Edition:
India

Property lender PBB says Q1 net profit down 95% due to COVID-19


Wednesday, 13 May 2020 

May 13 (Reuters) - Deutsche Pfandbriefbank AG ::SAYS Q1 NET PROFIT AT 2 MILLION EUR (VERSUS 40 MILLION YEAR-EARLIER).PBB SAYS ROE AT -0.3%.PBB SAYS CET1 RATIO AT 16.3%.PBB SAYS Q1 RISK PROVISIONS AT 34 MILLION EUR, THEREOF 32 MILLION INDUCED BY COVID-19 PANDEMIC.PBB SAYS WIDENED CREDIT SPREADS HAVE TURNED NET INCOME FROM FAIR VALUE MEASUREMENT NEGATIVE -17 MILLION EUR, OF WHICH 13 MILLION WAS ATTRIBUTABLE TO COVID-19.PBB SAYS BANK EXPECTS STABLE OPERATING PERFORMANCE IN TERMS OF NET INTEREST INCOME AND GENERAL AND ADMINISTRATIVE EXPENSES FOR 2020.PBB SAYS CHANGED SITUATION ON REAL ESTATE MARKETS DURING Q1 DUE TO COVID-19 DID NOT YET HAVE MATERIAL IMPACT ON NEW BUSINESS VOLUME IN COMMERCIAL REAL ESTATE FINANCE.