Profits leap – BayernLB defies the corona crisis – economy

For the Bavarian Landesbank, the corona crisis is unlikely to cause permanent damage: after a difficult 2020, things are looking much better for BayernLB this year. In the first nine months, net profit more than doubled from a year earlier, from 179 million to 361 million euros, as the bank, majority owned by the Free State, announced Thursday to Munich. Several factors contributed to this: Over the past year, Bank Director Stephan Winkelmeier and his colleagues on the Board of Directors have significantly increased the risk provisioning in order to prepare for possible defaults. However, as these largely did not materialize, BayernLB again reduced the loan loss provisions. DKB online bank, as the largest subsidiary, continues to grow strongly: DKB’s pre-tax profit increased by over 120 million to 356 million. DKB won a balance of 400,000 new private customers; According to BayernLB, 4.9 million people now have an account with the Berlin-based direct bank. The real estate activity is also doing very well, with pre-tax income falling from 84 to 134 million euros in this area.

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