HVB reports rising profits
by Richard Kilner
Story link: HVB reports rising profits
HypoVereinsbank Group, also known as UniCredit Bank AG, has reported its financial results for the second quarter and first six months of 2010.
For the first six months of the year pre-tax profits improved hugely on last year, increasing by €724m to €1,096m (of which €694m was earnt in the first quarter).
HVB Group also saw its net fees and commissions improve markedly, rising by 13.5% to €681m.
Net trading income increased by 8.3% to €456m, but net interest income declined by 12% to €2,097m in the first half of 2010.
Net operating costs were up 1.4% to €1,751m.
After taxes, HVB Group recorded consolidated profits of €720m, up from €181m a year ago.
Dr. Theodor Weimer of the firm’s Management Board has described the bank’s pre-tax profits as strong, defying the volatile and challenging market conditions of the first six months of 2010.
However, Dr. Weimer warned that HVB Group did not anticipate as strong a second half of the year, but did express optimism that the annual results for 2010 would exceed those of 2009.