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Landesbank Berlin sees surge in annual earnings

Landesbank Berlin Holding AG has reported its provisional financial results for 2009.

The firm recorded pre-tax operating earnings of €339, hugely improved from 2008′s marginal profit of €9m and back to pre-financial crisis levels.

Provisional earnings after taxes were €272m.

Chief Executive Officer Dr. Johannes Evers expressed satisfaction with the firm’s performance but warned that the financial crisis had yet to pass.

Dr. Evers went on to say that the bank would adopt a cautious approach and utilise its increased earnings to enhance its capital base.

The bank enjoyed success due to a combination of good retail banking results, strict control of costs and conservative approach to risk.

Landesbank Berlin Holding AG has said that although the ongoing economic challenges make forecasting difficult it does expect to remain in positive territory in 2010.

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