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Landesbank Berlin reports biannual results

Landesbank Berlin Holding AG has reported its financial results for the first six months fo 2011, including pre-tax earnings of €97m, €30m less than in the corresponding period last year.

This decline is due to €95m of provisions set aside to protect the bank against its exposure to the Greek crisis.

Net profits declined from €107m in H1 2010 to €81m in the first half of 2011.

Chief Executive Officer Dr. Johannes Evers stated that the crisis in Greece has once again unsettled the financial markets and explained that the bank had decided upon a decisive move by taking out comprehensive provisions against its exposure.

Dr. Evers said that the firm’s earnings, given the situation in the eurozone, were not satisfactory but were sound.

Today the European Central Bank (ECB) has sought to arrest the downward spiral in the eurozone by indicating its willingness to buy Italian and Spanish bonds.

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