Deutsche Pfandbriefbank AG (pbb) on the public letter from Petrus Advisers from 17.04.23


The recent turbulence on the global finance market show us that we remain on the right track with our risk-conservative strategy. We will increasingly diversify our business model in the coming years, strengthening the foundation for future capital-efficient earnings growth and higher profitability. By the end of 2026, we aim to achieve a pre-tax return on equity of more than 10 %. The consistent further development of our strategy, already presented in March 2022, primarily consists of organic growth in our core business, a significant expansion of the capital-efficient commission business, and further diversification of the refinancing base. The topics of green finance and digitalization remain a core element of the strategic thrust across all growth areas. At the same time, we want to maintain our risk profile and adhere to our traditionally high cost discipline. After a year of investment, our medium-term goal is to keep the cost-income ratio below 45 %. In addition, we continue to aim for a high payout ratio and an attractive dividend yield.