WIESBADEN (dpa-AFX) - Real estate lender Aareal Bank Group (AAALF.PK) reported that its first-quarter consolidated net income allocated to ordinary shareholders declined to 35 million euros from 39 million euros last year. Earnings per ordinary share decreased to 0.59 euros from 0.65 euros in the prior year.
Consolidated operating profit decreased to 61 million euros from 67 million euros last year. The company noted that taxes were incurred in a total amount of 21 million euros.
However, net interest income edged higher to 135 million euros from 133 million euros in the same period last year, due to the higher volume of the loan portfolio.
Net derecognition gain of 16 million euros for the quarter included positive effects from adjustments to the Treasury portfolio, compared to 6 million euros in the year-ago period. Net commission income increased to 53 million euros from the prior year's 50 million euros, mainly due to higher sales revenue at Aareon.
Looking ahead, Aareal Bank fully affirmed its forecast for the full year 2019. The company projects consolidated net interest income, excluding net derecognition gain, in a range of 530 million euros to 560 million euros.
The company maintained its outlook for consolidated operating profit for the year in a range between 240 million euros and 280 million euros. This is in line with the previous year's figure, adjusted for the positive non-recurring effect related to the acquisition of DHB.
Copyright RTT News/dpa-AFX
© 2019 AFX News
