German property bank PBB posts drop in Q2 profit, rise in provisions

Deutsche Pfandbriefbank AG

14/08/2024 06:01

FRANKFURT, Aug 14 (Reuters) - Deutsche Pfandbriefbank
 PBBG.DE  (PBB), one of Germany's top property financiers,
posted a fall in second-quarter profit and an increase in risk
provisions as it navigates troubles in the real-estate industry,
figures on Wednesday showed.
    The bank's quarterly profit was 11 million euros ($12.09
million), compared with 42 million euros a year earlier, while
provisions for loan losses rose to 56 million euros from 19
million euros last year.
    
($1 = 0.9098 euros)

 (Reporting by Tom Sims and Alexander Huebner
Editing by Ludwig Burger)
 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))