Aareal Bank AG
Aareal Bank continues its de-risking programme with another marked reduction in Italian credit risk
DGAP-News: Aareal Bank AG
/ Key word(s): Real Estate
Aareal Bank continues its de-risking programme with another marked reduction in Italian credit risk Wiesbaden, 31 July 2020 – Notwithstanding the challenges the COVID-19 pandemic has posed to market conditions, Aareal Bank continues to successfully execute on its accelerated de-risking programme by further reducing Italian non-performing loans (NPL). In July, approx. € 140 million in loans and advances were sold to investors. This transaction reduced the Bank’s Italian NPL volume to less than € 500 million, i.e. by more than half compared to mid-2019. As for its total NPL volume, Aareal Bank has brought it down to less than € 1 billion, thus reducing it by almost half within one year. The Bank’s NPL ratio has fallen below 4 per cent. This new de-risking transaction generated approximately € 10 million in expenses, which were recognised in income for the second quarter. In spite of this additional non-recurring burden on income, Aareal Bank Group expects to post a slightly positive result for the second quarter. The Bank will publish its quarterly results on 13 August. CEO Hermann J. Merkens explained: “In a time of great uncertainty on the property and capital markets, we once again managed to significantly reduce our Italian credit risk exposure, at reasonable expense. In the remaining course of the year, we want to continue reducing risk exposures in this manner, provided that opportunities arise which are economically viable. The successful de-risking is one of the factors that allows us to weather the current crisis.” Contacts: Aareal Bank Group Contact: Aareal Bank AG Group Communications Sven Korndörffer Phone: +49 611 348 2306 sven.korndoerffer@aareal-bank.com Yannick Houdard Telefon: +49 611 348 2462 yannick.houdard@aareal-bank.com
31.07.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
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: | DE0005408116 |
WKN: | 540811 |
Indices: | MDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Stockholm |
EQS News ID: | 1107645 |
End of News | DGAP News Service |