pbb generates more new business, with expectations slightly raised for 2019
Deutsche Pfandbriefbank (pbb) earned €117mn before taxes in H1. Although falling slightly short in comparison to the previous year’s period (€122mn), the Munich-based company is raising its forecast for 2019 slightly – to the upper end of – “or slightly above” – the already given range of €170mn to €190mn. Interest income rose from €220mn to €229mn, due to a larger portfolio and lower refinancing costs. New business grew year-on-year from €3.8bn to €4.6bn. At over 150 basis points, the gross new business margin for Q2 was slightly higher than for Q1, coming to over 140 basis points for the entire first half (H1 2018: over 160 bp). This was partly due to US business, which came to a share of 15% in H1.
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