WIESBADEN (dpa-AFX) - Aareal Bank AG (AAALF.PK) on Wednesday reported net income of 15 million euros or 0.25 euros per share for the first quarter, lower than 16 million euros or 0.27 euros per share in the same quarter a year ago.
Operating profit for the quarter declined to 30 million euros from 32 million euros in the year-earlier period. Excluding loss allowance for the Bank's remaining exposure to Russia, operating profit would have been 90 million euros, the company said.
Net interest income in the first quarter increased 15% to 159 million euros from 138 million euros last year, driven by the ongoing expansion of portfolio volume as well as by the healthy margins for new business.
Looking forward, Aareal Bank expects to achieve operating profit at the lower end of 210 million euros-250 million euros.
'The potential impact of the war in Ukraine - both in terms of the Bank's limited exposure to Russia and the economic consequences of the imposed sanctions and the escalated geopolitical tensions - is, however, very difficult to estimate at this point in time,' Aareal Bank noted.
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