exceeded both the previous year's figure of 鈧�42 mln as well as the result achieved in the previous quarter (鈧�45 mln).
'Even though as expected, competition grew even more intense in those markets that are particularly attractive, we further strengthened our position as one of the leading providers of commercial property finance during the third quarter, posting strong results', said CEO Wolf Schumacher.
Allowance for credit losses amounted to 鈧�29 mln in the third quarter of 2013, compared with 鈧�30 mln in Q3 2012. In total, allowance for credit losses came to 鈧�74 mln for the first nine months of the year, and was therefore lower than the pro-rata forecast range of 鈧�110 mln to 鈧�150 mln for the financial year.
On balance, consolidated operating profit for the third quarter amounted to 鈧�48 mln in Q3 2013, versus 鈧�42 mln in Q3 2012.
