LBBW makes Q1 profit of €136m
by Richard Kilner
Story link: LBBW makes Q1 profit of €136m
Landesbank Baden-Württemberg (LBBW) has reported that in the first quarter of 2010 it achieved a consolidated post-tax profit margin of €136m.
This is €100m less than the Q1 2009 post-tax profit of €236m.
LBBW saw net interest income rise by 20.7% to €555m, with allowances for losses on loans and advances increased by 48.6% to €135m, taking into account to ongoing challenges of the economic climate.
Net commission income collapsed, slumping by 71.9% to €66m, with net trading income plunging by 68.5% to €59m.
Operating income for the quarter fell by 49.8% to €181m.
LBBW is continuing to turn its business around and return to the black after a prolonged spell in the red.
Last year the firm made an annual loss of €1.5bn, something of an improvement on the €2bn loss incurred in 2008.
Although on a direct comparison with the corresponding period in the previous year this quarter’s results show a decline the bank may be pleased to see that a profit was recorded, beginning 2010 in the black.
