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Landesbank Berlin Holding AG reports Q1 results

Landesbank Berlin Holding AG has announced that it made pre-tax operating earnings of €126m in the first quarter of 2010.

This is a 24% rise from the same quarter last year when the firm made €102m, and echoes the strong start to the year the bank indicated it had made when releasing its 2009 annual results earlier this year.

Net fee and commission income rose from €62m to €66m, but net interest income slumped from €255m to €171m (a fall that was countered by net income from financial instruments recognised at fair value through profit or loss which rose from €87m to €170m).

Consolidated net profit was recorded at €106m, an increase of €16m from the €90m the firm made in the same period in 2009.

Chief Executive Officer Dr. Johannes Evers has welcomed the good start the firm has made to the year, despite the tough operating environment.

Evers also sounded a cautionary note, warning that the markets remain unstable and said that the order of the day was solid, sustainable banking.

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