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Landesbank Berlin reports falling earnings

Landesbank Berlin Holding AG has reported its financial results for the first six months of 2010, including consolidated pre-tax earnings of €131m.

This is a marked decline from the €218m pre-tax earnings made in the same period last year and indicates a poor Q2 after the first quarter saw pre-tax earnings recorded at €126m.

Net profits for the first half of the year were €110m, down from €189m in the corresponding period in 2009.

Chief Executive Officer Dr. Johannes Evers has welcomed the progress the bank has made during the first half of the year, but did express dissatisfaction at the fall in earnings.

Dr. Evers cited the market distortions due to severe economic turbulence in certain south European countries as the primary reason for the fall in earnings during the second quarter.

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