DGAP-News
Aareal Bank Group remains on course during the second quarter of 2016 (news with additional features)
DGAP-News: Aareal Bank AG / Key word(s): Half Year Results/Quarter Results
Aareal Bank Group remains on course during the second quarter of 2016 (news
with additional features)
11.08.2016 / 06:59
The issuer is solely responsible for the content of this announcement.
Aareal Bank Group remains on course during the second quarter of 2016 (news
with additional features)
11.08.2016 / 06:59
The issuer is solely responsible for the content of this announcement.
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Aareal Bank Group remains on course during the second quarter of 2016
- Consolidated operating profit of EUR 120 million for the period between
April and June
- New Structured Property Financing business amounts to EUR 3.5 billion
during the second quarter - nearly four times the previous quarter's
figure
- Aareon continues to boost its contribution to results
- Full-year outlook for 2016 affirmed: Aareal Bank anticipates
consolidated operating profit of between EUR 300 million and EUR 330
million
- CEO Hermann J. Merkens: "We are pursuing our corporate strategy
consistently, in order to ensure the durability of our success story
for the future"
Wiesbaden, 11 August 2016 - Aareal Bank Group has continued its successful
business performance in the current financial year 2016 - in an environment
characterised by numerous uncertainty factors and persistently intense
competition. Consolidated operating profit of EUR 120 million was up 52 per
cent from the figure for the previous year, adjusted for negative goodwill
from the WestImmo acquisition (Q2 2015: EUR 229 million; adjusted: EUR 79
million).
The quarterly results, which were once again very good, demonstrate Aareal
Bank Group's strong operating performance, against the background of a
challenging environment. Moreover, as expected, results were influenced by
two non-recurring effects: on the one hand, the sale of a commercial
property in Sweden - closed in April - yielded non-recurring income of EUR
61 million (subject to any potential final purchase price adjustments
during the third quarter). On the other hand, there were non-recurring
effects in the amount of EUR 30 million affecting administrative expenses,
predominantly related to the integration of WestImmo - which is proceeding
on schedule - as well as for strategic projects and investments.
Consolidated net income allocated to ordinary shareholders increased by 59
per cent against the adjusted figure for the same quarter of the previous
year, to EUR 73 million (Q2 2015: EUR 196 million; adjusted: EUR 46
million). Accordingly, earnings per share for the second quarter rose to
EUR 1.23, compared to EUR 0.77 (adjusted) in the previous year.
At EUR 177 million, net interest income - Aareal Bank Group's key source of
Aareal Bank Group remains on course during the second quarter of 2016
- Consolidated operating profit of EUR 120 million for the period between
April and June
- New Structured Property Financing business amounts to EUR 3.5 billion
during the second quarter - nearly four times the previous quarter's
figure
- Aareon continues to boost its contribution to results
- Full-year outlook for 2016 affirmed: Aareal Bank anticipates
consolidated operating profit of between EUR 300 million and EUR 330
million
- CEO Hermann J. Merkens: "We are pursuing our corporate strategy
consistently, in order to ensure the durability of our success story
for the future"
Wiesbaden, 11 August 2016 - Aareal Bank Group has continued its successful
business performance in the current financial year 2016 - in an environment
characterised by numerous uncertainty factors and persistently intense
competition. Consolidated operating profit of EUR 120 million was up 52 per
cent from the figure for the previous year, adjusted for negative goodwill
from the WestImmo acquisition (Q2 2015: EUR 229 million; adjusted: EUR 79
million).
The quarterly results, which were once again very good, demonstrate Aareal
Bank Group's strong operating performance, against the background of a
challenging environment. Moreover, as expected, results were influenced by
two non-recurring effects: on the one hand, the sale of a commercial
property in Sweden - closed in April - yielded non-recurring income of EUR
61 million (subject to any potential final purchase price adjustments
during the third quarter). On the other hand, there were non-recurring
effects in the amount of EUR 30 million affecting administrative expenses,
predominantly related to the integration of WestImmo - which is proceeding
on schedule - as well as for strategic projects and investments.
Consolidated net income allocated to ordinary shareholders increased by 59
per cent against the adjusted figure for the same quarter of the previous
year, to EUR 73 million (Q2 2015: EUR 196 million; adjusted: EUR 46
million). Accordingly, earnings per share for the second quarter rose to
EUR 1.23, compared to EUR 0.77 (adjusted) in the previous year.
At EUR 177 million, net interest income - Aareal Bank Group's key source of
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