FRANKFURT, Germany, August 24, 2016 /PRNewswire/ --
- Half-year results lower, in line with forecast
- Volume of new business remains on a high level
- Negative impact from low interest rates and volatile earnings components
- Stress test confirms comfortable level of capital backing and proven business model
The Helaba Group generated a profit before taxes of EUR 279 million in the first half of 2016, which was approximately 23 per cent below last year's very good result of EUR 362 million. After accounting for income taxes, Group earnings amounted to EUR 184 million, a decline of 22 per cent compared to the same period last year.
In spite of this, Herbert Hans Grüntker, Chief Executive of the bank, is satisfied with the results: "Volume of new business has remained stable on the good level of previous years. Net fee and commission income showed a welcome rise. Low and even negative interest rates are leading to a fall in the net interest income, although it is not as significant as we had projected. Uncertainty surrounding Brexit had a negative effect on the trading result in the second quarter. Earnings are slightly above our target after six months. In view of the challenging business environment in which we find ourselves, we are satisfied with this result."
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HELABA Landesbank Hessen-Thueringen