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07.03.2003 – HVB Real Estate Bank AG reports operating income before provisions of € 217.4 million for 2002 In a very difficult year for all mortgage banks, HVB Real Estate Bank AG recorded operating income before provisions of € 217.4 million in 2002 after € 269.1 million in 2001. Net interest income made up € 320.9 million of this total, compared with € 375.4 million in 2001. The figures also reflect HVB Real Estate's very restrictive policy toward new business in line with its principle of profitability over volume. Risk provisions rose to € 383.8 million from € 157.2 million in 2001. This item is based primarily on a conservative appraisal of the loan portfolio and the properties mortgaged. The value of many properties had to be lowered on account of falling real estate prices in much of Germany and a widespread unwillingness to buy. The operating loss after risk provisions totaled € 166.4 million (2001: income of € 112.0 million), pretax profit € 1.6 million (2001: € 126.2 million), and net income € 1.3 million (2001: € 83.1 million). Given the results situation, the decision has been taken not to pay a dividend. HVB Real Estate Bank AG is to be spun off from HVB Group during the course of this year, and pooled with other providers of real estate finance from the Group to form a new corporation. HVB Real Estate Bank AG will publish its annual report for fiscal 2002 on April 3, 2003 The Supervisory Board appointed Johann Berger, born 1960, previously co-head of the Real Estate Finance Customers, Americas, division, as a managing director of the bank. The Board of Managing Directors |
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