For the year as a whole, DZ Bank expects earnings of well over two billion euros.
(Photo: dpa)
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Frankfurt DZ Bank is better managed by the corona crisis than expected. The financial group, which also includes the insurance company R&V, the real estate bank DZ Hyp and the fund company Union Investment, earned 1.8 billion euros in the first half of the year before taxes, more than three times as much as the DZ Bank on Monday announced in Frankfurt. The top cooperative institute had never earned so much in a half-year.
DZ Bank benefited above all from stronger demand for funds at the Union Investment subsidiary and good development on the capital markets. This had positive valuation effects for the special financier DVB Bank as well as in the government bond portfolio. In addition, DZ Bank dissolved risk provisions that had already been made for bad loans.
There was a similar trend at other banks: In 2020, they had set up high risk provisions in their balance sheets to cushion loan defaults as a result of the corona crisis. However, these were lower than expected.
For the year as a whole, DZ Bank expects earnings of well over two billion euros, as Co-boss Cornelius Riese said. “We are confident that we will continue on our growth path, albeit at a slower pace, in the current financial year.” In 2020, earnings before taxes fell by 45 percent to 1.46 billion euros.
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