Pbb increases EBT, maintains cautious outlook
Deutsche Pfandbriefbank (pbb) issued €9.5bn in commercial real estate loans in 2018, with new business remaining slightly below the previous year’s figure of €10.7bn. At 155 basis points, Pbb’s gross margin with the new loans was similar to that of 2017. The largest share continued to involve Germany, while US business grew from 8% to 13% and is expected to continue to grow. Pbb increased its earnings before taxes by 5% to €215mn. This year, with interest and commission income falling, its EBT is expected to drop to between €170mn and €190mn. New business is also expected to decline to between €8.5bn and €9.5bn.
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