WIESBADEN (dpa-AFX) - Aareal Bank (AAALF.PK) announced an adverse non-recurring tax effect. Despite further burdens, second-quarter preliminary operating profit significantly increased to 41 million euros from 2 million euros last year.
Without the additional tax burdens, operating profit would have amounted to 52 million euros.
Profit increased by 14 per cent in the second quarter of 2021. Net interest income increased to 142 million euros from 122 million euros in the previous year. Net commission income was 59 million euros, up from 54 million euros in the prior year. Aareal Bank affirmed forecast for the full-year consolidated operating profit of between 100 million euros and 175 million euros.
As part of a review of a prior fund investment which was sold in 2012, new findings emerged which have a negative impact on Aareal Bank's results for the 2021 financial year amounting to an additional 11 million euros burden to be recorded in net other operating income for the second quarter of 2021 and a further 26 million euros to be recognized in the tax position for the 2021 financial year.
Aareal Bank said it will recognize the corresponding provisions in the second quarter of 2021.
Copyright RTT News/dpa-AFX