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Deutsche Pfandbriefbank AG: pbb withdraws forecast for the 2020 financial year

Deutsche Pfandbriefbank AG / Key word(s): Change in Forecast
Deutsche Pfandbriefbank AG: pbb withdraws forecast for the 2020 financial year

04-May-2020 / 18:55 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Against the background of the COVID-19 pandemic, the Management Board of Deutsche Pfandbriefbank AG (pbb) resolved today to withdraw the forecast for the 2020 financial year, as published in the annual report for the 2019 financial year. In particular, the development of risk provisioning and net income from fair value measurement cannot be reliably forecast, due to uncertainty concerning the macroeconomic environment and real estate market developments. pbb will recognise net risk provisions of €-34 million for the first quarter of 2020 (Q1 2019:  €-1 million; Q4 2019: €-39 million). Likewise, net income from fair value measurement will be clearly negative, at €-17 million, especially due to widening credit spreads (Q1 2019: €-2 million; Q4 2019: €-5 million). pbb's pre-tax profit for the first quarter of 2020 will thus decline to €2 million (Q1 2019: €48 million; Q4 2019: €29 million; consolidated figures in accordance with IFRS). Excluding the extraordinary burdens caused by the COVID-19 pandemic, pbb would have generated pre-tax profit of €47 million. The Bank will publish an updated forecast as soon as this can be reliably projected.




Contact:
Walter Allwicher
Managing Director, Communications
+49 (0) 89 2880 28 787

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