2009年12月16日星期三

COREALCREDIT BANK AG - COREALCREDIT BANK AG holds its arena in the banking bazaar crisis

• Net accumulation added to EUR 12.5 m (previous year: EUR 3.3 m)
• New absolute acreage costs business added to EUR 1.4 bn
(previous year: EUR 1.1 bn)
• Solid business archetypal – amount basic arrangement of 12.1%
• Refinancing abject adequate – charge for framework agreement of
EUR 500 m from the Financial Market Stabilization Fund (SoFFin)

Frankfurt / Main, 23 April 2009 - COREALCREDIT BANK AG was able to sustain the antecedent year's absolute trend and address an added net accumulation afterwards tax of EUR 12.5 m (previous year: EUR 3.3 m), thereby captivation its own in the banking bazaar crisis.

Dr. Claus Nolting, Chairman of the Management Board of COREALCREDIT BANK AG, comments: “COREALCREDIT is of advance activity the accoutrement of the banking bazaar crisis, admitting to a bottom amount than added banks. The Bank was able to acclimate bound and flexibly to the new bazaar conditions. This was helped by the actuality that it has a solid business model, concentrates on Germany – one of the added abiding markets – and as a aftereffect of the restructuring does not authority any balance that are in astringent crisis of defaulting. All of this helps us to abide competitive.”

Despite the difficult bazaar environment, the Bank was able to access its new business (new business affairs and extensions) by some 25% to EUR 1.4 bn. The original, college new business targets were advisedly bargain as allotment of a bourgeois accumulated action to apply on acceptable adorable backdrop of ambition audience and aswell because the market-related clamminess bottlenecks bound opportunities for expansion.

By abbreviation assets as planned, the Bank was added able to advance its amount basic arrangement to 12.1% (previous year: 9.8%). Liable disinterestedness basic was about banausic at EUR 1.047 bn (previous year: EUR 1.028 bn).

The portfolio streamlining that took abode in antecedent years resulted in a ample access in net absorption assets to EUR 37.3 m (previous year: EUR -18.7 m). Net agency assets rose from EUR 1.6 m to EUR 9.5 m. The Bank succeeded in appreciably abbreviation accurate costs by EUR 22.2 m to EUR 64.5 m.

Net accident accoutrement of EUR -15.2 m were the aftereffect of absolute net assets from securities, absolute net assets from acclaim accident accoutrement and the allocation to affluence in accordance with area 340f of the German Commercial Code (HGB). The closing serves to assure the Bank adjoin abeyant abrogating accoutrement from ambiguous approaching bread-and-butter developments.

The absolute tax aftereffect of EUR 24.7 m and the absolute antithesis for operating assets and costs of EUR 19.9 m are primarily the aftereffect of a tax acquittance and accompanying absorption from antecedent appraisal periods.

The availability of clamminess will abide to be a attached agency for the business achievement of all banks in the 2009 banking year. COREALCREDIT will abide to conduct its conservatively aggressive new business activities from a analogously able starting point. These will focus on the adeptness to refinance alone transactions. In adjustment to added strengthen its refinancing base, the Bank filed a acknowledged appliance with SoFFin requesting that a framework agreement for bonds be accepted in the aggregate of EUR 500 million. The charge is accountable to requirements to be met by the capital shareholder, who is currently alive to accommodated these requirements in appointment with SoFFin.

Dr Claus Nolting adds: “The systemic crisis presents all banks with aberrant challenges. However, even if the banking bazaar crisis were to abide for some time, COREALCREDIT has a adequate basic abject which will accredit it to auspiciously authority its own on the market, even in the face of agilely difficult bread-and-butter developments.”

Performance in the aboriginal division of 2009 was in band with the Bank’s expectations and appeal from absolute acreage and Pfandbrief investors was positive. However, in ablaze of the top akin of ambiguity about approaching bread-and-butter developments, it is not accessible today to accomplish a reliable account about the after-effects accepted for the 2009 banking year.

COREALCREDIT BANK AG is a specialist German case absorption on bartering absolute acreage costs for able absolute acreage barter in its amount bazaar of Germany. The Bank offers financing, accident administration and alone advising casework from a individual source. In accession to its address in Frankfurt, the Bank has offices in 5 added German cities.

COREALCREDIT BANK AG
Axel Leupold
Corporate Communications Manager
Grüneburgweg 58-62
D-60322 Frankfurt / Main
Phone: +49 69 7179-543
Email: axel.leupold@corealcredit.de

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