Germany's PBB swings to profit in second quarter (updated)
UPDATE 1-Germany's PBB swings to profit in second quarter Adds graphic, details
FRANKFURT, Aug 13 (Reuters) - Deutsche Pfandbriefbank PBBG.DE (PBB), one of Germany's top property financiers, disclosed on Thursday that it swung to profit in the second-quarter and said it was sticking to its 2026 guidance.
The bank's quarterly net profit was €10 million ($11.5 million), compared with a €266 million loss a year earlier. It had posted a loss for all of 2025.
The year-earlier quarter was especially weak after PBB decided to withdraw from the United States market, posting a high level of provisions.
"The bank's transformation is well on track," said CEO Kay Wolf.
The German commercial property sector has shown renewed weakness with a drop in prices in the second quarter.
($1 = 0.8677 euros)
(Reporting by Tom Sims
Editing by Ludwig Burger)
((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))
Recent news on Deutsche Pfandbriefbank AG
See all newsBrief: Deutsche Pfandbriefbank Provides EUR 127 Mln In Financing For New Essen Police Headquarters
Germany's PBB swings to profit in second quarter (updated)
Brief: Deutsche Pfandbriefbank Q2 Pretax Profit EUR 10 Million
Germany's PBB swings to profit in second quarter
Brief: Deutsche Pfandbriefbank Provides Loan To Esr Europe For Munich Hotel Conversion