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15.05.2024 07:00:30 - dpa-AFX: EQS-News: Aareal Bank posts a very good start to the 2024 financial year (english)
Aareal Bank posts a very good start to the 2024 financial year
EQS-News: Aareal Bank AG / Key word(s): Quarter Results
Aareal Bank posts a very good start to the 2024 financial year
15.05.2024 / 06:59 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Aareal Bank posts a very good start to the 2024 financial year
* NPL reduction in excess of EUR 500 million successfully implemented
* Common Equity Tier 1 ratio rises to 19.7 per cent
* Aareon's adjusted EBITDA more than doubled to EUR 40 million
Wiesbaden, 15 May 2024 - Aareal Bank Group achieved very good results for
the first quarter of 2024: consolidated operating profit of EUR 103 million
was up by 66 per cent year-on-year (Q1 2023: EUR 62 million), reaching the
highest level since 2018. The Bank accounted for around EUR 92 million of
consolidated operating profit. Higher income and lower costs clearly offset
risk provisions of EUR 83 million, which remain at an elevated level but
within the framework of full-year planning. Aareal Bank was able to reduce
more than EUR 500 million in non-performing loans (NPLs) during the first
quarter, as announced. Software subsidiary Aareon has also developed
favourably, with sales revenue increasing by 31 per cent and adjusted EBITDA
by 115 per cent. Aareon also successfully continued its M&A activities,
making further acquisitions.
Chief Executive Officer Jochen Klösges said: "The good start to the year
demonstrates once again the extent to which Aareal Bank Group has been able
to increase its earnings power in recent years. This is especially important
in times like these. Thanks to our high operational resilience, we are well
prepared for the current challenges."
Net interest income rose by 14 per cent in the first quarter, to EUR 254
million (Q1 2023: EUR 222 million). The higher portfolio volume compared to
the same quarter of the previous year and the good margins on new business
originated in previous quarters had a positive impact here, whilst the
deposit-taking business continued to benefit from normalised interest rate
levels.
Net commission income also continued to increase, rising 19 per cent
compared to the same quarter of the previous year, to reach EUR 86 million (Q1
2023: EUR 72 million), driven by Aareon's strong sales revenue growth in
particular.
As expected, risk provisions of EUR 83 million remained at an elevated level
in the first quarter (Q1 2023: EUR 32 million). This includes a management
overlay of EUR 56 million, to reflect the persistent challenges in the US
office property market at an early stage and as comprehensively as possible.
Together with risk provisions booked as valuation adjustments in net gain or
loss from financial instruments (fvpl), total risk provisions amounted to EUR
86 million in the first quarter (Q1 2023: EUR 35 million).
Administrative expenses amounted to EUR 147 million, significantly lower than
in the same quarter of the previous year (Q1 2023: EUR 199 million). Besides
continued cost discipline, lower expenses for the bank levy and deposit
protection contributions, which are regularly posted for the full year
during the first quarter, also contributed to the lower figure. Furthermore,
the previous year's quarter was influenced by significant investments made
by Aareon. The Bank's cost/income ratio remained at a very good level of 32
per cent for the first quarter of 2024 (Q1 2023: 35 per cent).
Considering taxes of EUR 30 million, consolidated net income was EUR 73 million
(Q1 2023: EUR 42 million).
Capital position remained very solid during in the first quarter. Despite
the challenging situation on the US office property market, Aareal Bank
managed to increase its Common Equity Tier 1 ratio (Basel IV phase-in ratio)
to a very comfortable 19.7 per cent (31 Dec 2023: 19.4 per cent). The Total
Capital Ratio stood at 23.7 per cent (31 December 2023: 23.5 per cent).
One focal aspect of funding activities was the continued expansion of retail
deposits: the volume of fixed-interest retail deposits sourced through
platforms rose to EUR 3 billion (31 Dec 2023: EUR 2.6 billion). Whilst deposits
were sourced from Germany to date, the Bank extended deposit-taking activity
to the Netherlands and Austria in order to further diversify the deposits
base and plans further geographic expansion for the future. The Bank also
issued a benchmark Pfandbrief of EUR 500 million.
Chief Financial Officer Marc Hess said: "Capital markets were characterised
by strong volatility during the first quarter. Thanks to our very successful
broadening of the funding mix, only a small amount of capital markets
funding was required in this environment. Deposits from private investors
are now an integral part of our funding, which we want to further diversify
in the future. Our liquidity indicators also remain at a very good level."
Developments by business segment
As announced at the annual press conference in February, as planned, Aareal
Bank reduced its portfolio of non-performing loans (NPLs) for US office
properties in the Structured Property Financing segment, during the first
quarter. No further risk provisions were required for that reduction, and
only one new NPL case occurred. As of the end of March, the NPL portfolio
was down to EUR 1.1 billion (31 Dec 2023: EUR 1.6 billion); the NPE ratio fell
correspondingly to 2.9 per cent (31 Dec 2023: 3.4 per cent).
In view of volatile markets and low transaction volumes, Aareal Bank
originated new business on a selective basis, totalling EUR 0.9 billion in the
first three months of the current financial year (Q1 2023: EUR 1.1 billion),
including EUR 0.7 billion in newly-originated loans. Margins on new business
remained good, and loan-to-value ratios low.
Portfolio volume at the end of the first quarter totalled EUR 32.1 billion,
slightly lower than at the end of 2023 (31 Mar 2023: EUR 30.7 billion; 31 Dec
2023: EUR 32.9 billion). Average loan-to-value ratios in the existing
portfolio of only 56 per cent reflect the high quality of financings in the
Bank's credit portfolio.
Aareal Bank also extended its largest "green" loan to date in the
Asia/Pacific region in the first quarter: it financed a hotel portfolio of
five properties in Australia for Pro-Invest Group. The total volume of green
financings in Aareal Bank's credit portfolio rose to EUR 5.5 billion at the
end of March.
In the Banking & Digital Solutions segment, net interest income rose to EUR 65
million in the first quarter (Q1 2023: EUR 52 million), reflecting normalised
interest rate levels in conjunction with the continued high volume of client
deposits from the housing and energy industries. At EUR 13.9 billion, the
average volume in the first quarter remained well above the targeted level
of around EUR 13 billion.
The first quarter also saw the establishment of a joint venture, First
Financial Software GmbH, expanding the foundations for long-term cooperation
between Aareal Bank and Aareon and further strengthening the Group's banking
and software businesses.
Software subsidiary Aareon saw its sales revenues rise by 31 per cent to EUR
108 million in the first quarter, up 31 per cent (Q1 2023: EUR 83 million).
The share of recurring revenue compared to total sales revenues increased to
83 per cent (Q1 2023: 75 per cent). Adjusted EBITDA more than doubled to EUR
40 million in the first quarter (Q1 2023: EUR 18 million). Aareon is thus on
track to achieve its sales revenue and profit targets for 2024.
Aareon also continued its M&A activities: in January, it acquired
Blue-Mountain Group B.V., a Dutch provider of business intelligence
solutions for housing associations, healthcare and education institutions.
Aareon announced a strategic investment in Stonal, a French proptech, at the
beginning of May. Stonal is one of the leading data management platforms for
property owners and investors in Europe. Its collaborative, AI-driven
platform supports decision-making, facilitating ESG reporting and investment
planning alongside other functions. With both investments, Aareon is thus
strengthening its portfolio within the Group, offering its clients added
value in the area of data management.
Outlook
After the successful start into the year, Aareal Bank Group is well on track
to achieve its communicated goals.
Contacts for the media:
Margarita Thiel
Phone: +49 611 348 2306
Mobile: +49 171 2069740
margarita.thiel@aareal-bank.com
Christian Feldbrügge
Phone: +49 611 348 2280
Mobile: +49 171 8667919
christian.feldbruegge@aareal-bank.com
Contact for investors:
Aareal Bank AG - Investor Relations
Phone: +49 611 348 3009
ir@aareal-bank.com
About Aareal Bank Group
Aareal Bank Group, headquartered in Wiesbaden, is a leading international
property specialist. The Bank uses its expertise to identify trends,
challenges and opportunities at an early stage, and to exploit them for the
benefit of its stakeholders. Aareal Bank Group provides smart financings,
software products, and digital solutions for the property sector and related
industries, and is present across three continents, Europe, North America
and the Asia/Pacific region. Aareal Bank Group's business strategy focuses
on sustainable business success, with environmental, social and governance
(ESG) aspects as an integral part of this strategy.
Aareal Bank AG comprises the business segments Structured Property
Financing, Banking & Digital Solutions, and Aareon. The Structured Property
Financing segment encompasses all of Aareal Bank Group's property financing
and funding activities. Here, the Bank supports its clients in making
large-volume commercial property investments. The investment properties
mostly comprise office buildings, hotels, shopping centres, logistics and
residential property, as well as student housing. In the Banking & Digital
Solutions segment, Aareal Bank Group supports businesses from the housing,
property management and energy industries as a digitalisation partner -
combining extensive advisory services and product solutions with traditional
corporate banking services and deposit-taking. Its subsidiary Aareon,
Europe's trusted provider of SaaS solutions for the property industry,
represents the third business segment. Committed to connecting people,
process, and property, Aareon brings the ecosystem closer together. Aareon's
Property Management System promotes efficient property management and
maintenance, enabling superior digital experiences for everyone involved.
Aareal Bank Group - Key Indicators
Employees 3,457 3,463
1) The allocation of earnings is based on the assumption that net interest
payable on the AT1 bond is recognised on an accrual basis.
2) Structured Property Financing and Banking & Digital Solutions segments:
in line with common practice in the banking sector, bank levy and
contributions to the deposit guarantee scheme are not included.
3) On an annualised basis
4) 31 December 2023: including profits for 2023 and pro rata temporis
accrual of interest on the AT1 bond, since no payout of profits for 2023
will be made in 2024.
31 March 2024: including interim profits for 2024, deducting the pro rata
dividend in line with the dividend policy, and incorporating the pro-rata
accrual of net interest payable on the AT1 bond.
The CET1 ratio, determined as the higher of the amounts under Basel III and
Basel IV (phase-in), as shown in Aareal Bank's regulatory report as at 31
March 2024, was 18.5%, reflecting the fact that the Bank had not submitted
an application for inclusion of profits on that reporting date to the ECB.
The SREP recommendations concerning the NPL inventory were taken into
account, as well as the ECB's NPL guidelines for the regulatory capital of
new NPLs and an additional voluntary and preventive capital deduction for
regulatory uncertainties from ECB tests.
Consolidated Income Statement for the first quarter of 2024
(in accordance with IFRSs)
1 1 Cha- Jan-31 Jan-31 nge
Net interest income 254 222 14 Loss allowance 83 32 159 Net commission income 86 72 19 Net derecognition gain or loss 3 0
Net gain or loss from -18 -6 200 financial instruments (fvpl)
Net gain or loss from hedge 8 4 100
Administrative expenses 147 199 -26
Operating profit 103 62 66 Income taxes 30 20 50 Consolidated net income 73 42 74
Consolidated net income 71 51 39
Earnings per share (EpS)
Consolidated net income 71 51 39
of which: allocated 63 47 34
of which: allocated 8 4 100
1) The allocation of earnings is based on the assumption that net interest
payable on the AT1 bond is recognised on an accrual basis.
2) Earnings per ordinary share are determined by dividing the earnings
allocated to ordinary shareholders of Aareal Bank AG by the weighted average
of ordinary shares outstanding during the financial year (59,857,221
shares). Basic earnings per ordinary share correspond to diluted earnings
per ordinary share.
3) Earnings per AT1 unit (based on 100,000,000 AT1 units with a notional
amount of EUR 3 each) are determined by dividing the earnings attributable to
AT1 investors by the weighted average of AT1 units outstanding during the
financial year. Basic earnings per AT1 unit correspond to diluted earnings
per AT1 unit.
Segment results for the first quarter of 2024 (in accordance with IFRSs)
---------------------------------------------------------------------------
15.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1903107 15.05.2024 CET/CEST
EQS-News: Aareal Bank AG / Key word(s): Quarter Results
Aareal Bank posts a very good start to the 2024 financial year
15.05.2024 / 06:59 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Aareal Bank posts a very good start to the 2024 financial year
* Consolidated operating profit rises to EUR 103 million in the first
quarter, reaching the highest level since 2018
* Strong earnings power: net interest income of EUR 254 million, net
commission income grows to EUR 86 million
* Risk provisions of EUR 83 million, including a EUR 56 million management
overlay, remain at an elevated level, reflecting challenges on the US
office property market
* NPL reduction in excess of EUR 500 million successfully implemented
* Common Equity Tier 1 ratio rises to 19.7 per cent
* Aareon's adjusted EBITDA more than doubled to EUR 40 million
* CEO Jochen Klösges: "The good start to the year demonstrates once again
the extent to which Aareal Bank Group has been able to increase its
earnings power in recent years. This is especially important in times
like these. Thanks to our high operational resilience, we are well
prepared for the current challenges."
Wiesbaden, 15 May 2024 - Aareal Bank Group achieved very good results for
the first quarter of 2024: consolidated operating profit of EUR 103 million
was up by 66 per cent year-on-year (Q1 2023: EUR 62 million), reaching the
highest level since 2018. The Bank accounted for around EUR 92 million of
consolidated operating profit. Higher income and lower costs clearly offset
risk provisions of EUR 83 million, which remain at an elevated level but
within the framework of full-year planning. Aareal Bank was able to reduce
more than EUR 500 million in non-performing loans (NPLs) during the first
quarter, as announced. Software subsidiary Aareon has also developed
favourably, with sales revenue increasing by 31 per cent and adjusted EBITDA
by 115 per cent. Aareon also successfully continued its M&A activities,
making further acquisitions.
Chief Executive Officer Jochen Klösges said: "The good start to the year
demonstrates once again the extent to which Aareal Bank Group has been able
to increase its earnings power in recent years. This is especially important
in times like these. Thanks to our high operational resilience, we are well
prepared for the current challenges."
Net interest income rose by 14 per cent in the first quarter, to EUR 254
million (Q1 2023: EUR 222 million). The higher portfolio volume compared to
the same quarter of the previous year and the good margins on new business
originated in previous quarters had a positive impact here, whilst the
deposit-taking business continued to benefit from normalised interest rate
levels.
Net commission income also continued to increase, rising 19 per cent
compared to the same quarter of the previous year, to reach EUR 86 million (Q1
2023: EUR 72 million), driven by Aareon's strong sales revenue growth in
particular.
As expected, risk provisions of EUR 83 million remained at an elevated level
in the first quarter (Q1 2023: EUR 32 million). This includes a management
overlay of EUR 56 million, to reflect the persistent challenges in the US
office property market at an early stage and as comprehensively as possible.
Together with risk provisions booked as valuation adjustments in net gain or
loss from financial instruments (fvpl), total risk provisions amounted to EUR
86 million in the first quarter (Q1 2023: EUR 35 million).
Administrative expenses amounted to EUR 147 million, significantly lower than
in the same quarter of the previous year (Q1 2023: EUR 199 million). Besides
continued cost discipline, lower expenses for the bank levy and deposit
protection contributions, which are regularly posted for the full year
during the first quarter, also contributed to the lower figure. Furthermore,
the previous year's quarter was influenced by significant investments made
by Aareon. The Bank's cost/income ratio remained at a very good level of 32
per cent for the first quarter of 2024 (Q1 2023: 35 per cent).
Considering taxes of EUR 30 million, consolidated net income was EUR 73 million
(Q1 2023: EUR 42 million).
Capital position remained very solid during in the first quarter. Despite
the challenging situation on the US office property market, Aareal Bank
managed to increase its Common Equity Tier 1 ratio (Basel IV phase-in ratio)
to a very comfortable 19.7 per cent (31 Dec 2023: 19.4 per cent). The Total
Capital Ratio stood at 23.7 per cent (31 December 2023: 23.5 per cent).
One focal aspect of funding activities was the continued expansion of retail
deposits: the volume of fixed-interest retail deposits sourced through
platforms rose to EUR 3 billion (31 Dec 2023: EUR 2.6 billion). Whilst deposits
were sourced from Germany to date, the Bank extended deposit-taking activity
to the Netherlands and Austria in order to further diversify the deposits
base and plans further geographic expansion for the future. The Bank also
issued a benchmark Pfandbrief of EUR 500 million.
Chief Financial Officer Marc Hess said: "Capital markets were characterised
by strong volatility during the first quarter. Thanks to our very successful
broadening of the funding mix, only a small amount of capital markets
funding was required in this environment. Deposits from private investors
are now an integral part of our funding, which we want to further diversify
in the future. Our liquidity indicators also remain at a very good level."
Developments by business segment
As announced at the annual press conference in February, as planned, Aareal
Bank reduced its portfolio of non-performing loans (NPLs) for US office
properties in the Structured Property Financing segment, during the first
quarter. No further risk provisions were required for that reduction, and
only one new NPL case occurred. As of the end of March, the NPL portfolio
was down to EUR 1.1 billion (31 Dec 2023: EUR 1.6 billion); the NPE ratio fell
correspondingly to 2.9 per cent (31 Dec 2023: 3.4 per cent).
In view of volatile markets and low transaction volumes, Aareal Bank
originated new business on a selective basis, totalling EUR 0.9 billion in the
first three months of the current financial year (Q1 2023: EUR 1.1 billion),
including EUR 0.7 billion in newly-originated loans. Margins on new business
remained good, and loan-to-value ratios low.
Portfolio volume at the end of the first quarter totalled EUR 32.1 billion,
slightly lower than at the end of 2023 (31 Mar 2023: EUR 30.7 billion; 31 Dec
2023: EUR 32.9 billion). Average loan-to-value ratios in the existing
portfolio of only 56 per cent reflect the high quality of financings in the
Bank's credit portfolio.
Aareal Bank also extended its largest "green" loan to date in the
Asia/Pacific region in the first quarter: it financed a hotel portfolio of
five properties in Australia for Pro-Invest Group. The total volume of green
financings in Aareal Bank's credit portfolio rose to EUR 5.5 billion at the
end of March.
In the Banking & Digital Solutions segment, net interest income rose to EUR 65
million in the first quarter (Q1 2023: EUR 52 million), reflecting normalised
interest rate levels in conjunction with the continued high volume of client
deposits from the housing and energy industries. At EUR 13.9 billion, the
average volume in the first quarter remained well above the targeted level
of around EUR 13 billion.
The first quarter also saw the establishment of a joint venture, First
Financial Software GmbH, expanding the foundations for long-term cooperation
between Aareal Bank and Aareon and further strengthening the Group's banking
and software businesses.
Software subsidiary Aareon saw its sales revenues rise by 31 per cent to EUR
108 million in the first quarter, up 31 per cent (Q1 2023: EUR 83 million).
The share of recurring revenue compared to total sales revenues increased to
83 per cent (Q1 2023: 75 per cent). Adjusted EBITDA more than doubled to EUR
40 million in the first quarter (Q1 2023: EUR 18 million). Aareon is thus on
track to achieve its sales revenue and profit targets for 2024.
Aareon also continued its M&A activities: in January, it acquired
Blue-Mountain Group B.V., a Dutch provider of business intelligence
solutions for housing associations, healthcare and education institutions.
Aareon announced a strategic investment in Stonal, a French proptech, at the
beginning of May. Stonal is one of the leading data management platforms for
property owners and investors in Europe. Its collaborative, AI-driven
platform supports decision-making, facilitating ESG reporting and investment
planning alongside other functions. With both investments, Aareon is thus
strengthening its portfolio within the Group, offering its clients added
value in the area of data management.
Outlook
After the successful start into the year, Aareal Bank Group is well on track
to achieve its communicated goals.
Contacts for the media:
Margarita Thiel
Phone: +49 611 348 2306
Mobile: +49 171 2069740
margarita.thiel@aareal-bank.com
Christian Feldbrügge
Phone: +49 611 348 2280
Mobile: +49 171 8667919
christian.feldbruegge@aareal-bank.com
Contact for investors:
Aareal Bank AG - Investor Relations
Phone: +49 611 348 3009
ir@aareal-bank.com
About Aareal Bank Group
Aareal Bank Group, headquartered in Wiesbaden, is a leading international
property specialist. The Bank uses its expertise to identify trends,
challenges and opportunities at an early stage, and to exploit them for the
benefit of its stakeholders. Aareal Bank Group provides smart financings,
software products, and digital solutions for the property sector and related
industries, and is present across three continents, Europe, North America
and the Asia/Pacific region. Aareal Bank Group's business strategy focuses
on sustainable business success, with environmental, social and governance
(ESG) aspects as an integral part of this strategy.
Aareal Bank AG comprises the business segments Structured Property
Financing, Banking & Digital Solutions, and Aareon. The Structured Property
Financing segment encompasses all of Aareal Bank Group's property financing
and funding activities. Here, the Bank supports its clients in making
large-volume commercial property investments. The investment properties
mostly comprise office buildings, hotels, shopping centres, logistics and
residential property, as well as student housing. In the Banking & Digital
Solutions segment, Aareal Bank Group supports businesses from the housing,
property management and energy industries as a digitalisation partner -
combining extensive advisory services and product solutions with traditional
corporate banking services and deposit-taking. Its subsidiary Aareon,
Europe's trusted provider of SaaS solutions for the property industry,
represents the third business segment. Committed to connecting people,
process, and property, Aareon brings the ecosystem closer together. Aareon's
Property Management System promotes efficient property management and
maintenance, enabling superior digital experiences for everyone involved.
Aareal Bank Group - Key Indicators
1 Jan-31 1 Jan-31
Mar 2024 Mar 2023
Results
Operating profit (EUR mn) 103 62
Consolidated net income (EUR mn) 73 42
Consolidated net income allocated to 63 47
ordinary shareholders (EUR mn)1)
Cost/income ratio (%)2) 31.7 34.7
Earnings per ordinary share (EUR )1) 1.05 0.78
RoE before taxes (%) 1) 3) 12.8 9.0
RoE after taxes (%) 1) 3) 8.7 6.4
31 Mar 31 Dec
2024 2023
Statement of Financial Position
Property finance (EUR mn) 32,140 32,876
Equity (EUR mn) 3,385 3,300
Total assets (EUR mn) 47,438 46,833
Regulatory Indicators4)
Basel IV (phase-in)
Risk-weighted assets (EUR mn) 13,768 13,720
Common Equity Tier 1 ratio (CET1 ratio) 19.7 19.4
(%)
Tier 1 ratio (T1 ratio) (%) 21.9 21.6
Total Capital Ratio (TC ratio) (%) 23.7 23.5
Employees 3,457 3,463
1) The allocation of earnings is based on the assumption that net interest
payable on the AT1 bond is recognised on an accrual basis.
2) Structured Property Financing and Banking & Digital Solutions segments:
in line with common practice in the banking sector, bank levy and
contributions to the deposit guarantee scheme are not included.
3) On an annualised basis
4) 31 December 2023: including profits for 2023 and pro rata temporis
accrual of interest on the AT1 bond, since no payout of profits for 2023
will be made in 2024.
31 March 2024: including interim profits for 2024, deducting the pro rata
dividend in line with the dividend policy, and incorporating the pro-rata
accrual of net interest payable on the AT1 bond.
The CET1 ratio, determined as the higher of the amounts under Basel III and
Basel IV (phase-in), as shown in Aareal Bank's regulatory report as at 31
March 2024, was 18.5%, reflecting the fact that the Bank had not submitted
an application for inclusion of profits on that reporting date to the ECB.
The SREP recommendations concerning the NPL inventory were taken into
account, as well as the ECB's NPL guidelines for the regulatory capital of
new NPLs and an additional voluntary and preventive capital deduction for
regulatory uncertainties from ECB tests.
Consolidated Income Statement for the first quarter of 2024
(in accordance with IFRSs)
1 1 Cha- Jan-31 Jan-31 nge
Mar Mar
2024 2023
EUR mn EUR mn %
Net interest income 254 222 14 Loss allowance 83 32 159 Net commission income 86 72 19 Net derecognition gain or loss 3 0
Net gain or loss from -18 -6 200 financial instruments (fvpl)
Net gain or loss from hedge 8 4 100
accounting Net gain or loss from - - investments accounted for using the equity method
Administrative expenses 147 199 -26
Net other operating 0 1 income/expenses
Operating profit 103 62 66 Income taxes 30 20 50 Consolidated net income 73 42 74
Consolidated net income 2 -9 attributable to non-controlling interests
Consolidated net income 71 51 39
attributable to shareholders of Aareal Bank AG
Earnings per share (EpS)
Consolidated net income 71 51 39
attributable to shareholders of Aareal Bank AG1)
of which: allocated 63 47 34
to ordinary
shareholders
of which: allocated 8 4 100
to AT1 investors Earnings per ordinary share (EUR 1.05 0.78 35 )2) Earnings per AT1 unit (EUR )3) 0.08 0.04 100
1) The allocation of earnings is based on the assumption that net interest
payable on the AT1 bond is recognised on an accrual basis.
2) Earnings per ordinary share are determined by dividing the earnings
allocated to ordinary shareholders of Aareal Bank AG by the weighted average
of ordinary shares outstanding during the financial year (59,857,221
shares). Basic earnings per ordinary share correspond to diluted earnings
per ordinary share.
3) Earnings per AT1 unit (based on 100,000,000 AT1 units with a notional
amount of EUR 3 each) are determined by dividing the earnings attributable to
AT1 investors by the weighted average of AT1 units outstanding during the
financial year. Basic earnings per AT1 unit correspond to diluted earnings
per AT1 unit.
Segment results for the first quarter of 2024 (in accordance with IFRSs)
Struc- Banki- Aare- Conso- Aare-
tured ng & on lidat- al
Prope- Digit- ion / Bank
rty al Recon- Grou-
Finan- Solut- cilia- p
cing ions tion
1 1 1 1 1 1 1 1 1 1
Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan-
31 31 31 31 31 31 31 31 31 31
Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
EUR mn
Net 203 176 65 52 -14 -6 0 0 254 222
intere-
st
income
Loss 83 32 0 0 0 0 83 32
allowa-
nce
Net -1 0 -1 8 90 67 -2 -3 86 72
commis-
sion
income
Net 3 0 3 0
dereco-
gnitio-
n gain
or
loss
Net -17 -6 -1 0 0 -18 -6
gain
or
loss
from
financ-
ial
instru-
ments
(fvpl)
Net 8 4 8 4
gain
or
loss
from
hedge
accoun-
ting
Net
gain
or
loss
from
invest-
ments
accoun-
ted
for
using
the
equity
method
Admini- 59 74 24 32 66 96 -2 -3 147 199
strati-
ve
expens-
es
Net 0 0 -1 0 1 1 0 0 0 1
other
operat-
ing
income-
/expen-
ses
Operat- 54 68 38 28 11 -34 0 0 103 62
ing
profit
Income 12 15 12 9 6 -4 30 20
taxes
Consol- 42 53 26 19 5 -30 0 0 73 42
idated
net
income
Consol- 0 0 0 0 2 -9 2 -9
idated
net
income
attrib-
utable
to
non-co-
ntroll-
ing
intere-
sts
Consol- 42 53 26 19 3 -21 0 0 71 51
idated
net
income
attrib-
utable
to
shareh-
olders
of
Aareal
Bank
AG
---------------------------------------------------------------------------
15.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: Aareal Bank AG
Paulinenstr. 15
65189 Wiesbaden
Germany
Phone: +49 (0)611 348 - 0
Fax: +49 (0)611 348 - 2332
E-mail: aareal@aareal-bank.com
Internet: www.aareal-bank.com
ISIN: DE000A37FT90
WKN: A37FT9
Listed: Regulated Unofficial Market in Hamburg, Hanover;
Stockholm
EQS News ID: 1903107
End of News EQS News Service
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1903107 15.05.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
AAREAL BANK AG NA O.N. | A37FT9 | Hamburg | 35,000 | 21.06.24 21:17:22 | +0,100 | +0,29% | 0,000 | 0,000 | 34,600 | 35,000 |
