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Landesbank Berlin Holding reports annual results

Landesbank Berlin Holding AG has reported its financial results for 2010, including pre-tax profits of €317m.

This is a marginal decline on the adjusted 2009 pre-tax profit figure of €329m, and adjusted earnings after tax remained flat, year-on-year, at €265m.

The drop in pre-tax earnings means that the bank has failed to achieve its target, stated at this time last year, of increasing its pre-tax income.

Net fee and commission income was up €12m from €262m to €274m, but this was more than off-set by the decline in net interest income, which fell from €862m to €725m.

The bank’s total assets fell by €12.3bn to €131.5bn, and its Tier 1 capital ratio rose to 10.12%, having been 8.5% in 2009.

Chief Executive Officer Dr Johannes Evers described 2010 as a challenging fiscal year for the bank but welcomed the fact that, despite this, the firm had managed to equal its 2009 result.

The bank has stated that the uncertainties in the eurozone and global financial markets make predicting the future difficult, but expressed confidence in its diversified business model.

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