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Frankfurt / Main (dpa) - Germany's third largest Landesbank Helaba is likely to have closed the Corona year 2020, contrary to initial expectations, with black numbers.
At the half-year balance sheet, CEO Thomas Groß, who has been in office since June 1, had not ruled out a loss for Landesbank Hessen-Thüringen (Helaba) for the full year.
But business then went better than expected, with the result that in November 2020 the bank promised a “clearly double-digit” million profit before taxes.
This Wednesday (10.30 a.m.) the Frankfurt Institute will present the balance sheet.
In 2019, the Landesbank, which provides services to the savings banks in Hesse, Thuringia, North Rhine-Westphalia and Brandenburg, was in the black both before taxes (533 million euros) and after taxes (480 million euros).
In the first six months of 2020, the turbulence on the capital markets pushed Helaba into the red.
Valuation losses on securities portfolios burdened the half-year balance sheet.
Groß has set the goal of making the Landesbank less dependent on the interest rate environment and increasing commission income.
The new CEO 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.
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Annual reports Helaba
Helaba in numbers
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Helaba for the first half of 2020
Graphic banking association VÖB to Landesbanken