pbb retains profit and expects a significantly higher result for 2024

Deutsche Pfandbriefbank AG (pbb), a leading European specialist bank for commercial real estate finance, expects its results for the current financial year to be significantly higher than in 2023. This outlook is primarily based on continued margin increases and on lower loss allowance, which is however expected to remain above average. To safeguard its financial strength in the interests of all stakeholders in this late stage of the real estate cycle, the Bank has decided not to distribute a dividend for the financial year 2023 but to retain its profit instead.

Kay Wolf, who has been CEO of pbb since 1 March 2024, said: “Our view of the current state of the markets, including all risks and opportunities, is a realistic one and we have every confidence that we will be able to navigate this admittedly difficult market phase. With its solid capital and liquidity resources, pbb is in a far better position than its recent performance on the capital markets might suggest. As a senior lender, the funding we provide is secured by first-ranked collateral – a fact we can’t stress enough in the current market environment. At the same time, we are well aware of the need to win back trust. That’s why we identify and mitigate risks with the necessary rigour and discipline and communicate with the necessary transparency.”