Postbank Announce Growth Forecasts
by Stewart Douglas
Story link: Postbank Announce Growth Forecasts
Germany’s largest high street bank Deutsche Postbank has today announced aggressive growth forecasts, predicting an increase of 50% in underlying profit figures over the next three years as it seeks to increase its market share in the European finance markets.
The bank, a subsidiary of Deutsche Post, has been shrouded in talks of a sale in recent months, with its parent suggesting that it may be looking to offload the bank by the beginning of the new year at the latest as it looks to consolidate in the run up to deregulation of the postal system.
The bank today announced that it had forecast profits before tax for the year 2010 as being $2.1 billion, up from 940 million euros reported in 2006, suggesting an aggressive expansion plan in the country’s largest retail bank. The bank refused to comment on rumours of a sale.
Additionally the bank announced today that its relative sub-prime losses over the fourth quarter of the year would be less than it had been in the previous quarter, with a view to achieving previous year end performance forecasts in line with its wider expansion plan over the next few years.
Both Deutsche Bank and Commerzbank, the largest two banks in Germany have both suggested they may be interested in acquiring Deutsche Postbank should it be put up for sale over the next few months, despite the lack of comment on the matter today by the Postbank.
Shares in Postbank have today increased off the back of rumours that a takeover bid may be pending and in light of the strong growth forecasts projected by the company for the course of the next three years.