Aareal Bank AG
Aareal Bank AG english
Aareal Bank reports first-half results in the upper range of its projections
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Aareal Bank Group maintained its strong earnings momentum, report-
ting 93 million EUR in profit before taxes for the first half of
the year. At the six-month point, Group net income after minority
interest was 48 million EUR. This corresponds to an annualised
return on equity (after taxes and minority interest) of 9.2%. The international
property specialist underlined the fact that this
result matched the upper range of the bank’s own projections, in
spite of a market environment that continues to be difficult.
Earnings (acc. to IAS) H1 2003 H1 2002 Change
(EUR m) (EUR m) (%)
Net interest income 233 170 +37.1
Provision for loan losses 60 49 +22.4
Net interest after LLP 173 121 +43.0
Net commission income 85 96 -11.5
Trading result 3 3
Results non-trading assets 15 -4
Administrative expenses 185 176 +5.1
Other operating income 5 50 -90.0
Operating profit 96 90 +6.7
Amortisation of goodwill 3 4 -25.0
Income taxes 35 29 +20.7
Minorities 10 9 +11.1
Group retained income 48 49 -2.0
Indicators H1 2003 H1 2002
Cost/income ratio 63.1% 58.9%
Earnings per share 1.36 EUR 1.40 EUR
RoE after taxes 9.2% 9.6%
The Interim Report can be downloaded under www.aareal-bank.com
end of ad-hoc-announcement (c)DGAP 14.08.2003
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Portfolio 30.06.03 31.12.02 Change
(EUR m) (EUR m) (%)
Property finance 26,951 27,385 -1.6
under management
of which international 10,843 10,544 +2.8
Shareholders’ equity 1,065 1,023 +4.1
Total assets 38,799 37,295 +4.0
H1 2003 H1 2002
New commitments 2,419 3,101 -22.0
of which international 2,086 2,527 -17.5
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WKN: 540811; ISIN: DE0005408116; Index: MDAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, München und Stuttgart
140729 Aug 03
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