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Frankfurt / Main (dpa) - After a brilliant start in 2019, the DZ Bank management duo suffered a few setbacks in the Corona year.

In view of a slump in profits in the first half of 2020, co-bosses Cornelius Riese and Uwe Fröhlich said goodbye in August to their goal of achieving pre-tax profits at the lower end of a range of 1.5 billion to 2 billion euros for the year as a whole.

Today (10:00 a.m.) the top cooperative institute in Frankfurt presents the figures for the past year.

In the first six months of 2020, significantly higher provisions for possible loan defaults weighed on the balance sheet: at 522 million euros, risk provisions were almost five times as high as a year before - mainly due to risks in ship loans from the ailing subsidiary DVB.

Shipping is in crisis due to overcapacity, and many shipping companies can no longer pay loan installments.

That put the transport financier DVB in trouble.

Large parts of the business were subsequently sold.

According to the latest plans, the remaining DVB is to be wound up prematurely by merging with the parent company.

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In 2019 as a whole, DZ Bank narrowly missed the record profit of 2014: Before taxes, a profit of a good 2.7 billion euros was on the books, the surplus climbed to around 1.9 billion euros.

The DZ Bank Group includes the investment company Union Investment, Bausparkasse Schwäbisch Hall and R + V Versicherung.

© dpa-infocom, dpa: 210301-99-644564 / 2

DZ Bank 1st half of 2020

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DZ Bank on the 2019 balance sheet

Annual reports DZ Bank

Board member DZ Bank