COREALCREDIT BANK AG
COREALCREDIT BANK AG: Confirmation of earnings forecast and adjustment of new business target for financial year 2008
COREALCREDIT BANK AG / Change in Forecast Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- To date, the performance of COREALCREDIT BANK AG has been positive in financial year 2008, despite the difficult circumstances linked to the financial market crisis. Apart from a small residual volume, the exit from private real estate financing has been completed successfully, and further portfolio reductions have been made in public sector financing. With a consolidated supervisory core capital ratio of 15.6% as at 30 September 2008, the Bank also sees itself as well equipped to handle the current trends in the banking sector. Up to 30 September 2008, COREALCREDIT had generated net profit of EUR 13m (30 September 2007: EUR -1.0m). The Bank confirms its earnings forecast to record an increase versus the end-2007 level. The Bank’s liquidity position has enabled it currently to compensate for the detrimental effects of the capital market’s failure. COREALCREDIT also, as part of its conservative business policy, applies high standards in measuring the creditworthiness of borrowers and the quality of the properties to be financed. However, continuing uncertainties on the money and capital markets oblige the bank to adopt, and maintain in future, a lending policy in line with the situation on the capital market and calculated to protect its liquidity. Having originally planned for EUR 1.5 billion, the Board has therefore reduced that figure and is now expecting a new business volume up to the end of 2008 totalling EUR 1.0 billion, which is still higher than that in the previous year (2007: EUR 775.5 million). --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: Please find a register of all listed securities of COREALCREDIT BANK AG on our website http://www.corealcredit.de/upload/wertpapiere/Wertpapierliste.pdf Contact: Axel Leupold Telefon: +49-(0)69-7179 543 Telefax: +49-(0)69-27179 543 axel.leupold@corealcredit.de 12.12.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: COREALCREDIT BANK AG Grüneburgweg 58-62 60322 Frankfurt am Main Deutschland Phone: 069 / 7179 - 543 Fax: 069 / 27179 - 543 E-mail: axel.leupold@corealcredit.de Internet: www.corealcredit.de ISIN: DE0008002874, DE0005169734, DE0005169759, DE0008002866, DE0008103037, DE0008103045, DE0008103078, DE0008103094 WKN: 800287 Listed: Regulierter Markt in Frankfurt (General Standard); Freiverkehr in Stuttgart, Hamburg End of News DGAP News-Service ---------------------------------------------------------------------------
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