HVB announces half-year and Q2 results
by Richard Kilner
Story link: HVB announces half-year and Q2 results
German bank HVB (HypoVereinsbank) Group has announced it made an operating profit of €1,692m in the first six months of 2009, more than double that made in the previous year.
Total revenues also rose sharply, up 41% to €3,418m, with operating costs cut by 1.9% to €1,726m.
The firm’s strong operating performance has been largely attributed to the good results achieved in net interest income and net trading income, up €464m and €673m respectively.
HVB Group also made writedowns in the first half of the year totalling €969m.
Pre-tax profits (adjusted for non-recurring effects) soared by 75% to €639m.
In the second quarter of the year the firm saw revenues rise by €806m to €2,112m and operating profit compared to the first quarter almost tripled to €1,240m.
Pre-tax profits for the second quarter were recorded at €278m.
HVB Board spokesman Dr. Theodor Weimer has welcomed the very strong operating profits achieved, but indicated he believed the economic difficulties would continue both on the global and German stage.