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April 30, 2010

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.


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