WIESBADEN (dpa-AFX) - Aareal Bank Group (AAALF.PK) reported that its first-quarter net income allocated to ordinary shareholders dropped to 2 million euros from last year's 35 million euros, hurt by the adverse effects of the Covid-19 pandemic, and by the resultant increase in loss allowance for the first quarter.
Consolidated operating profit for the quarter was 11 million euros, compared to 61 million euros in the prior year.
Net interest income was 123 million euros, down from 135 million euros last year, mainly due to a year-on-year decline in the loan and securities portfolios, also as a result of the successful de-risking exercise carried out in the previous year.
The company considers a substantially positive consolidated operating profit to be achievable for the 2020 financial year as a whole.
Copyright RTT News/dpa-AFX
© 2020 AFX News
