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Landesbank Berlin reports rise in profits

German bank Landesbank Berlin Holding AG has announced its pre-tax earnings for the first half of the year have surged by 58% on 2008 to reach €218m.

Management Board Chairman Dr. Johannes Evers responded to the results by describing them as satisfactory, and saying that the bank had enjoyed a solid performance during the first six months of the year.

However, Dr. Evers remains cautious and has warned against underestimating potential economic difficulties.

The bank will, therefore, retain a cautious risk policy and Dr. Evers has refused to state that the half-yearly results can be used to forecast the full-year performance of the bank.

Landesbank Berlin Holding AG’s performance comes a day after another German financial institution, WestLB, announced that its half-yearly profits had also increased substantially.

In addition, the BBC has reported that both the French and German economies surprised forecasters by growing by 0.3% and leaving recession during Q2 of this year, during which the British economy shrank by 0.8%.

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