Brief: Hypoport Says Mortgage Finance Transactions Down 9%, Plans Cost Reduction

Hypoport SE

16/01/2023 06:10

Jan 16 (Reuters) - Hypoport SE  HYQGn.DE :
    * VOLUME OF EUROPACE TRANSACTIONS CONTRACTS BY 7% OVERALL
    * DECREASE FOR 2022 AS A WHOLE, WITH RECORD VOLUME IN FIRST
SIX
MONTHS FOLLOWED BY AN EXTREMELY WEAK H2 DUE TO MARKET CONDITIONS
(DOWN BY 30%)
    * Q4 TRANSACTION VOLUME FOR MORTGAGE FINANCE AT A
HISTORICALLY LOW
LEVEL BUT HOLDS STEADY MONTH ON MONT
    * HYPOPORT SE - COOPERATIVE BANKS REMAIN STRONGEST USER
GROUP IN
2022 WITH GROWTH OF 3%; DECREASE OF 6% FOR SAVINGS BANKS
    * VOLUME OF TRANSACTIONS PROCESSED ON EUROPACE AMOUNTED TO
EUR 95
BILLION IN 2022
    * MORTGAGE FINANCE, WHICH IS BY FAR LARGEST PRODUCT GROUP,
SAW ITS
TRANSACTION VOLUME CONTRACT BY 9% TO EUR 77 BILLION IN 2022
    * "OUR MORTGAGE FINANCE BUSINESS MODELS EXPERIENCED AN
UNPRECEDENTED DECLINE IN BUYERS' WILLINGNESS TO PURCHASE HOMES
AFTER SUMMER" - CEO SLABKE
    * "WE ARE ADHERING TO A SCENARIO IN WHICH WE BELIEVE THAT
MARKET
FOR MORTGAGE FINANCE WILL RETURN TO NORMAL LEVELS FOUR TO EIGHT
QUARTERS ON FROM SUMMER 2022" - CEO SLABKE
    * "IN H2 2022, WE BEGAN TAKING STEPS TO COUNTERACT WEAK
MARKET
CONDITIONS BY ADJUSTING OUR COST LEVELS TO REFLECT CURRENT
MARKET SITUATION" - CEO SLABKE
    * "BASED ON CURRENTLY AVAILABLE INFORMATION, PLANNED COST
REDUCTION FOR 2023 IS 35 TO 40 MILLION EUROS" - CEO SLABKE

Source text for Eikon:  ID:nEQ7zJ5hKa 
Further company coverage:  HYQGn.DE 
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