UmweltBank (UBK) strengthened its balance sheet in both 2018 and 2019, which enabled it to accelerate its loan book expansion. We are wary of the broader economic slowdown in Germany as well as the challenges faced by the wind energy sector. However, we also believe that UBK's niche expertise should facilitate market share gains, which could in part help offset the sector and macroeconomic headwinds. In this context, we appreciate UBK's continued solid growth in customer deposits (up 4.8% ytd in H119) and new lending volumes of €261m, although these were below the record-high of €311m recorded in H118.Den vollständigen Artikel lesen ...