Â鶹ӳ»­

Aareal Bank reported a profit of EUR 43 mln in the first quarter of 2012, slightly down on the EUR 47 mln posted in both the first and final quarters of 2011. Net income amounted to EUR 21 mln, compared to EUR 24 mln in the previous quarter.

'The first three months of the 2012 financial year once again presented a great challenge to Aareal Bank Group and the banking sector as a whole. This relates to a macro-economic environment that continues to be shaped by uncertainty concerning economic growth as well as the situation on the financial and capital markets, which continues to be burdened by the European debt crisis,' said management board chairman Wolf Schumacher.

The bank adopted a cautious stance with regard to new business, which amounted to as little as EUR 0.5 bn versus EUR 1.4 bn in Q1 2011. 'We affirm our target for new business of EUR 4.5 - 5.5 bn for the full year 2012, and will exploit opportunities in new lending business more vigorously during the remainder of the year,' Schumacher added.

Aareal Bank raised a total of EUR 2.0 bn in long-term funds on the capital market during the first quarter. These funds comprised Mortgage Pfandbriefe to the tune of EUR 1.0 bn as well as unsecured refinancing of EUR 1.0 bn.