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Frankfurt / Main (dpa) - Germany's third largest Landesbank Helaba closed the Corona year 2020 in the black.
However, the profit decreased significantly compared to the previous year.
Before taxes, the institute earned 223 million euros (previous year: 518 million).
After taxes, the group result shrank from 470 million euros to 177 million euros.
The CEO Thomas Groß, who has been in office since June 1, was nevertheless satisfied on the whole at the presentation of the balance sheet on Wednesday in Frankfurt.
For the current year he expects a pre-tax result at the previous year's level.
«The operational business went well overall.
Thanks to our strict cost management, we were able to stop the trend of rising costs, ”said Groß with a view to 2020. In the first six months of 2020, the turbulence on the capital markets had pushed Helaba into the red.
Valuation losses on securities portfolios burdened the half-year balance sheet of the Landesbank, which supplies savings banks in Hesse, Thuringia, North Rhine-Westphalia and Brandenburg with services.
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Groß has set the goal of making the Landesbank less dependent on the interest rate environment and increasing commission income.
He sees the support of wealthy private customers via the Helaba subsidiary Frankfurter Bankgesellschaft as a growth area.
Helaba also wants to be more involved in processing payment transactions.
In the long term, the Landesbank is aiming for group earnings before taxes in the mid three-digit million range.
© dpa-infocom, dpa: 210324-99-948758 / 2
Annual reports Helaba
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Helaba in numbers
Graphic banking association VÖB to Landesbanken