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Munich (dpa) - The real estate financier Deutsche Pfandbriefbank (pbb) reports a corona-related drop in profits.
The pre-tax profit last year was according to preliminary figures at 154 million euros, more than a quarter less than the 216 million of the previous year, as the pbb announced on Friday.
The main cause was the risk provision for possible loan defaults.
The board of directors put aside 126 million euros for this, in 2019 it was 49 million euros.
Pfandbriefbank specializes in the financing of commercial real estate, with public financing as a second pillar.
At the beginning of the corona pandemic, CEO Andreas Arndt had initially targeted EUR 180 to 200 million pre-tax profit for 2020, but withdrew this target when the dimensions of the global crisis became apparent.
© dpa-infocom, dpa: 210226-99-609071 / 2