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Finance

Germany's PBB warns of slow recovery in property as profit stagnates

Published by Global Banking and Finance Review

Posted on February 27, 2025

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FRANKFURT (Reuters) - Deutsche Pfandbriefbank (PBB), one of Germany's top property financiers, on Thursday posted a slight drop in net profit in 2024 and warned that a recovery in real estate markets was slow.

The bank's annual net profit was 90 million euros ($94.19 million), compared with 91 million euros a year earlier, while provisions for loan losses fell to 170 million euros from 212 million euros a year earlier amid a "persistently difficult market".

"The recovery on the property markets is only making slow progress," CEO Kay Wolf said.

($1 = 0.9557 euros)

($1 = 0.9555 euros)

(Reporting by Tom Sims and Alexander Huebner, Editing by Friederike Heine)