Frankfurt (Reuters) – The Pfandbriefbank’s profit fell by a third in the Corona crisis.
The institute, which specializes in real estate financing, earned a bottom line of 117 million euros in 2020, after 179 million euros in the previous year, as the Pfandbriefbank (pbb) announced on Thursday. The main reason for the decline was almost three times the risk provision for bad loans of 126 million euros. Investors should receive a dividend of 26 cents per share.
“The year 2020 was under the influence of the COVID-19 pandemic worldwide, the real estate industry and pbb were no exception,” said CEO Andreas Arndt. For the current year he expects an increase in the operating result compared to 2020.
