German property lender PBB's 2023 profit plunges, provisions soar

Deutsche Pfandbriefbank AG

07/03/2024 06:05

FRANKFURT, March 7 (Reuters) - Deutsche Pfandbriefbank
 PBBG.DE  (PBB), one of Germany's top property financiers,
posted its lowest annual profit and biggest loss for soured
loans since going public, underscoring the severity of a
real-estate slump reeling industry and finance.
    The bank's 2023 profit crumbled to 91 million euros,
compared with 187 million euros a year earlier, while provisions
for loan losses shot up to 212 million euros from 44 million
euros, figures on Thursday showed.

 (Reporting by Tom Sims, Editing by Rachel More)
 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))