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Deutsche Pfandbriefbank AG: pbb withdraws forecast for the 2020 financial year

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Deutsche Pfandbriefbank AG / Key word(s): Change in Forecast
Deutsche Pfandbriefbank AG: pbb withdraws forecast for the 2020 financial year

04-May-2020 / 18:55 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Against the background of the COVID-19 pandemic, the Management Board of Deutsche Pfandbriefbank AG (pbb) resolved today to withdraw the forecast for the 2020 financial year, as published in the annual report for the 2019 financial year. In particular, the development of risk provisioning and net income from fair value measurement cannot be reliably forecast, due to uncertainty concerning the macroeconomic environment and real estate market developments. pbb will recognise net risk provisions of €-34 million for the first quarter of 2020 (Q1 2019:  €-1 million; Q4 2019: €-39 million). Likewise, net income from fair value measurement will be clearly negative, at €-17 million, especially due to widening credit spreads (Q1 2019: €-2 million; Q4 2019: €-5 million). pbb's pre-tax profit for the first quarter of 2020 will thus decline to €2 million (Q1 2019: €48 million; Q4 2019: €29 million; consolidated figures in accordance with IFRS). Excluding the extraordinary burdens caused by the COVID-19 pandemic, pbb would have generated pre-tax profit of €47 million. The Bank will publish an updated forecast as soon as this can be reliably projected.




Contact:
Walter Allwicher
Managing Director, Communications
+49 (0) 89 2880 28 787

04-May-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Deutsche Pfandbriefbank AG

Parkring 28

85748 Garching

Germany

Phone:

+49 (0) 89 2880 28 201

Fax:

+49 (0) 89 2880 22 28 201

E-mail:

info@pfandbriefbank.com

Internet:

http://www.pfandbriefbank.com

ISIN:

DE0008019001, Die internationalen Wertpapierkennnummern (ISIN) weiterer von der Deutsche Pfandbriefbank AG ausgegebener Finanzinstrumente sind abrufbar auf der Website der Deutsche Pfandbriefbank AG unter https://www.pfandbriefbank.com/investoren/pflichtveroeffentlichungen/ad-hoc-mitteilungen/liste-weiterer-finanzinstrumente.html. The International Securities Identification Numbers (ISINs) of further, financial instruments issued by Deutsche Pfandbriefbank AG are available on Deutsche Pfandbriefbank's Investor Relations website under https://www.pfandbriefbank.com/en/investors/mandatory-publications/ad-hoc-announcements/list-of-further-financial-instruments.html

WKN:

801900

Indices:

MDAX

Listed:

Regulated Market in Frankfurt (Prime Standard), Munich, Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover; London, Dublin, Mailand, Paris, Luxembourg Stock Exchange, SIX

EQS News ID:

1035537


 

End of Announcement

DGAP News Service

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