Aareal Bank Earnings Up In Q1

(RTTNews) - Aareal Bank AG (A289MV.DU), a financing solutions and services company, on Thursday announced that net interest income declined but net profit increased in the first quarter compared with the previous year.

For the first quarter, net interest income declined to 249 million euros from 268 million euros in the prior year. The company particularly cited lower interest rate levels for the period.

Net profit, however, increased to 60 million euros from 59 million euros last year. Net earnings per share were 1.00 euros versus 0.98 euros last year.

The company recorded lower loan impairment charges of 55 million euros in the latest quarter, sharply lower than 86 million euros last year.

Operating profit also increased to 100 million euros from 91 million euros last year.

Adjusted operating profit jumped to 107 million euros from 93 million euros in the previous year.

On Wednesday, Aareal Bank closed trading, 0.06% lesser at EUR 97.75 on the Dusseldorf Stock Exchange.